Investment securities

Securities available-for-sale

The amortized cost, related unrealized gross gain (loss) and fair value of securities available-for-sale by country risk and type of debt, are as follows:

	December 31, 2011
(In thousands of US$)	Amortized Cost		Unrealized Gross Gain		Unrealized Gross Loss		Fair Value
Corporate debt:
Brazil		45,937		152		2,094		43,995
Colombia		28,169		89		-		28,258
Peru		14,916		29		-		14,945
		89,022		270		2,094		87,198
Sovereign debt:
Brazil		44,541		2,401		376		46,566
Colombia		59,204		1,682		230		60,656
Guatemala		5,469		-		19		5,450
Honduras		16,384		-		166		16,218
Mexico		63,094		2,456		62		65,488
Panama		46,796		2,227		61		48,962
Peru		25,487		602		-		26,089
Venezuela		59,291		577		195		59,673
		320,266		9,945		1,109		329,102

Total		409,288		10,215		3,203		416,300

	December 31, 2010
(In thousands of US$)	Amortized Cost		Unrealized Gross Gain		Unrealized Gross Loss		Fair Value
Corporate debt:
Brazil		39,600		995		290		40,305
Chile		26,493		1,090		-		27,583
		66,093		2,085		290		67,888
Sovereign debt:
Brazil		42,259		5,253		-		47,512
Colombia		101,222		5,634		355		106,501
Dominican Republic		3,118		79		-		3,197
El Salvador		15,299		292		-		15,591
Mexico		45,796		2,057		8		47,845
Panama		36,605		2,269		79		38,795
Venezuela		25,100		1,050		229		25,921
		269,399		16,634		671		285,362

Total		335,492		18,719		961		353,250

As of December 31, 2011 and 2010, securities available-for-sale with a carrying value of $375.5 million and $235.6 million, respectively, were pledged to secure repurchase transactions accounted for as secured financings.

The following table discloses those securities that have had unrealized losses for less than 12 months and for 12 months or longer:

	December 31, 2011
(In thousands of US$)	Less than 12 months				12 months or longer				Total
	Fair Value		Unrealized Gross Losses		Fair Value		Unrealized Gross Losses		Fair Value		Unrealized Gross Losses

Corporate debt		33,366		2,094		-		-		33,366		2,094
Sovereign debt		110,589		1,109		-		-		110,589		1,109
		143,955		3,203		-		-		143,955		3,203

	December 31, 2010
(In thousands of US$)	Less than 12 months				12 months or longer				Total
	Fair Value		Unrealized Gross Losses		Fair Value		Unrealized Gross Losses		Fair Value		Unrealized Gross Losses

Corporate debt		13,756		290		-		-		13,756		290
Sovereign debt		35,737		464		10,063		207		45,800		671
		49,493		754		10,063		207		59,556		961

Gross unrealized losses are related mainly to changes in market interest rates and other market factors and not due to underlying credit concerns by the Bank about the issuers.

The following table presents the realized gains and losses on sale of securities available-for-sale:

(In thousands of US$)	Year ended December 31,
	2011			2010		2009

Gains		3,825			2,346		1,276
Losses		(412	)		-		(730	)
Net		3,413			2,346		546

The amortized cost and fair value of securities available-for-sale by contractual maturity as of December 31, 2011, are shown in the following table:

(In thousands of US$)	Amortized Cost		Fair Value

Due within 1 year		14,945		14,892
After 1 year but within 5 years		296,837		303,971
After 5 years but within 10 years		97,506		97,437
		409,288		416,300

Securities held-to-maturity

The amortized cost, related unrealized gross gain (loss) and fair value of securities held-to-maturity by country risk and type of debt are as follows:

	December 31, 2011
(In thousands of US$)	Amortized Cost		Unrealized Gross Gain		Unrealized Gross Loss		Fair Value

Corporate debt:
Panama		7,050		-		-		7,050

Sovereign debt:
Colombia		13,015		40		-		13,055
Honduras		4,471		1		-		4,472
Panama		2,000		60		-		2,060
		19,486		101		-		19,587

Total		26,536		101		-		26,637

	December 31, 2010
(In thousands of US$)	Amortized Cost		Unrealized Gross Gain		Unrealized Gross Loss		Fair Value

Corporate debt:
Panama		8,500		-		-		8,500

Sovereign debt:
Colombia		13,018		64		-		13,082
Costa Rica		5,025		-		12		5,013
Honduras		4,638		-		27		4,611
Panama		2,000		-		-		2,000
		24,681		64		39		24,706

Total		33,181		64		39		33,206

Securities that show gross unrealized losses have had losses for less than 12 months; and therefore, such losses are considered temporary.

The amortized cost of securities held-to-maturity by contractual maturity as of December 31, 2011, are shown in the following table:

(In thousands of US$)	Amortized Cost

Due within 1 year		7,050
After 1 year but within 5 years		19,486
		26,536

As of December 31, 2011 and 2010, securities held-to-maturity with a carrying value of $17.5 million and $13.0 million, respectively, were pledged to secure repurchase agreements accounted for as secured financings.