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Hedge accounting | 12 Months Ended
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Dec. 31, 2021
Text Block [Abstract] |
Hedge accounting | Note 7 – Hedge accounting There are three types of hedge relations: Fair value hedge, Cash flow hedge and Hedge of net investment in foreign operations. In hedge accounting, the groups of risk factors measured by ITAÚ UNIBANCO HOLDING are:
| • |  | Interest Rate: Risk of loss in transactions subject to interest rate variations;
| • |  | Currency: Risk of loss in transactions subject to foreign exchange variation.
The structure of risk limits is extended to the risk factor level, where specific limits aim at improving the monitoring and understanding process, as well as avoiding concentration of these risks. The structures designed for interest rate and exchange rate categories take into account total risk when there are compatible hedging instruments. In certain cases, management may decide to hedge a risk for the risk factor term and limit of the hedging instrument. The other risk factors hedged by the institution are shown in Note 32. To protect cash flows and fair value of instruments designated as hedged items, ITAÚ UNIBANCO HOLDING uses derivative financial instruments and financial assets. Currently, Futures Contracts, Options, NDF (non deliverable forwards), Forwards, Swaps and Financial Assets are used. ITAÚ UNIBANCO HOLDING manages risks through the economic relationship between hedging instruments and hedged items, where the expectation is that these instruments will move in opposite directions and in the same proportion, with the purpose of neutralizing risk factors. The designated coverage ratio is always 100% of the risk factor eligible for coverage. Sources of ineffectiveness are in general related to the counterparty’s credit risk and possible mismatches of terms between the hedging instrument and the hedged item. a) Cash flow hedge The cash flow hedge strategies of ITAÚ UNIBANCO HOLDING consist of hedging exposure to variations in cash flows, in interest payment and currency exposure which are attributable to changes in interest rates on recognized and unrecognized assets and liabilities. ITAÚ UNIBANCO HOLDING applies cash flow hedge strategies as follows: Interest rate risks:
| • |  | Hedge of time deposits and repurchase agreements: to hedge fluctuations in cash flows of interest payments resulting from changes in the DI interest rate, through futures contracts;
| • |  | Hedge of asset transactions: to hedge fluctuations in cash flows of interest receipts resulting from changes in the DI rate, through futures contracts;
| • |  | Hedge of assets denominated in UF*: to hedge fluctuations in cash flows of interest receipts resulting from changes in the UF*, through swap contracts;
| • |  | Hedge of Funding: to hedge fluctuations in cash flows of interest payments resulting from changes in the TPM* rate, through swap contracts;
| • |  | Hedge of loan operations: to hedge fluctuations in cash flows of interest receipts resulting from changes in the TPM* rate , through swap contracts;
| • |  | Hedge of repurchase agreements: to hedge fluctuations in cash flows of interest received from changes in Selic (benchmark interest rate), through futures contracts;
| • |  | Hedging of expected highly probable transactions: to hedge the risk of variation in the amount of the commitments assumed when resulting from variation in the exchange rates.
*UF | – Chilean unit of account / TPM – Monetary policy rate
ITAÚ UNIBANCO HOLDING does not use the qualitative method to evaluate the effectiveness or to measure the ineffectiveness of these strategies. For cash flow hedge strategies, ITAÚ UNIBANCO HOLDING uses the hypothetical derivative method. This method is based on a comparison of the change in the fair value of a hypothetical derivative with terms identical to the critical terms of the variable-rate liability, and this change in the fair value is considered a proxy of the present value of the cumulative change in the future cash flow expected for the hedged liability.
