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TABLA DE CONTENIDO 		233
TABLE OF CONTENTS 		333
1. INCORPORATION, ECONOMIC ACTIVITY AND APPROVAL OF FINANCIAL STATEMENTS 		345
2. BASIS OF PREPARATION OF THE FINANCIAL STATEMENTS 		346
3. SIGNIFICANT ACCOUNTING POLICIES 		348
4. ASSETS SUBJECT TO RESTRICTIONS 		357
5. CASH 		358
6. AVAILABLE FOR SALE INVESTMENTS 		359
7. LOAN PORTFOLIO, NET 		364
8. PROPERTY, FURNITURE AND EQUIPMENT, NET 		369
9. HEDGING DERIVATIVES, ACCOUNTS RECEIVABLE, NET, ASSETS SEIZED, RECEIVED IN PAYMENT, AWARDED, INTANGIBLE ASSETS AND OTHER ASSETS 		370
10. OBLIGATIONS TO THE PUBLIC AND DEPOSITS BY BANKS AND FINANCIAL ORGANIZATIONS 		371
11. DEBT SECURITIES 		372
12. HEDGING DERIVATIVES, ACCOUNTS PAYABLE, PROVISIONS AND OTHER LIABILITIES 		378
13. EQUITY 		382
14. CONTINGENT AND OFF-BALANCE SHEET ACCOUNTS 		386
15. PERSONNEL AND BOARD OF DIRECTORS’ EXPENSES 		388
16. EXPENSES FOR SERVICES RECEIVED FROM THIRD PARTIES 		388
17. BASIC AND DILUTED EARNINGS PER SHARE 		389
18. INCOME TAX 		389
19. TRANSACTIONS WITH RELATED ENTITIES 		392
20. CLASSIFICATION OF FINANCIAL INSTRUMENTS 		394-395
21. FINANCIAL RISK MANAGEMENT 		396
As of December 31, 2015 and 2014, period when cash flows of the hedge are expected to occur, the effect in the statement of income, net of deferred income tax is as follows: 		424
In January 2015, fifteen currency swaps and one interest-rate swap were early settled, and as a result, unrealized loss of accumulated cash flow hedges were transferred to the statement of income that date for (in thousands) S/.7,070. Therefore, durin... 		424
As of December 31, 2015 and 2014, COFIDE holds 4 and 19 currency swaps, respectively, according to the SBS authorizations, which classify as cash flow hedges of debts. By means of such operation, in economic terms, the debt held by COFIDE is hedged. 		424
Additionally, as of December 31, 2015 and 2014, COFIDE holds one interest-rate swap in order to hedge the variable rate component of certain debts, which mature in 2019. 		424
COFIDE has a methodology of measurement of the degree of ineffectiveness of hedges of derivative financial instruments that are undertaken with such objective. As of December 31, 2015 and 2014, COFIDE has not presented a decrease in relation to ineffe... 		424
As of December 31, 2015, COFIDE has carried out repo transactions comprising resources in local currency for (in thousands) S/.21,051, granted from several trusts managed by COFIDE, which accrue interests at a certain annual rate and are guaranteed by... 		425
Granted funds are intended to assist different obligations of COFIDE. 		425
22. MANAGEMENT OF OTHER RISKS 		425
(a) Operational risk 		425
Operational risk is generated by human, processes, systems errors or by external factors, including legal risk. 		425
COFIDE has identified its operational risks focusing on transversal processes comprised in its cooperativeness. Additionally, continuous improvements are made in policies and methodologies of identification, assessment and follow-up of operational ris... 		425
Indications have been established for the analysis of causes and effectiveness of control measurement and reduction of operational risks. On the other hand, various reports allowing a continuous following-up on these risks are made, so as to determine... 		426
A data basis of losses for operational risk has been design in order to complement qualitative analysis described above through a quantitative analysis. 		426
(b) Capital management – Regulatory 		426
COFIDE actively manages a capital basis to hedge risks inherent to its activity. COFIDE’S capital adequacy is monitored by using, among other measures, standards and ratios established by the SBS, taking into account policies established for capital a... 		426
The objectives of COFIDE when managing capital are far broader than net equity shown in the statement of financial position, they are: (i) complying with capital requirements established by the SBS; (ii) safeguard the capacity of COFIDE to continue op... 		426
According to regulations set forth by the SBS, COFIDE is obliged to maintain a regulatory capital equal to or greater than 10% of assets and contingents weighted per risk, comprising the requirement of regulatory capital for market risk, for operation... 		426
As of December 31, 2015 and 2014, the regulatory capital of COFIDE, determined according to legal standards, is (in thousands) S/.3,478,121 and S/.2,827,529, respectively; which is used to calculate certain limits on restrictions applicable to banking... 		426
As of December 31, 2015, assets and contingent loans weighted for credit risk amount to (in thousands) S/11,066,813 (S/.6,050,988 as of December 31, 2014) and the equity requirement for credit, market and operational risk, determined by COFIDE accordi... 		426
23. SUBSEQUENT EVENTS 		427
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