PA - Banco Security

More documents

Recommendations

Info

Banco Security and its Subsidiaries measure and limit the Value at Risk of their investment porfolio (trading and available for sale) by risk factors, interest rates, currencies, time spreads, types of instruments, types of portfolios separately by institution and based on correlation. The table below shows market risks of different investment portfolios by type of risks: VaR by type of Risk 31.12.2010 31.12.2009 Value at Risk Value at Risk MCLP$ MCLP$ Trading Fixed Income 417 616 Derivatives (without options) 238 278 Embedded options 18 36 Foreign currency 12 7 Equity 7 1 Effects of diversification (272) (288) Total Portfolio 420 650 Available for sale Interest rate 276 990 Total Portfolio 276 990 Total diversification (96) (158) Total VaR 600 1482 The estimate of this methodology results in a possible change in income: December 31, 2010 Sensitivity rate Value at Risk 1 pb MCLP$ MCLP$ Trading Portfolio Fixed income instruments (57) 417 Derivatives 50 238 Foreign Currency 13 Equities 7 Total Portfolio (7) 420 Available for sale portfolio Fixed income instruments 72 276 Total Portfolio 72 276 Total Portfolio 65 600
193 PAGE b) Structural Interest Rate Risk This risk mainly results from business activity (commercial loans vs. deposits) and is caused by the effects of changes in interest rates and/or changes in curves, to which assets and liabilities are referenced. As these assets and liabilities may have temporary mismatches of revaluation or maturity, they may impact the stability of income (financial margin) and the levels of solvency (economic value of equity). For this purpose, the Bank establishes internal limitations by using sensitivity techniques in the interest rates structures. Also, the Bank analyzes stress scenarios where interest rates currency, revaluations, changes in share prices, changes in the assets underlying of options and changes in commissions that may be sensitive to interest rates are sensitized. This stress testing allows the Bank to measure and control the impact of sudden movements in different risk factors in the Bank’s current ratio, gross margin and economic value of equity. The compliance with the limitations established by Banco Security is monitored on a daily basis in accordance with the definitions in Chapter III.B.2. of the Compendium of Financial Regulations issued by the Chilean Central Bank. Furthermore, on a weekly basis the Bank informs the SBIF about positions at risk in the trading ledger investment portfolio and compliance with limitations. Also, on a monthly basis the Bank informs the SBIF about positions at risk consolidated with its subsidiaries for the trading ledger and, individually for the banking ledger, which includes the market risk sensitivity of the availablefor-sale portfolio and the commercial ledger. The Bank market risk in accordance with the methodology defined in Chapter III.B.2 of the Compendium of Financial Regulations issued by the Chilean Central Bank is as follows: Market risk trading ledger 31.12.2010 31.12.2009 ThCLP$ ThCLP$ Market risk Rate risk 6,009 5,873 Currency risk 691 4,125 Option risk 66 232 Total risk 6,766 10,230 Consolidated risk weighted asset 2,434,020 2,338,789 Effective equity (PE) 303,033 293,773 Basel limit 8.00% 8.00% Basel cul market risk 12.23% 11.91% Basel I 12.45% 12.56%
Page 1 and 2:
A N N U A L R E P O R T 2 0 1 0
Page 4 and 5:
PAGE PAGE PAGE financial summary 14
