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Derivative financial instruments for hedging purposes (Tables) | 12 Months Ended
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Dec. 31, 2013
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Derivative Instruments Included in Trading Activities [Table Text Block] | As of December 31, 2013 and 2012, quantitative information on derivative financial instruments held for hedging purposes is as follows:
|  | 2013 |  | 2012 |
(In thousands of US$) |  | Nominal |  | Fair Value (1) |  | Nominal |  | Fair Value (1) |
|  | Amount |  | Asset |  | Liability |  | Amount |  | Asset |  | Liability |
Fair value hedges: |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps |  | 494,558 |  | 4,625 |  | 1,403 |  | 480,000 |  | 8,319 |  | 6,600 |
Cross-currency interest rate swaps |  | 269,488 |  | 2,783 |  | 6,834 |  | 236,866 |  | 3,525 |  | 4,665 |
Cash flow hedges: |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps |  | 453,000 |  | 393 |  | 243 |  | - |  | - |  | - |
Cross-currency interest rate swaps |  | 126,308 |  | 6,392 |  | - |  | 42,001 |  | 7,333 |  | 23 |
Forward foreign exchange |  | 88,130 |  | 684 |  | 92 |  | 75,733 |  | 62 |  | 411 |
Net investment hedges: |  |  |  |  |  |  |  |  |  |  |  |  |
Forward foreign exchange |  | 5,810 |  | 340 |  | - |  | 6,196 |  | - |  | 48 |
Total |  | 1,437,294 |  | 15,217 |  | 8,572 |  | 840,796 |  | 19,239 |  | 11,747 |
Net gain on the ineffective portion of hedging activities (2) |  | 353 |  |  |  |  |  | 71 |  |  |  |  |
(1) The fair value of assets and liabilities is reported within the derivative financial instruments used for hedging - receivable and payable lines in the consolidated balance sheets, respectively. (2) Gains and losses resulting from ineffectiveness and credit risk in hedging activities are reported within the derivative financial instruments and hedging line in the consolidated statements of income.
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | The gains and losses resulting from activities of derivative financial instruments and hedging recognized in the consolidated statements of income are presented below:
2013 |
(In thousands of US$) |  | Gain (loss) recognized in OCI (effective portion) |  | Classification of gain (loss) |  | Gain (loss) reclassified from accumulated OCI to the statements of income (effective portion) |  | Gain (loss) recognized on derivatives (ineffective portion) |
Derivatives – cash flow hedge |  |  |  |  |  |  |  |  |
Interest rate swaps |  | 226 |  |  |  |  |  |  |
Cross-currency interest rate swaps |  | (734) |  | Gain (loss) on foreign currency exchange |  | - |  | - |
|  |  |  | Interest income – loans |  | (11) |  | - |
Forward foreign exchange |  | 1,544 |  | Interest income – loans |  | (1,461) |  | - |
|  |  |  | Interest expense – borrowings and debt |  | 31 |  | - |
|  |  |  | Gain (loss) on foreign currency exchange |  | 1,562 |  | - |
Total |  | 1,036 |  |  |  | 121 |  | - |
Derivatives – net investment hedge |  |  |  |  |  |  |  |  |
Forward foreign exchange |  | 464 |  | Gain (loss) on foreign currency exchange |  | - |  | - |
Total |  | 464 |  |  |  | - |  | - |
2012 |
(In thousands of US$) |  | Gain (loss) recognized in OCI (effective portion) |  | Classification of gain (loss) |  | Gain (loss) reclassified from accumulated OCI to the statements of income (effective portion) |  | Gain (loss) recognized on derivatives (ineffective portion) |
Derivatives – cash flow hedge |  |  |  |  |  |  |  |  |
Interest rate swaps |  | 217 |  |  |  |  |  |  |
Cross-currency interest rate swaps |  | 3,740 |  | Gain (loss) on foreign currency exchange |  | 2,481 |  | - |
Forward foreign exchange |  | 1,742 |  | Interest income – loans |  | (564) |  | - |
|  |  |  | Interest expense – borrowings and debt |  | (169) |  | - |
|  |  |  | Gain (loss) on foreign currency exchange |  | 3,679 |  | - |
Total |  | 5,699 |  |  |  | 5,427 |  | - |
Derivatives – net investment hedge |  |  |  |  |  |  |  |  |
Forward foreign exchange |  | 109 |  | Gain (loss) on foreign currency exchange |  | - |  | - |
Total |  | 109 |  |  |  | - |  | - |
2011 |
(In thousands of US$) |  | Gain (loss) recognized in OCI (effective portion) |  | Classification of gain (loss) |  | Gain (loss) reclassified from accumulated OCI to the statements of income (effective portion) |  | Gain (loss) recognized on derivatives (ineffective portion) |
Derivatives – cash flow hedge |  |  |  |  |  |  |  |  |
Interest rate swaps |  | 987 |  |  |  |  |  |  |
Cross-currency interest rate swaps |  | 2,270 |  | Gain (loss) on foreign currency exchange |  | 1,958 |  | - |
Forward foreign exchange |  | (2,160) |  | Interest income – loans |  | (124) |  | - |
|  |  |  | Interest expense – borrowings and debt |  | 172 |  | - |
|  |  |  | Gain (loss) on foreign currency exchange |  | (2,966) |  | - |
Total |  | 1,097 |  |  |  | (960) |  | - |