|  |  |  | 12/31/2021 |
|  |  |  | Hedged item |  |  | Hedge instrument |
|  |  |  | Book Value |  |  | Variation in value recognized in Other |  |  | Cash flow hedge |  |  | Notional |  |  | Variation in fair value used to calculate hedge |
Strategies |  | Heading |  | Assets |  |  | Liabilities |  |  | comprehensive income |  |  | reserve |  |  | Amount |  |  | ineffectiveness |
Interest rate risk |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Hedge of deposits and repurchase agreements |  | Securities purchased under agreements to resell |  |  | — |  |  |  | 39,142 |  |  |  | 1,065 |  |  |  | 1,065 |  |  |  | 39,136 |  |  |  | 1,072 |
Hedge of assets transactions |  | Loans and lease operations and Securities |  |  | 8,621 |  |  |  | — |  |  |  | (409 | ) |  |  | (409 | ) |  |  | 8,213 |  |  |  | (409 | )
Hedge of asset-backed securities under repurchase agreements |  | Securities purchased under agreements to resell |  |  | 40,526 |  |  |  | — |  |  |  | (1,686 | ) |  |  | (1,686 | ) |  |  | 39,962 |  |  |  | (1,698 | )
Hedge of loan operations |  | Loans and lease operations |  |  | 131 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 131 |  |  |  | 1 |
Hedge of funding |  | Deposits |  |  | — |  |  |  | 5,749 |  |  |  | 30 |  |  |  | 30 |  |  |  | 5,779 |  |  |  | 30 |
Hedge of assets denominated in UF |  | Securities |  |  | 14,558 |  |  |  | — |  |  |  | (127 | ) |  |  | (127 | ) |  |  | 14,683 |  |  |  | (127 | )
Foreign exchange risk |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Hedge of highly probable forecast transactions |  |  |  |  | 3,508 |  |  |  | — |  |  |  | 185 |  |  |  | 740 |  |  |  | 3,508 |  |  |  | 185 |
Total |  |  |  |  | 67,344 |  |  |  | 44,891 |  |  |  | (942 | ) |  |  | (387 | ) |  |  | 111,412 |  |  |  | (946 | )
|  |  |  | 12/31/2020 |
|  |  |  | Hedged item |  |  | Hedge instrument |
|  |  |  | Book Value |  |  | Variation in value recognized in Other |  |  | Cash flow hedge |  |  | Notional |  |  | Variation in fair value used to calculate hedge |
Strategies |  | Heading |  | Assets |  |  | Liabilities |  |  | comprehensive income |  |  | reserve |  |  | Amount |  |  | ineffectiveness |
Interest rate risk |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Hedge of deposits and repurchase agreements |  | Securities purchased under agreements to resell |  |  | — |  |  |  | 103,407 |  |  |  | (2,423 | ) |  |  | (2,458 | ) |  |  | 103,407 |  |  |  | (2,429 | )
Hedge of assets transactions |  | Loans and lease operations and Securities |  |  | 5,673 |  |  |  | — |  |  |  | 66 |  |  |  | 66 |  |  |  | 5,743 |  |  |  | 66 |
Hedge of asset-backed securities under repurchase agreements |  | Securities purchased under agreements to resell |  |  | 29,533 |  |  |  | — |  |  |  | 697 |  |  |  | 697 |  |  |  | 31,417 |  |  |  | 699 |
Hedge of loan operations |  | Loans and lease operations |  |  | 327 |  |  |  | — |  |  |  | 12 |  |  |  | 12 |  |  |  | 316 |  |  |  | 15 |
Hedge of funding |  | Deposits |  |  | — |  |  |  | 2,007 |  |  |  | (10 | ) |  |  | (10 | ) |  |  | 1,996 |  |  |  | (11 | )
Hedge of assets denominated in UF |  | Securities |  |  | 16,674 |  |  |  | — |  |  |  | (4 | ) |  |  | (4 | ) |  |  | 16,677 |  |  |  | (1 | )
Foreign exchange risk |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Hedge of highly probable forecast transactions |  |  |  |  | 1,314 |  |  |  | — |  |  |  | (105 | ) |  |  | 148 |  |  |  | 1,314 |  |  |  | (105 | )
Total |  |  |  |  | 53,521 |  |  |  | 105,414 |  |  |  | (1,767 | ) |  |  | (1,549 | ) |  |  | 160,870 |  |  |  | (1,766 | )
For strategies of deposits and repurchase agreements to resell, asset transactions and asset-backed securities under repurchase agreements, the entity frequently reestablishes the coverage ratio, since both the hedged item and the instruments change over time. This occurs because they are portfolio strategies that reflect the risk management strategy guidelines approved in the proper authority level. The remaining balance in the reserve of cash flow hedge for which the hedge accounting is no longer applied is R$ 555 (R$ 218 at 12/31/2020).
