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As of December 31, 2015 and 2014, financial instruments exposed to credit risk according
to geographical area were as follows:
S/.000
S/.000
S/.000
S/.000
As of December 31, 2015
Peru
3,170,989
1,690,184
-
4,861,173
Panama
1,109,723
2,520
-
1,112,243
Venezuela
53
2,339,156
-
2,339,209
Cayman Islands
1,302,798
111,007
-
1,413,805
United Kingdom
2,054,828
-
-
2,054,828
Japan
46,128
-
(159)
45,969
Germany
76
-
-
76
United States
1,431,504
-
3,816
1,435,320
Brazil
127,168
-
-
127,168
The Netherlands
62,440
-
-
62,440
Bahamas
35,699
-
-
35,699
Total
9,341,406
4,142,867
3,657
13,487,930
As of December 31, 2014
Peru
5,676,933
1,437,599
-
7,114,532
Panama
427
2,561
-
2,988
Venezuela
46
2,339,156
-
2,339,202
Cayman Islands
39,772
110,917
-
150,689
Japan
53
-
-
53
Germany
1,526
-
-
1,526
United States
56,704
-
-
56,704
Total
5,775,461
3,890,233
-
9,665,694
Financial instruments (*)
Hedging
derivatives
Loans and
items
receivable (*)
Available for
sale
investments
Total
(*) Balances are net of corresponding provisions.
Liquidity risk
Liquidity risk consists in the inability of COFIDE to comply with the maturity of its
obligations or with the demand of resources for its placements, incurring in losses that
may significantly affect its equity position. This risk is presented as a result of possible
losses from the early sale (or forced) of assets at unusual and/or significant discounts so as
to have rapidly available necessary resources, or by the impossibility of renewing or
contracting new resources under normal conditions for the entity.
COFIDE manages liquidity by centralizing its fund flows generated by all brokerage,
treasury operations and by all operations in relation to own investments with tolerance to
liquidity risk and regulatory requirements.
The liquidity of COFIDE is managed by the Assets and Liabilities Committee (ALCO)
through the division in charge of treasury, which permanently assesses economic and
market conditions so as to execute operations that reduce liquidity cost in accordance with
approved parameters; therefore, the Committee may periodically review liquidity levels
and discrepancies of total maturity and per currency of all the portfolio. Liquidity risk is
also supervised by the Risk Committee and its Risks division, where risk level that
COFIDE is willing to assume is defined, and where indications, limits and corresponding
controls are reviewed as well.