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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Audit Committee Financial Expert. Current accounts and other demand deposits. Cash and due from banks.
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. Additionally, in recent years the Chilean government has focused on consumer protection.
As a financial institution, we are subject to reputational risk that could materially affect our results of operations or financial condition. During we continued to enhance our IT infrastructure in order increase stability and efficiency for all of our customers.
In terms of credit risk, inloans related to Mutuos Hipotecariosas well as those financed with Mortgage Bondshad low gross before recoveries credit risk ratios of 0. Duringthe Individual and SME Division continued its focus on profitable growth while developing new business solutions for individual and SME banking in order to improve customer proximity and loyalty. For example, our shareholders would not be entitled to appraisal rights in the event of a merger or other business combination undertaken by us.
Over time, the division has developed service models intended to take advantage of synergies arising from the interaction of account and specialized support executives responsible for ensuring comprehensive customer service. Address of principal executive offices. Thus our results of operations could be negatively impacted by unfavorable political and diplomatic developments, social instability or unrest, as well as dramatic changes in public policies, including expropriation, nationalization, international ownership legislation, interest rate caps and tax policy.
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Banco CrediChile launched CuentaChile Demand Accounts inoffering its customers a deposit product that is flexible and easy to use. Shares of common stock: We strategically offer deposit products to increase our deposit-taking activities as a means of diversifying our sources of funding. We have been supporting Teleton Foundation for almost 40 years since its establishment, supporting disabled athletes and artists. In many cases, we include a discussion of the factors that are most likely to cause forward-looking statements to differ from actual results together with the forward-looking statements themselves.
Similarly, we automated diverse form filling procedures for operations related to personal banking and SMEs and set up platforms and procedures for pre-approval operations. Originally, we funded our residential mortgage loans through the issuance of mortgage finance bonds, which are recourse obligations only to us with payment terms that are matched to the residential loans.
In recent years, we have been able to expand our customer base by providing attractive and tailored value offerings based on continuously improving segmentation and by applying sophisticated business intelligence tools. The Treasury and Money Market Operations business segment is also responsible for: Lastly, as requested by the Chilean government, we have continued to renew our ATMs network by replacing older devices with new ATMs with more sophisticated and stable technology.
Regarding Mortgage Bonds that finance residential mortgage loans, the Bank is solely responsible for the payment of the Mortgage Bond obligation to the mortgage bond holders, regardless of the payment behavior of the residential mortgage borrower.
Banco CrediChile previously offered its customers traditional demand accounts each known as a CrediChile Demand Account that entitled its holders to receive payroll deposits, withdraw money from ATMs and perform basic purchasing transactions. This could similarly adversely affect the price of our ADS. Business Center will also become our CRM system in the future.
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. As result of the merger and integration process, we entered into various agreements with Citigroup Inc.
Additionally, we believe that our merger with Citibank Chile reinforced our corporate image as a leading financial institution within Chile and allowed us to gain recognition among customers and investors all over the world. There are no price limits imposed on transactions carried out in the Informal Exchange Market. Our way of thinking is reflected by a set of values that are shared by our employees and shareholders, which are aimed at providing our customers with world-class financial solutions and quality standards.
In this regard, recent political developments such as the U. Although the final law has not been passed, the Chilean senate has approved some changes and the Chilean government has introduced amendments to: In order to address and avoid these potential events we are continuously improving our corporate governance standards by detecting potential failures and adopting world-class principles and procedures.
Our Treasury and Money Market Operations business segment provides a wide range of financial services to our customers, including currency intermediation, forward contracts, interest rate swaps, transactions under repurchase agreements and investment products based on bonds, mortgage finance bonds and deposits.
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The success of our wholesale banking segment is critical to our ability to maintain sustainable growth in revenues, particularly in fee-based income.
Secured Residential Mortgage Loans 1. Similarly, this could affect our credit quality indicators and, accordingly, circulxr us to establish higher allowances for loan losses. Given the constrained business expansion in light of the slowdown in the Chilean economy, duringBanco CrediChile focused on operational efficiency, productivity and cost control.
Circuar also face competition from non-banking competitors in some of our credit products, especially credit cards and installment loans. We firmly believe that there is room to grow in retail banking. Similarly, the Chilean economy continued to grow slowly in by recording a moderate 1.