|  | 12/31/2021 |
|  | Notional |  |  | Book Value (*) |  |  | Variations in fair value used to calculate hedge |  |  | Variation in value recognized in Other comprehensive |  |  | Hedge ineffectiveness recognized in |  |  | Amount reclassified from Cash flow hedge |
Hedge Instruments |  | amount |  |  | Assets |  |  | Liabilities |  |  | ineffectiveness |  |  | income |  |  | income |  |  | reserve to income |
Interest rate risk |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Futures |  |  | 87,311 |  |  |  | 144 |  |  |  | — |  |  |  | (1,035 | ) |  |  | (1,030 | ) |  |  | (5 | ) |  |  | (13 | )
Swap |  |  | 20,593 |  |  |  | 5,749 |  |  |  | 14,688 |  |  |  | (96 | ) |  |  | (97 | ) |  |  | 1 |  |  |  | — |
Foreign exchange risk |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Futures |  |  | 3,508 |  |  |  | — |  |  |  | 3,665 |  |  |  | 185 |  |  |  | 185 |  |  |  | — |  |  |  | — |
Total |  |  | 111,412 |  |  |  | 5,893 |  |  |  | 18,353 |  |  |  | (946 | ) |  |  | (942 | ) |  |  | (4 | ) |  |  | (13 | )
|  | 12/31/2020 |
|  | Notional |  |  | Book Value (*) |  |  | Variations in fair value used to calculate hedge |  |  | Variation in value recognized in Other comprehensive |  |  | Hedge ineffectiveness recognized in |  |  | Amount reclassified from Cash flow hedge |
Hedge Instruments |  | amount |  |  | Assets |  |  | Liabilities |  |  | ineffectiveness |  |  | income |  |  | income |  |  | reserve to income |
Interest rate risk |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Futures |  |  | 140,567 |  |  |  | 146 |  |  |  | — |  |  |  | (1,664 | ) |  |  | (1,660 | ) |  |  | (4 | ) |  |  | (381 | )
Swap |  |  | 18,989 |  |  |  | 2,007 |  |  |  | 17,006 |  |  |  | 3 |  |  |  | (2 | ) |  |  | 5 |  |  |  | — |
Foreign exchange risk |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Futures |  |  | 1,314 |  |  |  | 5 |  |  |  | 298 |  |  |  | (105 | ) |  |  | (105 | ) |  |  | — |  |  |  | — |
Total |  |  | 160,870 |  |  |  | 2,158 |  |  |  | 17,304 |  |  |  | (1,766 | ) |  |  | (1,767 | ) |  |  | 1 |  |  |  | (381 | )
(*) | Amounts recorded under heading Derivatives.
b) Hedge of net investment in foreign operations ITAÚ UNIBANCO HOLDING’s strategies for net investments in foreign operations consist of hedging the exposure in the functional currency of the foreign operation against the functional currency of head office. The risk hedged in this type of strategy is the currency risk. ITAÚ UNIBANCO HOLDING does not use the qualitative method to evaluate the effectiveness or to measure the ineffectiveness of these strategies. Instead, ITAÚ UNIBANCO HOLDING uses the Dollar Offset Method, which is based on a comparison of the change in fair value (cash flow) of the hedging instrument, attributable to changes in the exchange rate and the gain (loss) arising from variations in exchange rates on the amount of investment abroad designated as the object of the hedge.
|  | 12/31/2021 |
|  | Hedged item |  |  | Hedge instrument |
|  | Book Value (2) |  |  | Variation in value recognized in Other |  |  | Foreign currency |  |  | Notional |  |  | Variation in fair value used to calculate hedge |
Strategies |  | Assets |  |  | Liabilities |  |  | comprehensive income |  |  | convertion reserve |  |  | amount |  |  | ineffectiveness |
Foreign exchange risk |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Hedge of net investment in foreign operations (1) |  |  | 9,646 |  |  |  | — |  |  |  | (14,701 | ) |  |  | (14,701 | ) |  |  | 13,888 |  |  |  | (14,688 | )
Total |  |  | 9,646 |  |  |  | — |  |  |  | (14,701 | ) |  |  | (14,701 | ) |  |  | 13,888 |  |  |  | (14,688 | )
|  | 12/31/2020 |
|  | Hedged item |  |  | Hedge instrument |
|  | Book Value (2) |  |  | Variation in value recognized in Other |  |  | Foreign currency |  |  | Notional |  |  | Variation in fair value used to calculate hedge |
Strategies |  | Assets |  |  | Liabilities |  |  | comprehensive income |  |  | convertion reserve |  |  | amount |  |  | ineffectiveness |
Foreign exchange risk |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Hedge of net investment in foreign operations (1) |  |  | 15,277 |  |  |  | — |  |  |  | (14,598 | ) |  |  | (14,598 | ) |  |  | 24,619 |  |  |  | (14,601 | )
Total |  |  | 15,277 |  |  |  | — |  |  |  | (14,598 | ) |  |  | (14,598 | ) |  |  | 24,619 |  |  |  | (14,601 | )
(1) | Hedge instruments consider the gross tax position.