Page 6 and 7:
Grupo Security Summarized Unconsoli
Page 9:
02 principal financial indicators n
Page 12 and 13:
DEAR SHAREHOLDERS I have the pleasu
Page 15 and 16:
oard and management 04
Page 17 and 18:
04board and management SENIOR MANAG
Page 19 and 20:
05 recognitions 17 COMPANIES WITH B
Page 21 and 22:
06 activities 19 ENCUENTRO JUVENTUD
Page 23 and 24:
06 activities 21 A SCHOOL FOR VILLA
Page 25:
2003 Inversiones Seguros Security i
Page 28 and 29:
ECONOMIC CONTEXT EXTERNAL ENVIRONME
Page 30 and 31:
CHILE: GDP GROWTH (%) 7 6 5 4 3 2 1
Page 33 and 34:
09strategic pillars
Page 35 and 36:
09strategic pillars security, where
Page 37 and 38:
09 strategic pillars RISK MANAGEMEN
Page 39 and 40:
10business areas
Page 41:
10 business areas 39 PAGE
Page 44 and 45:
FINANCING BANKING INDUSTRY Banking
Page 46 and 47:
The following graph shows the evolu
Page 48 and 49:
EARNINGS AND ROE OF BANCO SECURITY
Page 50 and 51:
RISK Banco Security has been charac
Page 53 and 54:
10business areas I N V E S T M E N
Page 55 and 56:
10 business areas 53 Administradora
Page 57:
10 business areas 55 SECURITIZADORA
Page 60 and 61:
INSURANCE INSURANCE INDUSTRY The Ch
Page 62 and 63:
Compañía de Seguros Generales Pen
Page 65 and 66:
10business areas S E R V I C E S
Page 67:
It is important to recall that the
Page 70 and 71:
INVESTMENT POLICY The bylaws of Gru
Page 72 and 73:
The individual financial liabilitie
Page 74 and 75:
BANK CREDITORS As of December 31, 2
Page 76 and 77:
ASSOCIATED RISKS Local Financial Ri
Page 79 and 80:
company information 12
Page 81 and 82:
12company information In accordance
Page 83 and 84:
12 company information 81 • Revis
Page 85 and 86:
12 company information 83 In Seguro
Page 87 and 88:
12 company information 85 STOCK MAR
Page 89 and 90:
12 company information 87 SOCIEDAD
Page 91 and 92:
12 company information 89 INMOBILIA
Page 93 and 94:
Regulatory Framework Grupo Security
Page 95 and 96:
financial statements 13
Page 97:
financial statements 13 C o n s o l
Page 100 and 101:
Consolidated Statement of Financial
Page 102 and 103:
Consolidated statement of comprehen
Page 104 and 105:
CONSOLIDATED STATEMENTS OF CASH FLO
Page 106 and 107:
CONSOLIDATED STATEMENT OF CHANGES I
Page 108 and 109:
The following companies are include
Page 110 and 111:
) Description of Grupo Security’s
Page 112 and 113:
- Fair value option As indicated in
Page 114 and 115:
Disclosure of the Adoption of new a
Page 116 and 117:
For financial assets, the amortized
Page 118 and 119:
The recoverable amount is the highe
Page 120 and 121:
Vida Security maintains current der
Page 122 and 123:
f) Structured fixed income notes Vi
Page 124 and 125:
CategorY Estimated range of loss Lo
Page 126 and 127:
The main components of the cost of
Page 128 and 129:
2.30 Foreign currency and indexatio
Page 130 and 131:
The most significant areas of estim
Page 132 and 133:
i. Pension insurances reserves This
Page 134 and 135:
3.1 Main changes in the accounting
Page 136 and 137:
Suspension of revenue recognition o
Page 138 and 139:
) Summary of Consolidated Equity as
Page 140 and 141:
3.3 Main adjustments made a) Invest
Page 142 and 143:
NotE 5 - Income taxes Deferred tax
Page 144 and 145: Inmobiliaria Security S.A. measures
Page 146 and 147: NotE 8 - Investments in Associates
Page 148 and 149: NotE 9 - Property, Plant and Equipm
Page 150 and 151: ) The amortization of intangible as
Page 152 and 153: NotE 13 - Other Financial Assets, C
Page 154 and 155: NotE 16 - Other Non-Financial Asset
