Financial asset and liability balances are offset (i.e. reported in the consolidated balance sheets at their net amount) only if the Bank and their subsidiaries currently have a legally enforceable right to set off the recognized amounts and intend either to settle on a net basis, or to realize the asset and settle the liability simultaneously.
Offsetting Agreements and Obligations Settlement (CMN Resolution 3.263/2005) - The Bank has an agreement for the clearing and settlement of obligations under the National Financial System (SFN), signed with individuals and legal entities, whether or not members of the SFN, resulting in higher financial settlement guarantee, with the parties that have this modality of agreement. These agreements establish that payment obligations to Banco Santander arising from credit and derivative operations, in the event of default by the counterparty, will be offset against Banco Santander's payment obligations with the counterparty.
The following table provides details of financial assets and liabilities subject to offsetting at December 31, 2017, 2016 and 2015:
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| |
| Thousand of reais |
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| 2017 | |||
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| Financial assets, gross |
| Financial assets |
| Financial assets | |||||||
| Assets: |
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|
| ||||||||||
| Derivatives |
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|
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|
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| 17,262,888 |
| - |
| 17,262,888 | |||||
| Repurchase agreements |
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|
|
|
| 34,505,671 |
| - |
| 34,505,671 | |||||||
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| |
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| Financial liabilities, gross |
| Financial liabilities |
| Financial liabilities | |||||||
| Liabilities: |
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|
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|
|
|
| ||||||||||
| Derivatives |
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|
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|
|
| 16,677,486 |
| - |
| 16,677,486 | |||||
| Repurchase agreements |
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|
|
|
| 97,421,579 |
| - |
| 97,421,579 | |||||||
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| |
| Thousand of reais |
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| 2016 | |||
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| Financial assets, gross |
| Financial assets |
| Financial assets | |||||||
| Assets: |
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|
|
|
|
|
| ||||||||||
| Derivatives |
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|
|
|
| 24,702,973 |
| - |
| 24,702,973 | |||||||
| Repurchase agreements |
|
|
| 47,528,393 |
| - |
| 47,528,393 | |||||||||
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| |
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|
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| Financial liabilities, gross |
| Financial liabilities |
| Financial liabilities | |||||||
| Liabilities: |
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|
|
|
|
|
| ||||||||||
| Derivatives |
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|
|
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| 20,236,615 |
| - |
| 20,236,615 | |||||||
| Repurchase agreements |
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|
| 129,817,727 |
| - |
| 129,817,727 | |||||||||
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| |
| Thousand of reais |
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|
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|
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| 2015 | |||
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|
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| Financial assets, gross |
| Financial assets |
| Financial assets | |||||||
| Assets: |
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|
|
|
|
|
| ||||||||||
| Derivatives |
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|
|
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| 26,250,362 |
| - |
| 26,250,362 | |||||||
| Repurchase agreements |
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|
| 31,987,323 |
| - |
| 31,987,323 | |||||||||
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| |
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| Financial liabilities, gross |
| Financial liabilities |
| Financial liabilities | |||||||
| Liabilities: |
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|
|
|
|
|
| ||||||||||
| Derivatives |
|
|
|
|
| 24,716,959 |
| - |
| 24,716,959 | |||||||
| Repurchase agreements |
|
|
| 115,003,783 |
| - |
| 115,003,783 | |||||||||
On December 31, 2017, 2016 and 2015, the Bank has no financial instruments that meet the conditions for recognition on a net basis.