(2) | Amounts recorded under heading Derivatives.
In the period, the amount of R$ 11,752 was reversed from the hedge relationship, which remaining balance in the Foreign currency convertion reserve (Stockholders’ equity) is R$ (6,238), with no effect on the result as foreign investments were maintained.
|  | 12/31/2021 |
|  |  |  |  |  |  |  |  |  |  | Variations in fair value used to calculate hedge ineffectiveness |  |  | Variation in the value recognized in Other comprehensive income |  |  | Hedge ineffectiveness recognized in income |  |  | Amount reclassified from foreign currency convertion reserve into income |
|  | Notional amount |  |  | Book Value (*) |
Hedge instruments |  | Assets |  |  | Liabilities |
Foreign exchange risk |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Futures |  |  | 2,126 |  |  |  | 286 |  |  |  | — |  |  |  | (3,252 | ) |  |  | (3,241 | ) |  |  | (11 | ) |  |  | — |
Futures / NDF - Non Deliverable |  |  | 6,000 |  |  |  | 208 |  |  |  | — |  |  |  | (3,502 | ) |  |  | (3,529 | ) |  |  | 27 |  |  |  | — |
Futures / Financial Assets |  |  | 5,762 |  |  |  | 6,566 |  |  |  | 3,653 |  |  |  | (7,934 | ) |  |  | (7,931 | ) |  |  | (3 | ) |  |  | — |
Total |  |  | 13,888 |  |  |  | 7,060 |  |  |  | 3,653 |  |  |  | (14,688 | ) |  |  | (14,701 | ) |  |  | 13 |  |  |  | — |
|  | 12/31/2021 |
|  |  |  |  |  |  |  |  |  |  | Variations in fair value used to calculate hedge ineffectiveness |  |  | Variation in the value recognized in Other comprehensive income |  |  | Hedge ineffectiveness recognized in income |  |  | Amount reclassified from foreign currency convertion reserve into income |
|  | Notional amount |  |  | Book Value (*) |
Hedge instruments |  | Assets |  |  | Liabilities |
Foreign exchange risk |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Futures |  |  | 5,052 |  |  |  | — |  |  |  | 31 |  |  |  | (3,844 | ) |  |  | (3,836 | ) |  |  | (8 | ) |  |  | — |
Futures / NDF - Non Deliverable |  |  | 15,196 |  |  |  | 445 |  |  |  | — |  |  |  | (8,006 | ) |  |  | (7,993 | ) |  |  | (13 | ) |  |  | — |
Futures / Financial Assets |  |  | 4,371 |  |  |  | 4,556 |  |  |  | 2,762 |  |  |  | (2,751 | ) |  |  | (2,769 | ) |  |  | 18 |  |  |  | — |
Total |  |  | 24,619 |  |  |  | 5,001 |  |  |  | 2,793 |  |  |  | (14,601 | ) |  |  | (14,598 | ) |  |  | (3 | ) |  |  | — |
(*) | Amounts recorded under heading Derivatives.
c) | Fair value hedge
The fair value hedging strategy of ITAÚ UNIBANCO HOLDING consists of hedging the exposure to variation in fair value on the receipt and payment of interest on recognized assets and liabilities. ITAÚ UNIBANCO HOLDING applies fair value hedges as follows: Interest rate risk:
| • |  | To protect the risk of variation in the fair value of receipt and payment of interest resulting from variations in the fair value of the variable rates involved, by contracting swaps and futures.
ITAÚ UNIBANCO HOLDING does not use the qualitative method to evaluate the effectiveness or to measure the ineffectiveness of these strategies. Instead, ITAÚ UNIBANCO HOLDING uses the percentage approach and dollar offset method:
| • |  | The percentage approach is based on the calculation of change in the fair value of the revised estimate for the hedged position (hedged item) attributable to the protected risk versus the change in the fair value of the derivative hedging instrument.
| • |  | The dollar offset method is based on the difference between the variation in the fair value of the hedging instrument and the variation in the fair value of the hedged item attributed to changes in the interest rate.
