Derivative financial instruments for hedging purposes (Tables)

12 Months Ended

Dec. 31, 2012

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments Included in Trading Activities [Table Text Block]

As of December 31, 2012 and 2011, quantitative information on derivative financial instruments held for hedging purposes is as follows:

	2012						2011
	Nominal		Fair Value (1)				Nominal		Fair Value (1)
(In thousands of US$)	Amount		Asset		Liability		Amount		Asset		Liability
Fair value hedges:
Interest rate swaps		480,000		8,319		6,600		125,000		16		10,317
Cross-currency interest rate swaps		236,866		3,525		4,665		215,107		56		40,574
Cash flow hedges:
Interest rate swaps		-		-		-		20,000		-		512
Cross-currency interest rate swaps		42,001		7,333		23		42,336		3,549		-
Forward foreign exchange		75,733		62		411		53,264		249		2,339
Net investment hedges:
Forward foreign exchange		6,196		-		48		6,036		289		-
Total		840,796		19,239		11,747		461,743		4,159		53,742
Net gain on the ineffective portion of hedging activities (2)		71						2,849

⁽¹⁾ The fair value of assets and liabilities is reported within the derivative financial instruments used for hedging - receivable and payable lines in the consolidated balance sheets, respectively.

⁽²⁾ Gains and losses resulting from ineffectiveness and credit risk in hedging activities are reported within the derivative financial instruments and hedging line in the consolidated statements of income.

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]

The gains and losses resulting from activities of derivative financial instruments and hedging recognized in the consolidated statements of income are presented below:

2012
(In thousands of US$)	Gain (loss) recognized in OCI (effective portion)	Classification of  gain (loss)	Gain (loss) reclassified from accumulated OCI to the statements of income (effective portion)	Gain (loss) recognized on derivatives (ineffective portion)
Derivatives – cash flow hedge
Interest rate swaps	217
Cross-currency interest rate swaps	3,740	Gain (loss) on foreign currency exchange	2,481	-
		Interest income – loans	(564)	-
Forward foreign exchange	1,742	Interest expense - borrowings	(169)	-
	-	Gain (loss) on foreign currency exchange	3,679	-
Total	5,699		5,427	-
Derivatives – net investment hedge
Forward foreign exchange	109	Gain (loss) on foreign currency exchange	-	-
Total	109		-	-

2011
(In thousands of US$)	Gain (loss) recognized in OCI (effective portion)			Classification of gain (loss)	Gain (loss) reclassified from accumulated OCI to the statements of income (effective portion)			Gain (loss) recognized on derivatives (ineffective portion)
Derivatives – cash flow hedge
Interest rate swaps		987
Cross-currency interest rate swaps		2,270		Gain (loss) on foreign currency exchange		1,958			-
Forward foreign exchange		(2,160	)	Interest income – loans		(124)			-
				Interest expense - borrowings		172			-
		-		Gain (loss) on foreign currency exchange		(2,966	)		-
Total		1,097				(960	)		-
Derivatives – net investment hedge
Forward foreign exchange		289		Gain (loss) on foreign currency exchange		-			-
Total		289				-			-

2010
(In thousands of US$)	Gain (loss) recognized in OCI (effective portion)			Classification of gain (loss)	Gain (loss) reclassified from accumulated OCI to the statements of income (effective portion)			Gain (loss) recognized on derivatives (ineffective portion)
Derivatives – cash flow hedge
Interest rate swaps		460
Cross-currency interest rate swaps		1,690		Gain (loss) on foreign currency exchange		1,171			-
Forward foreign exchange		(759	)	Interest income - loans		(477	)		-
		-		Gain (loss) on foreign currency exchange		478			-
Total		1,391				1,172			-

Disclosure Related To Gain (Loss) On Derivative Instrument and Hedge Item For Fair Value Hedge [Table Text Block]

The Bank recognized in earnings the gain (loss) on derivative financial instruments and the gain (loss) of the hedged asset or liability related to qualifying fair value hedges, as follows:

2012
(In thousands of US$)	Classification in statements of income	Gain (loss) on derivatives			Gain (loss) on hedged item			Net gain (loss)
Derivatives -  fair value hedge
Interest rate swaps	Interest income – available-for-sale		(2,982	)		4,776			1,794
	Interest expense – borrowings and debt		1,564			(12,022	)		(10,458	)
	Derivative financial instruments and hedging (ineffectiveness)		59			-			59
Cross-currency interest rate swaps	Interest  income – loans		(239	)		522			283
	Interest expense – borrowings and debt		8,024			(11,187	)		(3,163	)
	Derivative financial instruments and hedging (ineffectiveness)		12			-			12
	Gain (loss) on foreign currency exchange		5,873			(6,469	)		(596	)
			12,311			(24,380	)		(12,069	)

2011
(In thousands of US$)	Classification in statements of income	Gain (loss) on derivatives			Gain (loss) on hedged item			Net gain (loss)
Derivatives -  fair value hedge
Interest rate swaps	Interest income – available-for-sale		(6,857	)		10,266			3,409
	Derivative financial instruments and hedging		74			-			74
Cross-currency interest rate swaps	Derivative financial instruments and hedging (ineffectiveness)		2,849			-			2,849
	Interest  income – loans		(33	)		55			22
	Interest expense – borrowings		4,352			(7,874	)		(3,522	)
	Gain (loss) on foreign currency exchange		(17,427	)		17,475			48
			(17,042	)		19,922			2,880

2010
(In thousands of US$)	Classification in statements of income	Gain (loss) on derivatives			Gain (loss) on hedged item			Net gain (loss)
Derivatives - fair value hedge
Interest rate swaps	Interest income – available-for-sale		(14,760	)		22,000			7,240
	Derivative financial instruments and hedging		419			-			419
Cross-currency interest rate swaps	Derivative financial instruments and hedging (ineffectiveness)		(1,865	)		-			(1,865	)
	Interest  income – loans		(45	)		89			44
	Interest expense – borrowings		3,812			(7,046	)		(3,234	)
	Gain (loss) on foreign currency exchange		7,922			(7,994	)		(72	)
			(4,517	)		7,049			2,532