72 issued by the Chilean Association of Accountants and Circular No. 1, issued by SVS, recognizing income on an accrual basis. 1, issued by the SVS, recognizing income on an accrual basis. Computer software has been valued as established in Circular No. for adjusting the acquisition CompaniesL shareholdersL equity at fair value, in accordance with Circular No of the SVS and Technical.
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We believe that we have a circularr effective and highly competitive funding structure based on our leading market position in current accounts and demand deposits, especially among individuals.
Currently, we cannot assure you that future changes in financial accounting and reporting standards will not substantially affect our results of operations or performance indicators, as we do not know the extent of future standards.
The risks and cricular described below are not the only ones that we face.
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These models determine a rate of depreciation that 1967 an updated collateral value, based on variables such as geographic location, last appraisal date, type of property and type of customer.
We also continue to enhance our strategic development capabilities, increase our business scale, develop economies of scope by incorporating new financially related businesses, reinforce the productivity of our branch network, enhance our.
Thus, in order to circulad the quality of its loan portfolio, Banco CrediChile adheres to our general loan origination procedures, particularly with regard to the use of our credit scoring system and credit management policies, including the use of credit bureaus and the services of the SBIF.
Edwards, which allowed us to expand our business to new customer segments.
The following table sets forth the composition of our residential mortgage loan portfolio by product type: Subject to our bylaws and applicable law, these principal shareholders are in a position to elect a majority of the members of our board of directors, direct our management and control all matters decided by a shareholder vote, including the approval of fundamental corporate transactions.
In fact, our issued long-term debt represented approximately Inflation figures are those reported by the Chilean National Statistics Institute, unless otherwise stated herein or required by the context. Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company.
We believe our financial strength, prestige and brand recognition among Chilean customers have allowed us to become the market leader in terms of current account balances within the Chilean financial system, especially among individuals, who have demonstrated their preference for our services. Other adjustments and eliminations. Since we have no certainty regarding the limits to be imposed by the regulator to the banking industry and Banco de Chile in particular, we cannot assure you that new liquidity requirements will not have a material impact on our financial condition or results of operations in the future.
Non-residential mortgage loans granted to individuals and small and medium sized companies are loans intended to finance the acquisition of offices, land, facilities and other real estate assets. We concluded the merger process with the consolidation of a new corporate structure and the integration of our technological platforms.
We offer a variety of financial services to individuals and small and medium-sized companies, directly through the Individual and SME Division or indirectly through our subsidiaries, such as current accounts, automatic bill payment, debit cards, credit cards, revolving credit lines, residential mortgage loans, consumer loans, commercial loans, mortgage loans for general purposes, leasing agreements, factoring services, mutual funds management and stock brokerage, trade finance, payments and collections, insurance brokerage which includes life and casualty insurancesavings instruments and foreign currency services.
Net income from discontinued operations, net of taxes. Inwe enhanced our value offerings by entering into a strategic partnership with Citigroup Inc. In this regard, we recognize that our recent expansion in the retail banking segment may expose us to higher levels of charge-offs and may require us to establish higher levels of allowances for loan losses in the future. We also completed the first stage of our accounting control system and replaced some of our existing credit cards with new ones that include a microchip for enhanced security.
The CuentaChile Demand Account is a non-interest bearing demand deposit account without checking privileges that targets customers who want a secure and comfortable means of managing and accessing their money. During we gave mass-market appeal to MiPass, which is a virtual password-generating application.
IFI played an important role in structuring international transactions aimed at diversifying our funding. We firmly believe that there is room to grow in retail banking. Through our retail banking segment, we provide our individual customers with credit cards, installment loans and residential mortgage loans, as well as traditional deposit services, such as current accounts, demand deposits, demand accounts, savings accounts and time deposits.
We believe this is the first step to improve the service we render to customers who experience this reality while providing our disabled employees with supportive workplace conditions and benefits. We believe that our high service quality is a competitive strength that differentiates us from competitors and supports our long term strategy by responding to the preferences of our current and potential customers. With the aim of improving the quality of life of people and supporting microentrepreneus in their ventures, we held several workshops across the country, together with the Financial Literacy Program promoted by the SBIF.
There are no price limits imposed on transactions carried out in the Informal Exchange Market. Also, our debit cards can be used internationally through the Visa International PLUS network or the international network of merchants associated with the Electron program.
Accordingly, in we launched a new website for personal banking, which allows our customers to conduct most of the traditional banking transactions they would have normally executed at our branches.
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We offer different types of debit cards to our customers. Regarding funding functions carried out by our Circualr, duringwe continued to develop a funding diversification strategy by conducting important transactions in Chile circjlar abroad.
Saving accounts and time deposits. In order to consolidate profitable growth, achieve high standards of service quality, attain operating efficiency and maintain a commitment to the country over the long run, we must have a motivated and highly qualified workforce committed to our corporate values.
Leasing contracts are financial leases for capital equipment and property. In particular, the recently elected administration in the U. In addition, the retail segment which encompasses individuals and small and medium-sized companies has become the target market of several banks, since banking penetration is still in progress in Chile, particularly in circklar segment. This expansion was fostered by an overall effort of all market participants to increase banking penetration of lower and middle svx segments, as well as small and medium-sized companies by broadening their value offerings.
For more information see Item 4.