Derivatives – net investment hedge |  |  |  |  |  |  |  |  |
Forward foreign exchange |  | 289 |  | Gain (loss) on foreign currency exchange |  | - |  | - |
Total |  | 289 |  |  |  | - |  | - |
Disclosure Related To Gain (Loss) On Derivative Instrument and Hedge Item For Fair Value Hedge [Table Text Block] | The Bank recognized in earnings the gain (loss) on derivative financial instruments and the gain (loss) of the hedged asset or liability related to qualifying fair value hedges, as follows:
2013 |
(In thousands of US$) |  | Classification in statements of income |  | Gain (loss) on derivatives |  | Gain (loss) on hedged item |  | Net gain (loss) |
Derivatives - fair value hedge |  |  |  |  |  |  |  |  |
Interest rate swaps |  | Interest income – securities available-for-sale |  | (3,088) |  | 4,649 |  | 1,561 |
|  | Interest income – loans |  | (39) |  | 350 |  | 311 |
|  | Interest expense – borrowings and debt |  | 3,192 |  | (16,204) |  | (13,012) |
|  | Derivative financial instruments and hedging |  | (3,622) |  | 3,942 |  | 320 |
Cross-currency interest rate swaps |  | Interest income – loans |  | (795) |  | 1,548 |  | 753 |
|  | Interest expense – borrowings and debt |  | 6,905 |  | (12,452) |  | (5,547) |
|  | Derivative financial instruments and hedging |  | (6,117) |  | 6,150 |  | 33 |
|  | Gain (loss) on foreign currency exchange |  | (430) |  | 458 |  | 28 |
|  |  |  | (3,994) |  | (11,559) |  | (15,553) |
2012 |
(In thousands of US$) |  | Classification in statements of |  | Gain (loss) on |  | Gain (loss) on |  | Net gain |
|  | income |  | derivatives |  | hedged item |  | (loss) |
Derivatives - fair value hedge |  |  |  |  |  |  |  |  |
Interest rate swaps |  | Interest income – securities available-for-sale |  | (2,982) |  | 4,776 |  | 1,794 |
|  | Interest expense – borrowings and debt |  | 1,564 |  | (12,022) |  | (10,458) |
|  | Derivative financial instruments and hedging |  | 59 |  | - |  | 59 |
Cross-currency interest rate swaps |  | Interest income – loans |  | (239) |  | 522 |  | 283 |
|  | Interest expense – borrowings and debt |  | 8,024 |  | (11,187) |  | (3,163) |
|  | Derivative financial instruments and hedging |  | 12 |  | - |  | 12 |
|  | Gain (loss) on foreign currency exchange |  | 5,873 |  | (6,469) |  | (596) |
|  |  |  | 12,311 |  | (24,380) |  | (12,069) |
2011 |
(In thousands of US$) |  | Classification in statements of |  | Gain (loss) on |  | Gain (loss) on |  | Net gain |
|  | income |  | derivatives |  | hedged item |  | (loss) |
Derivatives - fair value hedge |  |  |  |  |  |  |  |  |
Interest rate swaps |  | Interest income – securities available-for-sale |  | (6,857) |  | 10,266 |  | 3,409 |
|  | Interest expense – borrowings and debt |  | - |  | - |  | - |
|  | Derivative financial instruments and hedging |  | 74 |  | - |  | 74 |
Cross-currency interest rate swaps |  | Interest income – loans |  | (33) |  | 55 |  | 22 |
|  | Interest expense – borrowings and debt |  | 4,352 |  | (7,874) |  | (3,522) |
|  | Derivative financial instruments and hedging |  | 2,849 |  | - |  | 2,849 |
|  | Gain (loss) on foreign currency exchange |  | (17,427) |  | 17,475 |  | 48 |
|  |  |  | (17,042) |  | 19,922 |  | 2,880 |

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- Definition Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5624163-113959 + Details
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- Definition Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=7476318&loc=d3e41678-113959 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 25 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6886632&loc=d3e76258-113986 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=7476318&loc=d3e41620-113959 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5579245-113959 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1B -URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5580258-113959 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5579240-113959 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=7476318&loc=d3e41641-113959 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=7476318&loc=d3e41638-113959 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5624171-113959 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5624163-113959 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(n)(2)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 + Details
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- Definition Tabular disclosure of derivative instruments (including nonderivative instruments that are designated and qualify as hedging instruments) of (a) the location and amount of gains and losses reported in the statement of financial performance and (b) the location and fair value amounts of the instruments reported in the statement of financial position. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5618551-113959 + Details
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