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Fair Value Quantitative And Qualitative Disclosures | 12 Months Ended
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Dec. 31, 2020
Statement [LineItems] |
Fair Value Quantitative And Qualitative Disclosures |
12. | FAIR VALUE QUANTITATIVE AND QUALITATIVE DISCLOSURES
The fair value is the amount at which an asset can be exchanged, or at which a liability can be settled, in mutual independent terms and conditions between participants of the principal market (or the most advantageous market) who are duly informed and willing to transact in an orderly and current transaction, at the measurement date under the current market conditions whether the price is directly observable or estimated using a valuation technique under the assumption that the Bank is an ongoing business. When a financial instrument is quoted in a liquid and active market, its price in the market in a real transaction provides the most reliable evidence of its fair value. Nevertheless, when there is no quoted price in the market or it cannot be an evidence of the fair value of such instrument, in order to determine such fair value, the entities may use the market value of another instrument with similar characteristics, the analysis of discounted cash flows or other applicable techniques, which shall be significantly affected by the assumptions used. Notwithstanding the above, the Bank’s Management has used its best judgment to estimate the fair values of its financial instruments; any technique to perform such estimate implies certain inherent fragility level. Fair value hierarchy The Bank uses the following hierarchy to determine and disclose the fair value of financial instruments, according to the valuation technique applied:
| • |  | Level 1: quoted prices (unadjusted) observable in active markets that the Bank accesses to at the measurement day for identical assets or liabilities. The Bank considers markets as active only if there are sufficient trading activities with regards to the volume and liquidity of the identical assets or liabilities and when there are binding and exercisable price quotes available at each reporting period.
| • |  | Level 2: Valuation techniques for which the data and variables having a significant impact on the determination of the fair value recognized or disclosed are observable for the asset or liability, either directly or indirectly. Such inputs include quoted prices for similar assets or liabilities in active markets, quoted prices for identical instruments in inactive markets and observable inputs other than quoted prices such as interest rates and yield curves, implied volatilities, and credit spreads. In addition, adjustments to level 2 inputs may be required for the condition or location of the asset or the extent to which it relates to items that are comparable to the valued instrument. However, if such adjustments are based on unobservable inputs which are significant to the entire measurement, the Bank will classify the instruments as Level 3.
| • |  | Level 3: Valuation techniques for which the data and variables having a significant impact on the determination of the fair value recognized or disclosed are not based on observable market information.
The following tables show the hierarchy in the Bank’s financial asset and liability fair value measurement, as of December 31, 2020 and 2019: CATEGORIES OF FINANCIAL ASSETS AND LIABILITIES AS OF DECEMBER 31, 2020
Item |  | Amortized cost |  |  | Fair value with changes in other comprehensive income |  |  | Fair value with changes in P/L |  |  | Fair value hierarchy |
| Level 1 |  |  | Level 2 |  |  | Level 3 |
FINANCIAL ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and deposits in banks |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash |  |  | 25,422,664 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial institutions and Correspondents |  |  | 104,539,560 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other |  |  | 5,262 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Debt securities at fair value through profit or loss |  |  |  |  |  |  |  |  |  |  | 54,982,465 |  |  |  | 54,604,015 |  |  |  | 6 |  |  |  | 378,444 |
Derivative instruments |  |  |  |  |  |  |  |  |  |  | 989,478 |  |  |  |  |  |  |  | 7,232 |  |  |  | 982,246 |
Repo transactions |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Central Bank of the Argentine Republic |  |  | 39,421,705 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other financial assets |  |  | 18,280,848 |  |  |  |  |  |  |  | 605,442 |  |  |  | 579,263 |  |  |  |  |  |  |  | 26,179 |
Loans and other financing |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
To the non-financial government Sector |  |  | 3,614,614 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other financial institutions |  |  | 1,824,600 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
To the non-financial private sector and foreign residents |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Overdrafts |  |  | 17,611,869 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Documents |  |  | 27,339,195 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage loans |  |  | 25,410,608 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pledge loans |  |  | 3,325,554 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Personal loans |  |  | 70,258,760 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Credit cards |  |  | 64,266,490 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial leases |  |  | 118,562 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other (1) |  |  | 43,650,943 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other debt securities |  |  | 31,113,789 |  |  |  | 178,005,144 |  |  |  |  |  |  |  | 115,417,483 |  |  |  | 62,587,661 |  |  |  |  |
Financial assets delivered as guarantee |  |  | 13,596,610 |  |  |  | 695,748 |  |  |  |  |  |  |  | 695,748 |  |  |  |  |  |  |  |  |
Equity Instruments at fair value through profit or loss |  |  |  |  |  |  |  |  |  |  | 5,218,299 |  |  |  | 9,855 |  |  |  |  |  |  |  | 5,208,444 |
TOTAL FINANCIAL ASSETS |  |  | 489,801,633 |  |  |  | 178,700,892 |  |  |  | 61,795,684 |  |  |  | 171,306,364 |  |  |  | 62,594,899 |  |  |  | 6,595,313 |
