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14.
CONTINGENT AND OFF-BALANCE SHEET ACCOUNTS
2015
2014
S/.000
S/.000
Contingent risks and commitments (a)
Joint signatures granted (Note 7)
773,390
658,468
Other contingent accounts
15,407
20,890
Total
788,797
679,358
Trusts and trust commissions (b)
Guarantees for operations of credits of trusts
9,336,229
8,545,570
Counter-accounts of trusts and trust commissions
9,308,867
7,902,032
Trust funds
9,212,791
7,899,409
Funds in trust commissions
604,665
522,764
Total
28,462,552
24,869,775
Off-balance sheet accounts
Guarantees for loan transactions (c):
Promissory notes
5,320,225
4,897,227
Mortgages
42,574
211,345
Guarantee deposits
10,867
18,151
Documentary guarantees
19,070
12,549
Warrants
123
108
Other guarantees
143,523
130,643
Other off-balance sheet accounts
12,049,170
8,552,481
Total
17,585,552
13,822,504
Swaps and Forwards (d)
Swap and forward transactions
384,896
596,043
Nominal value - Interest-rate swap
682,200
40,311
Total
1,067,096
636,354
Total off-balance sheet accounts
47,115,200
39,328,633
Total contingent and off-balance sheet accounts
47,903,997
40,007,991
(a)
Contingent loans
In the normal course of business, COFIDE invests in off-balance transactions. These
transactions expose COFIDE to credit risk, in addition to the amounts presented in the statement
of financial position.
Credit risk in contingent operations is related to the likelihood that one of the investors of the
pertinent contract does not honor the terms established therein. The corresponding contracts
consider the amounts that COFIDE would assume for credit losses in contingent operations.
COFIDE uses similar policies to evaluate and grant credits, for direct credits as well as
contingent credits. In Management’s opinion, contingent transactions do not represent an
exceptional credit risk, since it is expected that a portion of these contingent credits will expire