Fair value of financial instruments (Tables)

12 Months Ended

Dec. 31, 2014

Fair Value Measurements and Financial Instruments Disclosure [Abstract]

Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Table Text Block]

Financial instruments measured at fair value on a recurring basis by caption on the consolidated balance sheets using the fair value hierarchy are described below:

	December 31, 2014
					Internally developed
			Internally developed		models with
	Quoted market		models with		significant		Total carrying
	prices in an		significant observable		unobservable market		value in the
	active market		market information		information		consolidated
	(Level 1)		(Level 2)		(Level 3)		balance sheets
Assets
Securities available-for-sale
Corporate debt		119,095		-		-		119,095
Sovereign debt		219,878		-		-		219,878
Total securities available-for-sale		338,973		-		-		338,973

Investment funds		-		57,574		-		57,574
Derivative financial instruments used for hedging - receivable
Interest rate swaps		-		2,708		-		2,708
Cross-currency interest rate swaps		-		1,062		-		1,062
Forward foreign exchange		-		8,554		-		8,554
Total derivative financial instruments used for hedging - receivable		-		12,324		-		12,324
Total assets at fair value		338,973		69,898		-		408,871

Liabilities
Trading liabilities
Cross-currency interest rate swaps		-		52		-		52
Forward foreign exchange		-		-		-		-
Total trading liabilities		-		52		-		52
Derivative financial instruments used for hedging – payable
Interest rate swaps		-		3,090		-		3,090
Cross-currency interest rate swaps		-		37,107		-		37,107
Forward foreign exchange		-		90		-		90
Total derivative financial instruments used for hedging - payable		-		40,287		-		40,287
Total liabilities at fair value		-		40,339		-		40,339

	December 31, 2013
					Internally developed
			Internally developed		models with
	Quoted market		models with		significant		Total carrying
	prices in an		significant observable		unobservable market		value in the
	active market		market information		information		consolidated
	(Level 1)		(Level 2)		(Level 3)		balance sheets
Assets
Securities available-for-sale
Corporate debt		178,168		-		-		178,168
Sovereign debt		156,200		-		-		156,200
Total securities available-for-sale		334,368		-		-		334,368

Investment funds		-		118,661		-		118,661
Derivative financial instruments used for hedging - receivable
Interest rate swaps		-		5,018		-		5,018
Cross-currency interest rate swaps		-		9,175		-		9,175
Forward foreign exchange		-		1,024		-		1,024
Total derivative financial instruments used for hedging - receivable		-		15,217		-		15,217
Total assets at fair value		334,368		133,878		-		468,246

Liabilities
Trading liabilities
Interest rate swaps		-		65		-		65
Cross-currency interest rate swaps		-		7		-		7
Total trading liabilities		-		72		-		72
Derivative financial instruments used for hedging – payable
Interest rate swaps		-		1,646		-		1,646
Cross-currency interest rate swaps		-		6,834		-		6,834
Forward foreign exchange		-		92		-		92
Total derivative financial instruments used for hedging - payable		-		8,572		-		8,572
Total liabilities at fair value		-		8,644		-		8,644

Schedule Of Value Of Financial Instruments Measured On Non Recurring Basis [Table Text Block]

The following table provides information on the carrying value and estimated fair value of the Bank’s financial instruments that are not measured on a recurring basis:

	December 31, 2014
									Internally
							Internally developed		developed models
					Quoted market		models with		with signicant
					prices in an		significant observable		unobservable market
	Carrying		Fair		active market		market information		information
	Value		Value		(Level 1)		(Level 2)		(Level 3)
Financial assets
Instruments with carrying value that approximates fair value		942,471		942,471		-		942,471		-
Securities held-to-maturity		54,180		53,295		29,909		23,386		-
Loans, net ⁽¹⁾		6,598,060		6,820,731		-		6,820,731		-

Financial liabilities
Instruments with carrying value that approximates fair value		2,936,086		2,936,166		-		2,936,166		-
Short-term borrowings and debt		2,692,537		2,692,344		-		2,692,344		-
Long-term borrowings and debt		1,405,519		1,424,579		-		1,424,579		-
Commitments to extend credit, standby letters of credit, and financial guarantees written		7,637		7,337		-		-		7,337

⁽¹⁾

The carrying value of loans is net of the Allowance for loan losses of $79.7 million and unearned income and deferred fees of $8.5 million for December 31, 2014.

	December 31, 2013
									Internally
							Internally developed		developed models
					Quoted market		models with		with signicant
					prices in an		significant observable		unobservable market
	Carrying		Fair		active market		market information		information
	Value		Value		(Level 1)		(Level 2)		(Level 3)
Financial assets
Instruments with carrying value that approximates fair value		881,573		881,573		-		881,573		-
Securities held-to-maturity		33,759		33,634		17,010		16,624		-
Loans, net ⁽¹⁾		6,068,879		6,264,624		-		6,264,624		-

Financial liabilities
Instruments with carrying value that approximates fair value		2,662,412		2,662,609		-		2,662,609		-
Short-term borrowings and debt		2,705,365		2,711,936		-		2,711,936		-
Long-term borrowings and debt		1,153,871		1,180,877		-		1,180,877		-
Commitments to extend credit, standby letters of credit, and financial guarantees written		6,827		5,365		-		-		5,365

⁽¹⁾

The carrying value of loans is net of the Allowance for loan losses of $72.7 million and unearned income and deferred fees of $6.7 million for December 31, 2013.