FINANCIAL LIABILITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deposits |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
From the non-financial government sector |  |  | 73,565,424 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
From the financial sector |  |  | 696,415 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
From the non-financial private sector and foreign residents |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Checking accounts |  |  | 65,401,102 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Savings accounts |  |  | 138,844,482 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Time deposits and Investment accounts |  |  | 181,767,558 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other |  |  | 28,466,382 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative instruments |  |  |  |  |  |  |  |  |  |  | 230 |  |  |  | 230 |  |  |  |  |  |  |  |  |
Repo transactions |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other financial institutions |  |  | 618,572 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other financial liabilities |  |  | 49,215,887 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financing received from Central Bank and other financial entities |  |  | 919,103 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Issued corporate bonds |  |  | 4,926,901 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Subordinated corporate bonds |  |  | 34,300,292 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
TOTAL FINANCIAL LIABILITIES |  |  | 578,722,118 |  |  |  |  |  |  |  | 230 |  |  |  | 230 |  |  |  |  |  |  |  |  |
(1) | Includes the total allowances to the non-financial private sector and foreign residents.
CATEGORIES OF FINANCIAL ASSETS AND LIABILITIES AS OF DECEMBER 31, 2019
Item |  | Amortized cost |  |  | Fair value with changes in other comprehensive income |  |  | Fair value with changes in P/L |  |  | Fair value hierarchy |
| Level 1 |  |  | Level 2 |  |  | Level 3 |
FINANCIAL ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and deposits in banks |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash |  |  | 26,563,255 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial institutions and Correspondents |  |  | 110,498,075 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other |  |  | 5,100 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Debt securities at fair value through profit or loss |  |  |  |  |  |  |  |  |  |  | 7,725,991 |  |  |  | 6,543,684 |  |  |  | 72,681 |  |  |  | 1,109,626 |
Derivative instruments |  |  |  |  |  |  |  |  |  |  | 838,493 |  |  |  | 43,012 |  |  |  | 25,991 |  |  |  | 769,490 |
Repo transactions |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other financial entities |  |  | 1,481,096 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other financial assets |  |  | 7,889,031 |  |  |  |  |  |  |  | 502,535 |  |  |  | 471,221 |  |  |  |  |  |  |  | 31,314 |
Loans and other financing |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
To the non-financial government Sector |  |  | 8,781,948 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other financial institutions |  |  | 5,380,555 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
To the non-financial private sector and foreign residents |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Overdrafts |  |  | 56,276,823 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Documents |  |  | 28,085,343 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage loans |  |  | 28,053,169 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pledge loans |  |  | 5,536,821 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Personal loans |  |  | 77,326,738 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Credit cards |  |  | 57,392,877 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial leases |  |  | 312,495 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other (1) |  |  | 33,584,820 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other debt securities |  |  | 24,004,210 |  |  |  | 63,824,735 |  |  |  |  |  |  |  | 50,355,730 |  |  |  | 13,469,005 |  |  |  |  |
Financial assets delivered as guarantee |  |  | 14,530,739 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity Instruments at fair value through profit or loss |  |  |  |  |  |  |  |  |  |  | 3,562,427 |  |  |  | 12,842 |  |  |  |  |  |  |  | 3,549,585 |
TOTAL FINANCIAL ASSETS |  |  | 485,703,095 |  |  |  | 63,824,735 |  |  |  | 12,629,446 |  |  |  | 57,426,489 |  |  |  | 13,567,677 |  |  |  | 5,460,015 |
FINANCIAL LIABILITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deposits |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
From the non-financial government sector |  |  | 23,906,675 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
From the financial sector |  |  | 427,702 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
From the non-financial private sector and foreign residents |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Checking accounts |  |  | 54,625,032 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Savings accounts |  |  | 123,517,591 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Time deposits and Investment accounts |  |  | 144,401,841 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other |  |  | 10,987,601 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative instruments |  |  |  |  |  |  |  |  |  |  | 1,046,556 |  |  |  |  |  |  |  | 1,046,556 |  |  |  |  |
Repo transactions |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other financial institutions |  |  | 1,364,825 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other financial liabilities |  |  | 30,181,836 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financing received from Central Bank and other financial entities |  |  | 3,057,451 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Issued corporate bonds |  |  | 7,521,820 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Subordinated corporate bonds |  |  | 33,098,040 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
TOTAL FINANCIAL LIABILITIES |  |  | 433,090,414 |  |  |  |  |  |  |  | 1,046,556 |  |  |  |  |  |  |  | 1,046,556 |  |  |  |  |
(1) | Includes the total allowances to the non-financial private sector and foreign residents.
