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As of December 31, 2014, COFIDE granted Structured Bonds of Terminales Portuarios Paita as
guarantee for (in thousands) S/.30,448 in order to secure two repurchase agreements with Trusts
“Credito Beca” and one operation with “FISE 1”, which matured in January, March and June
2015, respectively.
Also, as of December 31, 2014, COFIDE has guarantee funds for Margin Call in order to secure
operations with interest-rate and currency derivatives held by COFIDE in favor of J. Aron &
Company for (in thousands) US$16,590.
5.
CASH
2015
2014
S/.000
S/.000
Banco Central de Reserva del Perú - BCRP (a)
76,923
155,298
Checking accounts
1,912,123
372,235
Accrued interests from cash
5,936
275
Other deposits
64
64
Provision for country risks (b)
(38,335)
(4,190)
Total
1,956,711
523,682
(a)
As of December 31, 2015, in BCRP, balances include (in thousands) US$1,640 and
S/.11,636 ((in thousands) US$888 and S/.3,246 as of December 31, 2014) corresponding
to reserve requirements that financial entities incorporated in Peru shall maintain for
deposits and obligations to third parties. These funds are deposited in the vault of COFIDE
or the BCRP. Required reserve funds representing legal minimum do not generate
interests. Required reserve funds of the additional required reserve shall be paid at an
interest rate established by the BCRP. According to current legal provisions, required
reserve funds cannot be seized.
As of December 31, 2015, in BCRP, balances include (in thousands) US$17,500
(US$35,800 and S/.42,500 as of December 31, 2014) for overnight deposits held in BCRP,
which accrue interests at an annual effective rate of 0.2969% in foreign currency
(0.1279% in foreign currency and 2.30% in local currency as of December 31, 2014).
Overnight deposits accrued interests in 2015 for (in thousands) US$29 and (in thousands)
S/.73 ((in thousands) US$12 and S/.87 in 2014), which are included in item “Interest
income from cash” in the statement of income.
(b)
This item corresponds to provisions for country risk derived from term deposits held by
COFIDE in foreign banks (which are subject to regulatory provision for country risk).
Such deposits are held at the short term and the requirements for these provisions are
expected to decrease gradually. These provisions are established in accordance with the
SBS and internal policies of COFIDE about this matter.