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Derivative financial instruments for hedging purposes (Tables)
 12 Months Ended
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