Offsetting of financial assets and liabilities

12 Months Ended

Dec. 31, 2014

Offsetting Of Financial Assets And Liabilities [Text Block]

23. Offsetting of financial assets and liabilities

In the ordinary course of business, the Bank enters into derivative financial instrument transactions and securities sold under repurchase agreements under industry standards agreements. Depending on the collateral requirements stated in the contracts, the Bank and counterparties can receive or deliver collateral based on the fair value of the financial instruments transacted between parties. Collateral typically consists of cash deposits and securities. The master netting agreements include clauses that, in the event of default, provide for close-out netting, which allows all positions with the defaulting counterparty to be terminated and net settled with a single payment amount.

The following tables summarize financial assets and liabilities that have been offset in the consolidated balance sheet or are subject to master netting agreements:

Derivative financial instruments - assets

December 31, 2014

Gross amounts not offset in the

Net amount

consolidated balance sheet

Gross amounts

of assets

offset in the

presented in the

Cash

Gross amounts

consolidated

Financial

collateral

Net

Description

of assets

balance sheet

instruments

received

amount

Derivatives financial instruments

12,324

December 31, 2013

Gross amounts not offset in the

Net amount

consolidated balance sheet

Gross amounts

of assets

offset in the

presented in the

Cash

Gross amounts

consolidated

Financial

collateral

Net

Description

of assets

balance sheet

instruments

received

amount

Derivatives financial instruments

15,217

(1,050)

14,167

The following table presents the reconciliation of assets that have been offset or are subject to master netting agreements to individual line items in the consolidated balance sheet as of December 31, 2014 and 2013:

2014

2013

Net amount

Gross amounts

of assets

Gross amounts

of assets

offset in the

presented in the

offset in the

presented in the

Gross amounts

consolidated

Gross amounts

consolidated

Description

of assets

balance sheet

of assets

balance sheet

Derivatives financial instruments:

Derivative financial instruments used for hedging – receivable

12,324

15,217

Total derivative financial instruments

12,324

15,217

Financial liabilities and derivative financial instruments - liabilities

December 31, 2014
							Gross amounts not offset in the
					Net amount		consolidated balance sheet
			Gross amounts		of liabilities
			offset in the		presented in the				Cash
	Gross amounts		consolidated		consolidated		Financial		collateral		Net
Description	of liabilities		balance sheet		balance sheet		instruments		received		amount
Securities sold under repurchase agreements		300,519		-		300,519		(294,054)		(6,465)		-
Derivatives financial instruments		40,339		-		40,339		-		(29,183)		11,156
Total		340,858		-		340,858		(294,054)		(35,648)		11,156

December 31, 2013
							Gross amounts not offset in the
					Net amount		consolidated balance sheet
			Gross amounts		of liabilities
			offset in the		presented in the				Cash
	Gross amounts		consolidated		consolidated		Financial		collateral		Net
Description	of liabilities		balance sheet		balance sheet		instruments		received		amount
Securities sold under repurchase agreements		286,162		-		286,162		(285,471)		(691)		-
Derivatives financial instruments		8,644		-		8,644		-		(5,340)		3,304
Total		294,806		-		294,806		(285,471)		(6,031)		3,304

The following table presents the reconciliation of liabilities that have been offset or are subject to master netting agreements to individual line items in the consolidatedbalance sheet as of December 31, 2014 and 2013:

	2014						2013
					Net amount						Net amount
			Gross amounts		of liabillities				Gross amounts		of liabilities
			offset in the		presented in the				offset in the		presented in the
	Gross amounts		consolidated		consolidated		Gross amounts		consolidated		consolidated
Description	of liabilities		balance sheet		balance sheet		of assets		balance sheet		balance sheet
Securities sold under repurchase agreements		300,519		-		300,519		286,162		-		286,162
Derivatives financial instruments:
Trading liabilities		52		-		52		72		-		72
Derivative financial instruments used for hedging – payabale		40,287		-		40,287		8,572		-		8,572
Total derivative financial instruments		40,339		-		40,339		8,644		-		8,644