CREDICORP LTD | CIK:0001001290 | 3

  • Filed: 4/26/2018
  • Entity registrant name: CREDICORP LTD (CIK: 0001001290)
  • Generator: DataTracks
  • SEC filing page: http://www.sec.gov/Archives/edgar/data/1001290/000114420418022710/0001144204-18-022710-index.htm
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    • ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory

    4
    CASH AND CASH EQUIVALENTS
     
    This item consists in the following:
     
     
     
    2017
     
    2016
     
     
     
    S/(000)
     
    S/(000)
     
     
     
     
     
     
     
     
     
    Cash and clearing (a)
     
     
    5,034,569
     
     
    4,061,766
     
    Deposits with Central Reserve Bank of Peru - BCRP (a)
     
     
    15,136,245
     
     
    8,642,656
     
    Deposits with local and foreign banks (b)
     
     
    2,828,830
     
     
    3,778,238
     
    Interbank funds
     
     
    207,559
     
     
    147,713
     
    Accrued interest
     
     
    4,994
     
     
    2,823
     
    Total cash and cash equivalents
     
     
    23,212,197
     
     
    16,633,196
     
    Restricted funds
     
     
    9,790
     
     
    12,573
     
    Total cash
     
     
    23,221,987
     
     
    16,645,769
     
     
    Cash and cash equivalents presented in the consolidated statement of cash flows excludes restricted funds, See Note 3(ac).
     
    a)
    Cash and clearing and deposits with Central Reserve Bank of Peru -
     
    These accounts mainly include the legal cash requirements that Credicorp and its Subsidiaries must keep to be able to honor their obligations with the public, which are within the limits established by current legislation. The composition of these funds is as follows:
     
     
     
    2017
     
    2016
     
     
     
    S/(000)
     
    S/(000)
     
     
     
     
     
     
     
     
     
    Legal cash requirements (i)
     
     
     
     
     
     
     
    Deposits with Central Reserve Bank of Peru
     
     
    11,768,476
     
     
    8,625,876
     
    Cash in vaults of Bank
     
     
    4,425,384
     
     
    3,158,153
     
    Total legal cash requirements
     
     
    16,193,860
     
     
    11,784,029
     
     
     
     
     
     
     
     
     
    Additional funds
     
     
     
     
     
     
     
    Overnight deposits (ii)
     
     
    3,367,769
     
     
    16,780
     
    Cash in vaults of Bank and others
     
     
    609,185
     
     
    903,613
     
    Total additional funds
     
     
    3,976,954
     
     
    920,393
     
    Total
     
     
    20,170,814
     
     
    12,704,422
     
     
    (i)
    At December 31, 2017 cash and deposits subject to legal cash requirements in local and foreign currency are subject to an implicit rate of 5.00 percent and 32.40 percent, respectively, on the total balance of obligations subject to legal cash requirements, as required by the BCRP (6.50 percent and 25.89 percent, respectively, at December 31, 2016).
     
    In the same way, at December 31, 2017, the increase in the balances of the legal cash requirement originated from the following factors: i) increase in the rates on the legal cash requirement; ii) increase in the volumes of the total of obligations subject to the legal cash requirement (TOSE from the Spanish acronym); and iii) increase in the volumes of cash due to changes in the banknote export policy.
     
    (ii)
    At December 31, 2017, the Group maintains three “overnight” deposits with the BCRP, two of which are denominated in U.S Dollars for US$900.0 million (equivalent to S/2,916.9 million) and US$46.6 million (equivalent to S/150.9 million) and one in soles for S/300.0 million. The “overnight” deposits in dollars and soles earn interest at rates of 1.41 percent and 2.0 percent, respectively, and have maturities at 5 days.
     
    b)
    Deposits with local and foreign banks -
     
    Deposits with local and foreign banks mainly consist of balances in soles and U.S. dollars; are cash in hand and earn interest at market rates. At December 31, 2017 and 2016 Credicorp and its Subsidiaries do not maintain significant deposits with any bank in particular.