Page 156 and 157: Detail of bank obligations as of De
Page 158 and 159: Detail of bank obligations as of Ja
Page 160 and 161: Detail of the bonds at December 31,
Page 162 and 163: NotE 19 - Other Non-Financial Liabi
Page 164 and 165: NotE 23 - Other Financial Liabiliti
Page 166 and 167: Note 24 - Non-Current Liabilities A
Page 168 and 169: ) Cost of Sales The items includes
Page 170 and 171: NotE 26 - Administrative expenses T
Page 172 and 173: BALANCE 31.12.2010 31.12.2009 01.01
Page 174 and 175: Up to 1 year From 1 to 3 years From
Page 176 and 177: The management of Grupo Security S.
Page 178 and 179: c) Statement of Financial Position
Page 180 and 181: e) Statement of Financial Position
Page 182 and 183: 2) Risk Management Structure Banco
Page 184 and 185: 4º Credit Management Basically, th
Page 186 and 187: In the case of the Bank’s impaire
Page 188 and 189: These are the details of guarantees
Page 190 and 191: Loans that are classified individua
Page 192 and 193: Such limitations allow the Bank to
Page 196 and 197: Market risk trading ledger 31.12.20
Page 198 and 199: Regulatory Liquidity Mismatching as
Page 200 and 201: Regulatory Liquidity Mismatching as
Page 202 and 203: currency swaps). These derivatives
Page 204 and 205: Participants in the Credit Risk Com
Page 206 and 207: 7) Regulatory Capital Requirement I
Page 208 and 209: 6) Summary of the Policy for Invest
Page 210 and 211: d) Dividends The policy agreed by t
Page 212 and 213: The following table shows financial
Page 214 and 215: Valores Security S.A. Corredores de
Page 216 and 217: • The Board of Directors agreed t
Page 218 and 219: Note 37 - Subsequent Events On Janu
Page 220 and 221: MANAGEMENT’S ANALYSIS OF CONSOLID
Page 222 and 223: 2.2 Factoring Industry Factoring ha
Page 224 and 225: 5. Risk Factors 5.1 Dependence on d
Page 226 and 227: 6 PERFORMANCE INDECATORS OF THE CON
Page 228 and 229: $ Pesos Chilenos MM$ Millones de Pe
Page 230 and 231: BANCO SECURITY AND SUBSIDIARIES Typ
Page 232 and 233: Banco Security and Subsidiaries Con
Page 234 and 235: Banco Security and Subsidiaries Con
Page 236 and 237: Valores Security S.A. Corredores de
Page 238 and 239: Administradora General de Fondos Se
Page 240 and 241: Factoring Security S.A. Type of ent
Page 242 and 243: Asesorias Security S.A. AND SUBSIDI
Page 244 and 245:
Securitizadora Security S.A. Type o
Page 246 and 247:
Global Asset Advisors Type of entit
Page 248 and 249:
Inversiones Seguros Security Ltda A
Page 250 and 251:
Seguros Vida Security Previsión S.
Page 252 and 253:
Compañía de Seguros Generales Pen
Page 254 and 255:
Servicios Security S.A. AND SUBSIDI
Page 256 and 257:
Corredores de Seguros Security Ltda
Page 258 and 259:
Europ Assistance Chile s.A. Type of
Page 260 and 261:
Cooper Gay Chile S.A. Corredores de
Page 262 and 263:
Inmobiliaria Security S.A. AND SUBS
Page 264 and 265:
INVERSIONES INVEST SECURITY LTDA. A
Page 266 and 267:
Travel Security S.A. AND SUBSIDIARI
Page 268 and 269:
Global Security Gestión y Servicio
Page 270 and 271:
Mandatos Security Ltda. Type of ent
Page 272 and 273:
GROUP OWNERSHIP STRUCTURE The follo
Page 274 and 275:
D E C L A R A T I O N O F R E S P O
Page 276 and 277:
ADDRESSES OF COMPANIES OF GRUPO SEC
Page 278 and 279:
Santa Elena Branch Santa Elena 2400
Page 280 and 281:
Santiago Nueva York 33, Office 1402
Page 282:
“THIS PAPER COMES FROM FORESTS MA
show all

PA - Banco Security

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?