The effects of hedge accounting on the financial position and performance of ITAÚ UNIBANCO HOLDING are presented below:
|  | 12/31/2021 |
|  | Hedge Item |  |  | Hedge Instruments (2) |
|  |  |  |  |  |  |  |  |  |  |  |  |  | Variation in fair |
|  |  |  |  |  |  |  |  |  |  |  |  |  | Variation in fair value |  |  |  |  |  | value used to |
|  | Book Value (1) |  |  | Fair value |  |  | recognized in |  |  | Notional |  |  | calculate hedge |
Strategies |  | Assets |  |  | Liabilities |  |  | Assets |  |  | Liabilities |  |  | income |  |  | amount |  |  | ineffectiveness |
Interest rate risk |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Hedge of loan operations |  |  | 8,890 |  |  |  | — |  |  |  | 8,917 |  |  |  | — |  |  |  | 27 |  |  |  | 8,890 |  |  |  | (28 | )
Hedge of funding |  |  | — |  |  |  | 11,051 |  |  |  | — |  |  |  | 10,661 |  |  |  | 390 |  |  |  | 11,051 |  |  |  | (388 | )
Hedge of securities at fair value through other comprehensive income |  |  | 3,187 |  |  |  | — |  |  |  | 2,976 |  |  |  | — |  |  |  | (211 | ) |  |  | 3,220 |  |  |  | 206 |
Total |  |  | 12,077 |  |  |  | 11,051 |  |  |  | 11,893 |  |  |  | 10,661 |  |  |  | 206 |  |  |  | 23,161 |  |  |  | (210 | )
|  | 12/31/2020 |
|  | Hedge Item |  |  | Hedge Instruments (2) |
|  | Book Value (1) |  |  | Fair value |  |  | Variation in fair value recognized in income |  |  | Notional amount |  |  | Variation in fair value used to calculate hedge ineffectiveness |
Strategies |  | Assets |  |  | Liabilities |  |  | Assets |  |  | Liabilities |
Interest rate risk |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Hedge of loan operations |  |  | 9,205 |  |  |  | — |  |  |  | 9,616 |  |  |  | — |  |  |  | 411 |  |  |  | 9,205 |  |  |  | (423 | )
Hedge of funding |  |  | — |  |  |  | 10,200 |  |  |  | — |  |  |  | 11,591 |  |  |  | (1,391 | ) |  |  | 10,200 |  |  |  | 1,390 |
Hedge of securities at fair value through other comprehensive income |  |  | 10,192 |  |  |  | — |  |  |  | 10,412 |  |  |  | — |  |  |  | 220 |  |  |  | 10,383 |  |  |  | (226 | )
Total |  |  | 19,397 |  |  |  | 10,200 |  |  |  | 20,028 |  |  |  | 11,591 |  |  |  | (760 | ) |  |  | 29,788 |  |  |  | 741 |
(1) | Amounts recorded under heading Deposits, Securities, Funds from Interbank Markets and Loan and Lease Operations.
(2) | Comprises the amount of R$ 6,422 (R$ 4,915 at 12/31/2020) related to instruments exposed by the change in reference interest rates - IBORs.
In the period, the amount of R$ 7,976 was reversed from the hedge relationship, which effective portion is R$ 104, with no effect on the result because it is a fair value hedge of securities at fair value through other comprehensive income. For loan operations strategies, the entity reestablishes the coverage ratio, since both the hedged item and the instruments change over time. This occurs because they are portfolio strategies that reflect the risk management strategy guidelines approved in the proper authority level.
|  | 12/31/2021 |
|  | Notional amount |  |  | Book value (1) |  |  | Variation in fair value used to calculate hedge ineffectiveness |  |  | Hedge ineffectiveness recognized in income |
Hedge Instruments |  | Assets |  |  | Liabilities |
Interest rate risk |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Swap |  |  | 23,161 |  |  |  | 2 |  |  |  | 5,428 |  |  |  | (210 | ) |  |  | (4 | )
Total |  |  | 23,161 |  |  |  | 2 |  |  |  | 5,428 |  |  |  | (210 | ) |  |  | (4 | )
|  | 12/31/2020 |
|  | Notional amount |  |  | Book value (1) |  |  | Variation in fair value used to calculate hedge ineffectiveness |  |  | Hedge ineffectiveness recognized in income |
Hedge Instruments |  | Assets |  |  | Liabilities |
Interest rate risk |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Swap |  |  | 29,788 |  |  |  | 2,871 |  |  |  | 5,812 |  |  |  | 741 |  |  |  | (19 | )
Total |  |  | 29,788 |  |  |  | 2,871 |  |  |  | 5,812 |  |  |  | 741 |  |  |  | (19 | )
(1) | Amounts recorded under heading Derivatives.