Instruments measured as level 3 mainly include equity instruments at fair value through profit or loss which comprise Prisma Medios de Pago SA (see note 21). Its Fair Value was calculated on the basis of independent appraisers’ valuations, who relied on a future discounted cash flow method embracing an income approach. On the other hand, the Bank includes in Level 3 the put option taken for the abovementioned participation in Prisma Medios de Pago SA which fair value was calculated by the same appraisers abovementioned. The result of the assets measured at fair value on the basis of unobservable data is recognized in “Net gain from measurement of financial instruments at fair value”. For the measurement of this instrument, a valuation technique based on the binomial method has been used by creating an equivalent portfolio with identical conditions to the put and taking into account different scenarios. The valuation model considers the projected value of the company’s cash flows and financial debt of the exercise date (34 months after the closing of the contract). Expected cash flows are discounted using WACC (Weighted Average Cost of Capital) discount rate. Additionally, the other instruments measured as level 3 include debt securities and certificates of participation in financial trusts, for which the construction of fair values was obtained based on the Bank’s own assumptions that are not easily available in the market. The most significant assumption was the placement cutoff rate of such instruments in the market at the end of the period, used to determine the actual value of cash flows.
Quantitative information about Level 3 Fair Value Measurements Equity instruments at fair value through profit or loss The fair value of the equity interest held in Prisma Medios de Pago SA was calculated with the assistance of independent appraisers’ using a discounted cash flow method by applying an income approach. The most relevant unobservable input data include:
| • |  | Projected EBITDA and Free cash flow (mainly determined by the expected evolution of the level of transactions and fees)
| • |  | Minority discount rate (equivalent to 1 / (1 + Premium control) – 1)
| • |  | WACC (Weighted Average Cost of Capital) of Prisma Medios de Pago SA.
| • |  | g = growth factor for terminal value.
| • |  | Capital expenditures assumptions.
Below is disclosed the sensitivity analysis for the valuation of the remaining 49% equity of Prisma Medios de Pago SA, still held by the selling shareholders. The sensitivity is related to the two following variables: the WACC and the growth level for future cash flows after 2023 that determines the terminal value: Prisma Medios de Pago SA equity (49%) + minority discount (9.09%) – US$ millions g (terminal value growth – annual)
|  |  |  |  | 2.00% |  |  | 3.00% |  |  | 4.00% |
|  |  | 97.5 | % |  |  | 370.9 |  |  |  | 391.8 |  |  |  | 416.5 |
WACC |  |  | 100 | % |  |  | 366.2 |  |  |  | 386.8 |  |  |  | 411.1 |
|  |  | 102.5 | % |  |  | 361.7 |  |  |  | 381.9 |  |  |  | 405.9 |
The scenario for the valuation considers WACC at 100% and g at 3%. As Banco Macro SA holds an interest in Prisma Medios de Pago SA of 4.494083% the fair value accounts amounts to 4,975,977, which is within a range of 4,652,478 and 5,357,416 according to the calculated sensitivity. Derivative financial instruments As previously mentioned, the Bank recognized the put option taken related to the participation in Prisma Medios de Pago SA. These instruments were measured using a valuation technique based on a binomial option pricing model. The most relevant unobservable input data used in the pricing model include:
| • |  | Monthly volatility (sensitivity to volatility ranging from 10%, 12% and 15%).
| • |  | The theoretical exercise price for the option. This price is 7 times the expected EBITDA for the third year. This EBITDA is calculated considering the expected cash flows of the business as well as the financial indebtedness, considering Cash and Banks and Short-term investments, and financial indebtedness projected for the option exercise date.
| • |  | Dividend yield.
| • |  | Underlying asset (that arises from making the relation between estimated Equity Value with the numbers of shares and the WACC (Weighted Average Cost of Capital).
