The Board of the Financial Market Commission (CMF) of Chile has approved resolution No. 2319 on the identification of systemic banks, in addition to setting out additional requirements for systemically important banks in Chile.
The identification of systemic banks and the determination of applicable additional requirements is carried out on an annual basis, based on the information that the banks themselves must report. With the information reported by the banking entities as of December 2022, CMF determined, with the prior favorable agreement of the Central Bank of Chile, that these entities have systemic status: Banco de Chile, Banco de Crédito e Inversiones, Banco del State of Chile, Banco Santander-Chile, Itaú Corpbanca, and Scotiabank Chile. In accordance with the existing regulations, CMF agreed to maintain the additional basic capital charges with respect to the risk-weighted assets of 1% for Itaú Corpbanca; 1.25% for Banco de Chile, Banco del Estado de Chile, and Scotiabank Chile; a 1.5% charge for Banco Santander-Chile; and a charge of 1.75% for Banco de Crédito e Inversiones. These higher requirements will be applied gradually, so that the additional basic capital charges required in December 2023 will be equivalent to 50% of the said percentage.
Related Link: Press Release
Keywords: Americas, Chile, Banking, Basel, Regulatory Capital, Risk-Weighted Assets, Reporting, D-SIBs, CMF
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