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Trading assets and liabilities | 12 Months Ended
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Dec. 31, 2013
Trading Assets and Liabilities [Abstract] |
Trading Assets and Liabilities Disclosure [Text Block] |
5. | Trading assets and liabilities
The fair value of trading assets and liabilities is as follows:
|  | December 31, |
(In thousands of US$) |  | 2013 |  | 2012 |
Trading assets: |  |  |  |  |
Sovereign bonds |  | - |  | 5,146 |
Cross-currency swaps |  | - |  | 49 |
Forward foreign exchange |  | - |  | 50 |
Future contracts |  | - |  | 20 |
Total |  | - |  | 5,265 |
Trading liabilities: |  |  |  |  |
Interest rate swaps |  | 65 |  | 100 |
Cross-currency interest rate swaps |  | 7 |  | 32,182 |
Forward foreign exchange |  | - |  | 22 |
Total |  | 72 |  | 32,304 |
Sovereign bonds were outstanding as of December 31, 2012, generated gains of $0.1 million during 2012, which were recorded in earnings. As of December 31, 2012, bonds with a carrying value of $1.3 million, secured derivative financial instruments transactions.
During 2013, 2012 and 2011, the Bank recognized the following gains and losses related to trading derivative financial instruments:
|  | Year ended December 31 |
(In thousands of US$) |  | 2013 |  | 2012 |  | 2011 |
Interest rate swaps |  | (9) |  | (310) |  | (299) |
Cross-currency swaps |  | 67 |  | - |  | - |
Cross-currency interest rate swaps |  | 3,236 |  | 11,537 |  | (4,858) |
Forward foreign exchange |  | (6) |  | 27 |  | 93 |
Future contracts |  | 191 |  | 207 |  | (29) |
Total |  | 3,479 |  | 11,461 |  | (5,093) |
These amounts are reported in the Net gain (loss) from trading securities and Net gain (loss) from investment funds trading lines in the consolidated statements of income. In addition to the trading derivative financial instruments, the Bank has hedging derivative financial instruments that are disclosed in Note 21. As of December 31, 2013 and 2012, trading derivative liabilities include or have included interest rate swap and cross-currency interest rate swap contracts that were previously designated as fair value and cash flow hedges. Adjustments to the carrying value of the hedged underlying transactions are amortized in the interest income and expense lines over the remaining term of these transactions. Changes in the fair value of these derivative instruments after discontinuation of hedge accounting are recorded in Net gain (loss) from trading securities. As of December 31, 2013 and 2012, information on the nominal amounts of derivative financial instruments held for trading purposes is as follows:
|  | 2013 |  | 2012 |
(In thousands of US$) |  | Nominal |  | Fair Value |  | Nominal |  |  | Fair Value |
|  | Amount |  | Asset |  | Liability |  | Amount |  |  | Asset |  | Liability |
Interest rate swaps |  | 14,000 |  | - |  | 65 |  | 35,291 |  |  | - |  | 100 |
Cross-currency interest rate swaps |  | 600 |  | - |  | 7 |  | 155,081 |  |  | 49 |  | 32,182 |
Forward foreign exchange |  | - |  | - |  | - |  | 7,152 |  |  | 50 |  | 22 |
Future contracts |  | - |  | - |  | - |  | 6,896 |  |  | 20 |  | - |
Total |  | 14,600 |  | - |  | 72 |  | 204,420 |  |  | 119 |  | 32,304 |

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- Definition The entire disclosure for trading assets and liabilities, that includes bonds acquired for trading purposes and receivables (unrealized gains) and payables (unrealized losses) related to derivative financial instruments which are not designated as hedges or which do not qualify for hedge accounting. + References No definition available. + Details
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