The table below presents, for each strategy, the notional amount and the fair value adjustments of hedge instruments and the book value of the hedged item:
|  | 12/31/2021 |  |  | 12/31/2020 |
|  | Hedge instruments |  |  | Hedged item |  |  | Hedge instruments |  |  | Hedged item |
Strategies |  | Notional amount |  |  | Fair value adjustments |  |  | Book Value |  |  | Notional amount |  |  | Fair value adjustments |  |  | Book Value |
Hedge of deposits and repurchase agreements |  |  | 39,136 |  |  |  | 86 |  |  |  | 39,142 |  |  |  | 103,407 |  |  |  | 158 |  |  |  | 103,407 |
Hedge of highly probable forecast transactions |  |  | 3,508 |  |  |  | 185 |  |  |  | 3,508 |  |  |  | 1,314 |  |  |  | (105 | ) |  |  | 1,314 |
Hedge of net investment in foreign operations |  |  | 13,888 |  |  |  | 3,407 |  |  |  | 9,646 |  |  |  | 24,619 |  |  |  | 2,208 |  |  |  | 15,277 |
Hedge of loan operations (Fair value) |  |  | 8,890 |  |  |  | (28 | ) |  |  | 8,890 |  |  |  | 9,205 |  |  |  | (423 | ) |  |  | 9,205 |
Hedge of loan operations (Cash flow) |  |  | 131 |  |  |  | 1 |  |  |  | 131 |  |  |  | 316 |  |  |  | 15 |  |  |  | 327 |
Hedge of funding (Fair value) |  |  | 11,051 |  |  |  | (388 | ) |  |  | 11,051 |  |  |  | 10,200 |  |  |  | 1,390 |  |  |  | 10,200 |
Hedge of funding (Cash flow) |  |  | 5,779 |  |  |  | 30 |  |  |  | 5,749 |  |  |  | 1,996 |  |  |  | (11 | ) |  |  | 2,007 |
Hedge of assets transactions |  |  | 8,213 |  |  |  | (409 | ) |  |  | 8,621 |  |  |  | 5,743 |  |  |  | 66 |  |  |  | 5,673 |
Hedge of asset-backed securities under repurchase agreements |  |  | 39,962 |  |  |  | 50 |  |  |  | 40,526 |  |  |  | 31,417 |  |  |  | (11 | ) |  |  | 29,533 |
Hedge of assets denominated in UF |  |  | 14,683 |  |  |  | (127 | ) |  |  | 14,558 |  |  |  | 16,677 |  |  |  | (1 | ) |  |  | 16,674 |
Hedge of securities at fair value through other comprehensive income |  |  | 3,220 |  |  |  | 206 |  |  |  | 3,187 |  |  |  | 10,383 |  |  |  | (226 | ) |  |  | 10,192 |
Total |  |  |  |  |  |  | 3,013 |  |  |  |  |  |  |  |  |  |  |  | 3,060 |  |  |  |  |
The table below shows the breakdown by maturity of the hedging strategies:
|  | 12/31/2021 |
|  | 0-1 ano |  |  | 1-2 anos |  |  | 2-3 anos |  |  | 3-4 anos |  |  | 4-5 anos |  |  | 5-10 anos |  |  | Acima de 10 anos |  |  | Total |
Hedge of deposits and repurchase agreements |  |  | 1,284 |  |  |  | 9,453 |  |  |  | 14,221 |  |  |  | 7,313 |  |  |  | 5,332 |  |  |  | 1,533 |  |  |  | — |  |  |  | 39,136 |
Hedge of highly probable forecast transactions |  |  | 3,508 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 3,508 |
Hedge of net investment in foreign operations (*) |  |  | 13,888 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 13,888 |
Hedge of loan operations (Fair value) |  |  | 3,377 |  |  |  | 1,522 |  |  |  | 797 |  |  |  | 838 |  |  |  | 809 |  |  |  | 1,547 |  |  |  | — |  |  |  | 8,890 |
Hedge of loan operations (Cash flow) |  |  | 131 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 131 |
Hedge of funding (Fair value) |  |  | 1,206 |  |  |  | 1,072 |  |  |  | 302 |  |  |  | 273 |  |  |  | 2,920 |  |  |  | 3,916 |  |  |  | 1,362 |  |  |  | 11,051 |
Hedge of funding (Cash flow) |  |  | 2,147 |  |  |  | 3,632 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 5,779 |
