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Fair value of financial instruments (Tables)

12 Months Ended

Dec. 31, 2012

Fair Value Measurements and Financial Instruments Disclosure [Abstract]

Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Table Text Block]

Financial instruments measured at fair value on a recurring basis by caption on the consolidated balance sheets using the fair value hierarchy are described below:

		2012
(In thousands of US$)		Quoted market prices in an active market (Level 1)				Internally developed models with significant observable market information (Level 2)				Internally developed models with significant unobservable market information (Level 3)				Total carrying value in the consolidated balance sheets
Assets
Trading assets
Sovereign bonds			5,146				-				-				5,146
Interest rate swap			49				-				-				49
Forward foreign exchange			-				50				-				50
Future contracts			20				-				-				20
Total trading assets			5,215				50				-				5,265
Securities available-for-sale
Corporate debt			17,386				-				-				17,386
Sovereign debt			165,355				276				-				165,631
Total securities available-for-sale			182,741				276				-				183,017
Investment fund			-				105,888				-				105,888
Derivative financial instruments used for hedging - receivable
Interest rate swaps			-				8,319				-				8,319
Cross-currency interest rate swaps			-				10,858				-				10,858
Forward foreign exchange			-				62				-				62
Total derivative financial instruments used for hedging - receivable			-				19,239				-				19,239
Total assets at fair value			187,956				125,453				-				313,409
Liabilities
Trading liabilities
Interest rate swaps			-				100				-				100
Cross-currency interest rate swaps			-				32,182				-				32,182
Forward foreign exchange			-				22				-				22
Total trading liabilities			-				32,304				-				32,304
Derivative financial instruments used for hedging – payable
Interest rate swaps			-				6,600				-				6,600
Cross-currency interest rate swaps			-				4,688				-				4,688
Forward foreign exchange			-				459				-				459
Total derivative financial instruments used for hedging - payable			-				11,747				-				11,747
Total liabilities at fair value			-				44,051				-				44,051

	2011
(In thousands of US$)		Quoted market prices in an active market (Level 1)				Internally developed models with significant observable market information (Level 2)				Internally developed models with significant unobservable market information (Level 3)				Total carrying value in the consolidated balance sheets
Assets
Trading assets
Sovereign bonds			20,415				-				-				20,415
Cross-currency interest rate swaps			-				21				-				21
Total trading assets			20,415				21				-				20,436
Securities available-for-sale
Corporate debt			87,198				-				-				87,198
Sovereign debt			328,544				558				-				329,102
Total securities available-for-sale			415,742				558				-				416,300
Investment fund			-				120,425				-				120,425
Derivative financial instruments - receivable
Interest rate swaps			-				16				-				16
Cross-currency interest rate swaps			-				3,605				-				3,605
Forward foreign exchange			-				538				-				538
Total derivative financial instruments - receivable			-				4,159				-				4,159
Total assets at fair value			436,157				125,163				-				561,320
Liabilities
Trading liabilities
Interest rate swaps			-				748				-				748
Cross-currency interest rate swaps			-				4,836				-				4,836
Total trading liabilities			-				5,584				-				5,584
Derivative financial instruments – payable
Interest rate swaps			-				10,829				-				10,829
Cross-currency interest rate swaps			-				40,574				-				40,574
Forward foreign exchange			-				2,339				-				2,339
Total derivative financial instruments – payable			-				53,742				-				53,742
Total liabilities at fair value			-				59,326				-				59,326

Schedule Of Value Of Financial Instruments Measured On Non Recurring Basis [Table Text Block]

The following table provides information on the carrying value and estimated fair value of the Bank’s financial instruments that are not measured on a recurring basis:

(In thousands of US$)		December 31, 2012
		Carrying Value				Fair Value				Quoted market prices in an active market (Level 1)				Internally developed models with significant observable market information (Level 2)				Internally developed models with significant unobservable market information (Level 3)
Financial assets:
Instruments with carrying value that approximates fair value			746,006				746,006				-				746,006				-
Securities held-to-maturity			34,113				34,149				19,444				14,705				-
Loans, net of allowance (1)			5,635,480				5,784,172				-				5,784,172				-
																			-
Financial liabilities:
Instruments with carrying value that approximates fair value			2,494,734				2,494,824				-				2,494,824				-
Short-term borrowings			1,449,023				1,453,159				-				1,453,159				-
Borrowings and long-term debt			1,905,540				1,922,544				-				1,922,544				-
Commitments to extend credit, standby letters of credit, and financial guarantees written			5,781				4,841				-				4,841				-

⁽¹⁾ The carrying value of loans is net of the Allowance for loan losses of $73.0 million for December 31, 2012.

(In thousands of US$)		December 31, 2011
		Carrying Value				Fair Value
Financial assets:
Instruments with carrying value that approximates fair value			882,762				882,762
Securities held-to-maturity			26,536				26,637
Loans, net of allowance (1)			4,864,329				4,913,473
Financial liabilities:
Instruments with carrying value that approximates fair value			2,693,408				2,692,832
Short-term borrowings			1,323,466				1,319,350
Borrowings and long-term debt			1,487,548				1,441,919
Commitments to extend credit, standby letters of credit, and financial guarantees written			10,497				9,807

⁽¹⁾ The carrying value of loans is net of the Allowance for loan losses of $88.5 million for December 31, 2011.

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- Definition

Tabular disclosure of the inputs and valuation techniques used to measure fair value, and a discussion of changes in valuation techniques and related inputs, if any, applied during the period to each separate class of assets, liabilities, and financial instruments classified in shareholders' equity that are measured on a recurring and/or nonrecurring basis.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 820

-SubTopic 10

-Section 50

-Paragraph 2

-Subparagraph (bbb)

-URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19207-110258

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- Definition

Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 157

-Paragraph 33

-Subparagraph a, b

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.



Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 820

-SubTopic 10

-Section 50

-Paragraph 5

-URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19296-110258

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