PA - Banco Security

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Market risk trading ledger 31.12.2010 31.12.2009 ThCLP$ ThCLP$ Short-term Rate risk CP 12,377 10,470 Mismatch UF 6,846 5,658 Sensitive commissions 41 39 Total risk 19,264 16,167 Limit margen (board) 26,519 20,995 Surplus (deficit) (board) 7,255 4,828 Long- term Rate risk 42,296 33,009 Limit margen (board) 75,758 73,443 Surplus (deficit) (board) 33,462 40,434 c) Liquidity Risk The liquidity risk represents the possibility that liabilities may not be serviced when they mature, due to the inability to realize assets or obtain funds, or that exposures may not be removed or compensated easily without significantly reducing prices due to inappropriate market depth. The following concepts are part of liquidity risk: • Term Risk: This is a risk resulting from having different maturity dates between inflows and outflows. • Risk of Collection: This risk results from the inability to collect cash as a result of discontinuance of payments, default or delay in collection. • Financing Risk: This risk is due to the inability to obtain funds from the market in the form of debt or equity or, if it is possible to do it, in the form of a substantial increase in the cost of funds affecting the financial margin. • Concentration Risk: This risk involves concentrating sources of funding and sources of revenue in few counterparts that result in a sudden change in the matching structure. • Market Liquidity Risk: This risk is related to certain products or markets, and refers to the risk of not being able to close or sell a particular position at the final quoted market price (or the closest price) as the market liquidity is inadequate.
195 <strong>PA</strong>GE Methodology of Liquidity Risk The methodologies used to control liquidity are liquidity gap, considering probable scenarios of behavior of assets and liabilities, stress scenarios, limits of concentration of liabilities and early-alert indicators. The liquidity gap provides information about contractual cash inflows and outflows, that is, inflows and outflows that will be generated over a certain time in the future in accordance with asset and liability contracts. For items with no contractual maturity, simulations are established based on statistical studies that allow one infer their maturity behavior. Based on these scenarios, assumptions of normal operating conditions are established, omitting in the daily management, items of assets that are part of a set of conservative conditions in the management of liquidity. These items are limited through minimum mismatching margins by control segments, which have been defined on a weekly or monthly basis until a one year horizon. The limitations are established based on a percentage of the Bank’s equity in accordance with different dynamic scenarios defined based on the estimate of the highest or lowest liquidity in the market in accordance with previously defined leading parameters and indicators. Different scenarios of liquidity crisis are simulated, establishing hedge ratios of cash deficit through off-balance sheet financing. This is supplemented with special procedures to cope with a liquidity crisis and early-alert indicators that help to identify any potential risk. Also, the Bank establishes a number of ratios and limitations of financing concentration by creditor and term. This allows the Bank to keep sources of funding organized and diversified. The Bank uses the methodology of contractual maturity for the compliance with regulatory liquidity limitations in accordance with Chapter III.B.2 of the Compendium of Financial Regulations issued by the Chilean Central Bank. The regulatory mismatching and compliance with limitations is remitted to the SBIF with the information about the Bank on a weekly basis, and with the information consolidated with its subsidiaries on a monthly basis.
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A N N U A L R E P O R T 2 0 1 0
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PAGE PAGE PAGE financial summary 14
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Grupo Security Summarized Unconsoli
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02 principal financial indicators n
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DEAR SHAREHOLDERS I have the pleasu
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oard and management 04
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04board and management SENIOR MANAG
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05 recognitions 17 COMPANIES WITH B
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06 activities 19 ENCUENTRO JUVENTUD
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06 activities 21 A SCHOOL FOR VILLA
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2003 Inversiones Seguros Security i
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ECONOMIC CONTEXT EXTERNAL ENVIRONME
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CHILE: GDP GROWTH (%) 7 6 5 4 3 2 1
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09strategic pillars
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09strategic pillars security, where
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09 strategic pillars RISK MANAGEMEN
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10business areas
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10 business areas 39 PAGE
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FINANCING BANKING INDUSTRY Banking
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The following graph shows the evolu
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EARNINGS AND ROE OF BANCO SECURITY
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RISK Banco Security has been charac
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10business areas I N V E S T M E N
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10 business areas 53 Administradora
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10 business areas 55 SECURITIZADORA
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INSURANCE INSURANCE INDUSTRY The Ch
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Compañía de Seguros Generales Pen
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10business areas S E R V I C E S
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It is important to recall that the
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INVESTMENT POLICY The bylaws of Gru
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The individual financial liabilitie
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BANK CREDITORS As of December 31, 2
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ASSOCIATED RISKS Local Financial Ri
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company information 12
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12company information In accordance
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12 company information 81 • Revis
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12 company information 83 In Seguro
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12 company information 85 STOCK MAR
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12 company information 87 SOCIEDAD
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12 company information 89 INMOBILIA
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Regulatory Framework Grupo Security
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financial statements 13
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financial statements 13 C o n s o l
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Consolidated Statement of Financial
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Consolidated statement of comprehen
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CONSOLIDATED STATEMENTS OF CASH FLO
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CONSOLIDATED STATEMENT OF CHANGES I
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The following companies are include
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) Description of Grupo Security’s
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- Fair value option As indicated in
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Disclosure of the Adoption of new a
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For financial assets, the amortized
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The recoverable amount is the highe
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Vida Security maintains current der
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f) Structured fixed income notes Vi
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CategorY Estimated range of loss Lo
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The main components of the cost of
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2.30 Foreign currency and indexatio
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The most significant areas of estim
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i. Pension insurances reserves This
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3.1 Main changes in the accounting
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Suspension of revenue recognition o
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) Summary of Consolidated Equity as
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3.3 Main adjustments made a) Invest
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NotE 5 - Income taxes Deferred tax
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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 194 and 195: Banco Security and its Subsidiaries
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
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Global Asset Advisors Type of entit
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Inversiones Seguros Security Ltda A
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Seguros Vida Security Previsión S.
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Compañía de Seguros Generales Pen
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Servicios Security S.A. AND SUBSIDI
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Corredores de Seguros Security Ltda
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Europ Assistance Chile s.A. Type of
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Cooper Gay Chile S.A. Corredores de
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Inmobiliaria Security S.A. AND SUBS
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INVERSIONES INVEST SECURITY LTDA. A
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Travel Security S.A. AND SUBSIDIARI
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Global Security Gestión y Servicio
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Mandatos Security Ltda. Type of ent
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GROUP OWNERSHIP STRUCTURE The follo
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D E C L A R A T I O N O F R E S P O
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ADDRESSES OF COMPANIES OF GRUPO SEC
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Santa Elena Branch Santa Elena 2400
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Santiago Nueva York 33, Office 1402
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“THIS PAPER COMES FROM FORESTS MA
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