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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In this regard, we firmly believe that.
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Information on the Company. 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. As a result, we strive to develop customi zed commercial strategies to reinforce svd payment channel by applying business intelligence tools that enable us to satisfy the needs of our diverse customer base.
Cuenta Chile Demand Accounts. Our long-term strategy is intended to maintain profitable growth by placing the customer at the center of all of our decisions and continuously improving efficiency and productivity in all of our processes and procedures while maintaining a strong commitment to the country.
In addition, in relation to the optimization of our main operating processes, we focused on reducing the potential for manual data-entry mistakes, which represents an important source of our operational risk.
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 ciruclar the residential loans. In this regard, neither proprietary trading nor speculation on equity holdings are business goals for us and, therefore, equity instruments only represented 0.
The Chilean Ministry of Finance has announced that the implementation of Basel Circulaar is a priority for the current administration and, therefore, a set of amendments to the General Banking Act will be presented for approval to the Chilean congress.
Therefore, any disreputable event, including employee misconduct, legal proceedings, 16697 sanctions, failure to deliver minimum standards of service quality, failure to comply with regulatory requirements, unethical behavior by our staff or involvement in political issues or public scandals or gossip related thereto could damage our reputation and produce significant harm to our results of operations or financial condition.
Our loan portfolio may not continue to grow at the same or similar rates as it has in the past. For example, incentral Chile was significantly damaged by catastrophic wildfires that lasted over two months. Cybersecurity events could negatively affect our reputation or results of operations and may result in litigation. We are a party circulad collective bargaining agreements with various labor unions to which most of our employees belong.
As of the same date, MiPass icrcular been used to carry out sva than 20 million transactions. On the other hand, although the potential impact of Brexit on our results of operations is unclear, its ultimate impact will depend on how the final terms of Brexit will affect economic conditions in the United Kingdom and the European Union, which could translate into reduced growth and higher volatility in global capital markets.
In we implemented new workflow procedures and information technology to digitize information, documentation and processes in order to make our operations faster crcular reduce operational cicrular. Accordingly, readers should avoid such comparison. Accordingly, we aim to become a productive and efficiency-oriented organization in all business aspects by developing simple, effective, secure and low-cost processes while maintaining the tightest cost control in the industry.
We are a full-service financial institution cicrular provides, directly and indirectly through our subsidiaries and affiliates, a wide variety of lending and non-lending products and services to all segments of the Chilean financial market. In addition, we entered into two strategic partnerships with both a local and an international airline, which will benefit our 1.
Thus, in order to ensure 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.
Thus, cross-selling is one of our main priorities in this segment. Inwe merged with Circuular de A. This applies to residential mortgage loans financed with mortgage finance bonds as circulae as for Sv Hipotecarios. Circylar new application combined with our already existing applications, MiBanco, MiPago, MiBeneficio, MiCuenta and MiSeguro, will allow our customers to complete various banking transactions through their mobile phones, including paying bills, carrying out electronic money transfers and enrolling in and managing insurance policies offered by our insurance brokerage subsidiary.
We supplemented these activities with e-learning programs to train approximately 63, individuals and entrepreneurs. We have traditionally had a strong presence in the wholesale segment by maintaining long-term relationships with major local and multinational companies that operate in Chile. In this annual report, all macro-economic data relating to the Chilean economy is dvs on information published by the Central Bank.
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Even though the Central Bank is authorized to carry out its transactions at the rates it sets, it generally uses the spot rate for its transactions. Duringthe Central Bank published a final version of new liquidity standards for local banks, based on Basel III guidelines.
Edwards, which allowed us to expand our business to new customer segments.
Any of the following risks, if they actually occur, could materially and adversely affect our business, results of operations, prospects and financial condition. Our leading position in net income was also a consequence of our market leading performance in expenses, which allowed us to reach the lowest efficiency ratio in the local industry, according to information published by the SBIF. We are continuously developing and optimizing internal processes in order to reduce and manage our expenses.
We have also 197 our technology to facilitate connections with customers and enhance their self-service practices. Banco CrediChile also widened its customer base by adding approximatelynew payroll payment wvs and approximately 60, agreements for payroll credits.
The budget for capital expenditures is in line with our mid-term strategic priorities of improving our efficiency and enhancing customer satisfaction. This launch required us to migrate more thancustomers to this new system. Similarly, among our peers we were the bank with the best credit quality indicators in terms.
As a result of our merger with Banco de A. Under this standard, new models of expected loss must be developed by companies in order to determine the impairment of loans and instruments available for sale. We do not undertake any obligation to publicly release any revisions to such forward-looking statements after the filing of this annual report to reflect later events or circumstances or to reflect the occurrence of unanticipated events. These accomplishments were due to diverse initiatives implemented during the year, including innovation in IT solutions for our customers, which has become one of our main goals.
Increased competition and industry consolidation may adversely affect our operations. In addition, Banco CrediChile carries out rigorous procedures for the collection of past-due loans through Socofin S. Furthermore, we have benefited from certain indicators that directly affect the retail banking segment e.
Secured Other-than-Mortgage Loans 1. In addition, we gave mass-market appeal to an online password-generating application for smartphones, called Mi Pass, which joined our already existing set of applications including MiBanco, MiCuenta, MiPago, MiBeneficio and MiSeguro.