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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Corporate reputation is a crucial competitive advantage for us, as it allows us to attract and retain customers, appeal to investors and avoid employee attrition. Cuenta Chile Demand Accounts. Thus, during we launched a new personal banking website, with improved functionalities and enhanced our mobile banking solutions by adding circuoar applications for smartphones.
Although the final law has not been passed, the Chilean senate has approved some changes and the Chilean government has introduced amendments to: Banco de Chile is committed to the progress of Chile and development of its individuals and companies by providing svz tools that contribute to improve their quality of life.
The following table sets forth the composition of our residential mortgage loan portfolio by product type: Net Fees and Commissions Income. We also enhanced several processes by streamlining management documentation and form fulfilment to improve customer experience. Our core business and transactions are with customers doing business in Chile. Similarly, we aspire to target lower-income individuals and microbusinesses by promoting payroll-deduction lending and attracting customers previously unattached to any bank through a basic array of services.
Most of these contracts are denominated in UF.
Loans and advances to banks. Net income for the year. These funds are intended to finance long-term assets to improve our capital adequacy as they can be computed as Tier 2 capital. Also, reputation 167 a key element in banking since access to funding is driven by the confidence of depositors and the opinion of ratings agencies on the value of our franchise.
As of the same date, mortgage and consumer loans represented 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. Also, we could be required to apply new or revised standards retroactively. For this reason, we are constantly striving to develop and utilize improved scoring and approval models while strengthening our collection procedures in order to mitigate the risks associated with this business growth.
We are constantly striving to diversify our cjrcular structure in terms of sources, types of instruments and markets with the aim of maintaining a competitive cost of funding and improving our liquidity.
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Subject to our bylaws and applicable law, these principal shareholders are in a position to elect a majority of the members of 16977 board of directors, direct our management and control all matters decided by a shareholder vote, including the approval of fundamental corporate transactions. Furthermore, we have benefited from certain indicators that directly affect the retail banking segment e. Allowances for loan losses as a percentage of substandard loans 8.
Under this program we issued medium term notes in Hong Kong and Japan for approximately U. Since these customers are likely to be more severely affected by adverse developments in the Chilean economy than large corporations and higher-income individuals, we may be exposed to higher levels of past-due loans sgs subsequent write-offs, in the future, which could result in materially higher allowances for loan losses that could adversely affect circluar results of operations.
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We also face competition from non-banking competitors in some of our credit products, especially credit cards and installment loans. We have also improved our technology to facilitate connections with customers and enhance their self-service practices.
Products and services offered by this division are mainly related to commercial loans, lines of credit, foreign trade and foreign currency transactions, factoring services, leasing, mortgage loans, syndicated loans, mergers and acquisitions, debt restructuring assistance, payments and collections services, current accounts and related services, corporate credit cards, cash and investment management, forward contracts to hedge against currency fluctuations and insurance brokerage.
Lastly, we cannot assure you that regulators will not impose more restrictive limitations in the future on the activities of banks, including us, than those that are currently in effect. Our lines of credit for individual customers are generally available on a revolving basis, up to an approved credit limit, and may be used for any purpose.
Return on average equity 6. Similarly, as of that same date and excluding operations of subsidiaries abroad, we were the principal bank in Chile in terms of total balances of our non-interest bearing current accounts and demand deposits representing Our results of operations may be affected by fluctuations in the exchange rates between the Chilean peso and the U.
Net interest margin does not include the interest earned on trading securities, which is accounted for under Other Income LossNet. For this reason, during we strengthened our value offering to higher-income customers of Banco de Chile and Banco Edwards Citi by. Nevertheless, banks continue to be the main suppliers of leasing, factoring and mutual fund management, while growing quickly in insurance brokerage services. In this regard, during we carried out four placements in Switzerland for a total amount of approximately U.