Hedge of assets transactions |  |  | 2,198 |  |  |  | — |  |  |  | 6,015 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 8,213 |
Hedge of asset-backed securities under repurchase agreements |  |  | 2,322 |  |  |  | 14,963 |  |  |  | 8,976 |  |  |  | 13,098 |  |  |  | — |  |  |  | 603 |  |  |  | — |  |  |  | 39,962 |
Hedge of assets denominated in UF |  |  | 10,148 |  |  |  | 4,535 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 14,683 |
Hedge of securities at fair value through other comprehensive income |  |  | — |  |  |  | 453 |  |  |  | 56 |  |  |  | 1,692 |  |  |  | 26 |  |  |  | 993 |  |  |  | — |  |  |  | 3,220 |
Total |  |  | 40,209 |  |  |  | 35,630 |  |  |  | 30,367 |  |  |  | 23,214 |  |  |  | 9,087 |  |  |  | 8,592 |  |  |  | 1,362 |  |  |  | 148,461 |
|  | 12/31/2020 |
|  | 0-1 year |  |  | 1-2 years |  |  | 2-3 years |  |  | 3-4 years |  |  | 4-5 years |  |  | 5-10 years |  |  | over 10 years |  |  | Total |
Hedge of deposits and repurchase agreements |  |  | 70,200 |  |  |  | 9,077 |  |  |  | 13,059 |  |  |  | 5,504 |  |  |  | 4,848 |  |  |  | 719 |  |  |  | — |  |  |  | 103,407 |
Hedge of highly probable forecast transactions |  |  | 1,314 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,314 |
Hedge of net investment in foreign operations (*) |  |  | 24,619 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 24,619 |
Hedge of loan operations (Fair value) |  |  | 2,999 |  |  |  | 1,793 |  |  |  | 1,297 |  |  |  | 447 |  |  |  | 898 |  |  |  | 1,771 |  |  |  | — |  |  |  | 9,205 |
Hedge of loan operations (Cash flow) |  |  | 212 |  |  |  | 104 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 316 |
Hedge of funding (Fair value) |  |  | 213 |  |  |  | 657 |  |  |  | 549 |  |  |  | 176 |  |  |  | 581 |  |  |  | 5,448 |  |  |  | 2,576 |  |  |  | 10,200 |
Hedge of funding (Cash flow) |  |  | 1,765 |  |  |  | 27 |  |  |  | 204 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,996 |
Hedge of assets transactions |  |  | 3,604 |  |  |  | 2,139 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 5,743 |
Hedge of asset-backed securities under repurchase agreements |  |  | 22,186 |  |  |  | 2,297 |  |  |  | 6,130 |  |  |  | — |  |  |  | 804 |  |  |  | — |  |  |  | — |  |  |  | 31,417 |
Hedge of assets denominated in UF |  |  | 15,400 |  |  |  | 1,277 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 16,677 |
Hedge of securities at fair value through other comprehensive income |  |  | 5,876 |  |  |  | 1,382 |  |  |  | 10 |  |  |  | — |  |  |  | 719 |  |  |  | 2,396 |  |  |  | — |  |  |  | 10,383 |
Total |  |  | 148,388 |  |  |  | 18,753 |  |  |  | 21,249 |  |  |  | 6,127 |  |  |  | 7,850 |  |  |  | 10,334 |  |  |  | 2,576 |  |  |  | 215,277 |
(*) | Classified as current, since instruments are frequently renewed.

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- Definition The entire disclosure for general hedge accounting. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IFRS -Number 7 -IssueDate 2021-01-01 -Section Hedge accounting -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=7&code=ifrs-tx-2021-en-r&doctype=Standard&dita_xref=IFRS07_g21A-24G_TI -URIDate 2021-03-24 + Details
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