Below is disclosed the sensitivity for the valuation of the put option per share, based on the level of implied volatility and the theoretical exercise price of the share price: Sensibility - US$ Volatility
|  |  |  |  | 10.0% |  |  | 12.0% |  |  | 15.0% |
|  |  | 95 | % |  |  | 1.08 |  |  |  | 1.16 |  |  |  | 1.26 |
EBITDA |  |  | 100 | % |  |  | 1.26 |  |  |  | 1.31 |  |  |  | 1.42 |
|  |  | 105 | % |  |  | 1.43 |  |  |  | 1.48 |  |  |  | 1.58 |
The scenario considered for the valuation considers EBITDA at 100% and volatility at 12%. Banco Macro SA has a position of 8,910,878 shares of Prisma Medios de Pago SA. Therefore, the fair value of the put is 982,246, which is within the range of 944,755 and 1,072,222 according to the calculated sensitivity. Debt securities The following table provides quantitative information about the valuation techniques and significant unobservable inputs used in the valuation of the main of debt securities of financial trusts for which the Bank uses an internal model.
|  | Fair value of |  |  |  |  |  |  | Range of inputs |
|  | Level 3 Assets |  |  | Valuation |  | Significant unobservable |  | 12/31/2020 |
|  | 12/31/2020 |  |  | Technique |  | inputs |  | Range of inputs |
|  |  |  |  |  |  |  |  | Low |  |  | High |  |  | Unit |
Debt Securities of Financial Trusts Provisional |  |  | 376,090 |  |  | Income approach (discounted cash flow) |  | Discount rate in pesos |  |  | 43.84 |  |  |  | 47.60 |  |  |  |  | %
|  | Fair value of |  |  |  |  |  |  | Range of inputs |  |  |  |
|  | Level 3 Assets |  |  | Valuation |  | Significant unobservable |  | 12/31/2019 |  |  |  |
|  | 12/31/2019 |  |  | Technique |  | inputs |  | Range of inputs |  |  |  |
Debt Securities of Financial Trusts |  |  | 259,482 |  |  | Income approach (discounted cash flow) |  | Discount rate in pesos |  |  | 48.50 |  |  |  | 74.06 |  |  |  |  | %
Debt Securities of Financial Trusts Provisional |  |  | 847,773 |  |  | Income approach (discounted cash flow) |  | Discount rate in pesos |  |  | 39.27 |  |  |  | 44.97 |  |  |  |  | %
The table below describes the effect of changing the significant unobservable inputs to reasonable possible alternatives. Sensitivity data were calculated using a number of techniques including analyzing price dispersion of different price sources, adjusting model inputs to analyze changes within the fair value methodology.
|  | 12/31/2020 |  |  | 12/31/2019 |
|  | Favorable changes |  |  | Unfavorable changes |  |  | Favorable changes |  |  | Unfavorable changes |
Debt Securities of Financial Trusts |  |  |  |  |  |  |  |  |  |  | 5,654 |  |  |  | (5,000 | )
Debt Securities of Financial Trusts Provisional |  |  | 450 |  |  |  | (439 | ) |  |  | 1,083 |  |  |  | (1,057 | )
Changes in fair value levels The Bank monitors the availability of information in the market to evaluate the classification of financial instruments into the fair value hierarchy as well as the resulting determination of transfers between levels 1, 2 and 3 at each period end. As of December 31, 2020 and 2019, the Bank has not recognized any transfers between levels 1, 2 and 3 of the fair value hierarchy. Financial assets and liabilities not recognized at fair value Next follows a description of the main methods and assumptions used to determine the fair values of financial instruments not recognized at their fair value in these consolidated financial statements:
| • |  | Instruments with fair value similar to the carrying amount: financial assets and liabilities that are liquid or have short-term maturities (less than three months) were deemed to have a fair value similar to the carrying amount.
| • |  | Fixed and variable rate of financial instruments: the fair value of financial assets was recognized discounting future cash flows at current market rates, for each fiscal year, for financial instruments of similar characteristics. The estimated fair value of fixed-interest rate deposits and liabilities was assessed discounting future cash flows by using estimated interest rates for deposits or placings with similar maturities to those of the Bank’s portfolio.
| • |  | For public listed assets and liabilities, or those for which the prices are reported by certain renown pricing providers, the fair value was determined based on such prices.
