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Financial instruments with off-balance sheet credit risk | 12 Months Ended
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Dec. 31, 2014
Commitments and Contingencies Disclosure [Abstract] |
Commitments Contingencies and Guarantees [Text Block] |
19. | Financial instruments with off-balance sheet credit risk
In the normal course of business, to meet the financing needs of its customers, the Bank is party to financial instruments with off-balance sheet credit risk. These financial instruments involve, to varying degrees, elements of credit and market risk in excess of the amount recognized in the consolidated balance sheet. Credit risk represents the possibility of loss resulting from the failure of a customer to perform in accordance with the terms of a contract. The Bank’s outstanding financial instruments with off-balance sheet credit risk were as follows:
|  | December 31, |
|  | 2014 |  | 2013 |
Confirmed letters of credit |  |  | 89,752 |  |  | 221,963 |
Stand-by letters of credit and guaranteed – Commercial risk |  |  | 137,817 |  |  | 137,285 |
Credit commitments |  |  | 158,549 |  |  | 121,175 |
|  |  | 386,118 |  |  | 480,423 |
As of Decembet 31, 2014, the remaining maturity profile of the Bank’s outstanding financial instruments with off-balance sheet credit risk is as follows:
Maturities |  | Amount |
Within 1 year |  |  | 292,720 |
From 1 to 2 years |  |  | 41,269 |
From 2 to 5 years |  |  | 51,551 |
More than 5 years |  |  | 578 |
|  |  | 386,118 |
As of December 31, 2014 and 2013 the breakdown of the Bank’s off-balance sheet exposure by country risk is as follows:
|  | December 31, |
|  | 2014 |  | 2013 |
Country: |  |  |  |  |  |  |
Argentina |  |  | - |  |  | 295 |
Bolivia |  |  | - |  |  | 80 |
Brazil |  |  | 19,698 |  |  | 22,567 |
Chile |  |  | 27,802 |  |  | - |
Colombia |  |  | 53,874 |  |  | 38,545 |
Costa Rica |  |  | - |  |  | 897 |
Dominican Republic |  |  | 14,806 |  |  | 108 |
Ecuador |  |  | 86,436 |  |  | 153,072 |
El Salvador |  |  | 25 |  |  | 25 |
Guatemala |  |  | 37,988 |  |  | 43,548 |
Honduras |  |  | 412 |  |  | 412 |
Jamaica |  |  | 415 |  |  | 338 |
Mexico |  |  | 64,324 |  |  | 20,969 |
Netherlands |  |  | - |  |  | 17,833 |
Panama |  |  | 20,675 |  |  | 96,943 |
Paraguay |  |  | 418 |  |  | 2 |
Peru |  |  | 16,225 |  |  | 41,063 |
Switzerland |  |  | 1,000 |  |  | 1,000 |
United Kingdom |  |  | - |  |  | 70 |
Uruguay |  |  | 40,946 |  |  | 40,946 |
Venezuela |  |  | 1,074 |  |  | 1,710 |
|  |  | 386,118 |  |  | 480,423 |
Letters of credit and guarantees The Bank, on behalf of its client base, advises and confirms letters of credit to facilitate foreign trade transactions. When confirming letters of credit, the Bank adds its own unqualified assurance that the issuing bank will pay and that if the issuing bank does not honor drafts drawn on the credit, the Bank will. The Bank provides stand-by letters of credit and guarantees, which are issued on behalf of institutional customers in connection with financing between its customers and third parties. The Bank applies the same credit policies used in its lending process, and once issued the commitment is irrevocable and remains valid until its expiration. Credit risk arises from the Bank's obligation to make payment in the event of a customer’s contractual default to a third party. Risks associated with stand-by letters of credit and guarantees are included in the evaluation of the Bank’s overall credit risk. Credit commitments Commitments to extend credit are binding legal agreements to lend to customers. Commitments generally have fixed expiration dates or other termination clauses and require payment of a fee to the Bank. As some commitments expire without being drawn down, the total commitment amounts do not necessarily represent future cash requirements.

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