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Other Assets

12 Months Ended

Dec. 31, 2023

NOTE 14 - OTHER ASSETS

Other Assets includes the following:

	As of December 31,
	2023		2022
	MCh$		MCh$
Assets available to be granted under the financial leasing agreements		20,988		32,220
Guarantee deposits (margin accounts) (1)		2,238,900		2,442,325
Gold investments		819		715
VAT credit		55,614		44,180
Prepaid expenses (2)		169,603		245,937
Valuation adjustments by macro hedge (3)		160,370		160,531
Pension plan assets		233		542
Accounts and notes receivable		199,746		184,989
Brokerage dealer and simultaneous transactions		33,260		243,345
Other cash submitted guarantess		2		2
In-progress operation		13,453		31,709
Other assets (4)		153,619		192,850
Total		3,046,607		3,579,345

(1)

Guarantee deposits (margin accounts) correspond to collateral associated to derivative financial contracts to mitigate the counterparty credit risk and are mainly established in cash. These guarantees operate when mark to market of derivative financial instruments exceed the levels of threshold agreed in the contracts, which could result in the Bank delivering or receiving collateral.

(2)

Under this item, the Bank has recorded prepaid expense related to the Santander LATAM Pass programme, which is consumed on a monthly basis in accordance with the client use of Bank’s transactional products and therefore the Bank assigned the respective LATAM Pass miles (loyalty program managed by LATAM Airlines Group S.A.).

(3)	Net assets and liabilities fair value valuation subject to macro hedges. See Note 7.

(4)	Other assets mainly include settlement of derivatives and other financial transactions.