The following table shows a comparison between the fair value and the carrying amount of financial instruments not measured at fair value as of December 31, 2020 and 2019:
|  | 12/31/2020 |
|  | Carrying amount |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Fair Value |
Financial assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and deposits in banks |  |  | 129,967,486 |  |  |  | 129,967,486 |  |  |  |  |  |  |  |  |  |  |  | 129,967,486 |
Repo transactions |  |  | 39,421,705 |  |  |  | 39,421,705 |  |  |  |  |  |  |  |  |  |  |  | 39,421,705 |
Other financial assets |  |  | 18,280,848 |  |  |  | 18,280,848 |  |  |  |  |  |  |  |  |  |  |  | 18,280,848 |
Loans and other financing |  |  | 257,421,195 |  |  |  |  |  |  |  |  |  |  |  | 239,959,333 |  |  |  | 239,959,333 |
Other debt securities |  |  | 31,113,789 |  |  |  | 10,559,766 |  |  |  | 22,210,308 |  |  |  | 148,327 |  |  |  | 32,918,401 |
Financial assets delivered as guarantee |  |  | 13,596,610 |  |  |  | 13,596,610 |  |  |  |  |  |  |  |  |  |  |  | 13,596,610 |
|  |  | 489,801,633 |  |  |  | 211,826,415 |  |  |  | 22,210,308 |  |  |  | 240,107,660 |  |  |  | 474,144,383 |
Financial liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deposits |  |  | 488,741,363 |  |  |  | 243,062,751 |  |  |  |  |  |  |  | 245,400,493 |  |  |  | 488,463,244 |
Repo transactions |  |  | 618,572 |  |  |  | 618,572 |  |  |  |  |  |  |  |  |  |  |  | 618,572 |
Other financial liabilities |  |  | 49,215,887 |  |  |  | 47,879,138 |  |  |  | 1,331,299 |  |  |  |  |  |  |  | 49,210,437 |
Financing received from the BCRA and other financial entities |  |  | 919,103 |  |  |  | 323,872 |  |  |  | 585,643 |  |  |  |  |  |  |  | 909,515 |
Issued corporate bonds |  |  | 4,926,901 |  |  |  |  |  |  |  | 4,120,798 |  |  |  |  |  |  |  | 4,120,798 |
Subordinated corporate bonds |  |  | 34,300,292 |  |  |  |  |  |  |  | 29,103,736 |  |  |  |  |  |  |  | 29,103,736 |
|  |  | 578,722,118 |  |  |  | 291,884,333 |  |  |  | 35,141,476 |  |  |  | 245,400,493 |  |  |  | 572,426,302 |
|  | 12/31/2019 |
|  | Carrying amount |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Fair Value |
Financial assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and deposits in banks |  |  | 137,066,430 |  |  |  | 137,066,430 |  |  |  |  |  |  |  |  |  |  |  | 137,066,430 |
Repo transactions |  |  | 1,481,096 |  |  |  | 1,481,096 |  |  |  |  |  |  |  |  |  |  |  | 1,481,096 |
Other financial assets |  |  | 7,889,031 |  |  |  | 7,889,031 |  |  |  |  |  |  |  |  |  |  |  | 7,889,031 |
Loans and other financing |  |  | 300,731,589 |  |  |  | 424,388 |  |  |  |  |  |  |  | 264,176,063 |  |  |  | 264,600,451 |
Other debt securities |  |  | 24,004,210 |  |  |  | 2,127,361 |  |  |  | 22,652,005 |  |  |  | 1,660,974 |  |  |  | 26,440,340 |
Financial assets delivered as guarantee |  |  | 14,530,739 |  |  |  | 13,064,394 |  |  |  |  |  |  |  |  |  |  |  | 13,064,394 |
|  |  | 485,703,095 |  |  |  | 162,052,700 |  |  |  | 22,652,005 |  |  |  | 265,837,037 |  |  |  | 450,541,742 |
|  | 12/31/2019 |
|  | Carrying amount |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Fair Value |
Financial liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deposits |  |  | 357,866,442 |  |  |  | 200,293,229 |  |  |  |  |  |  |  | 157,881,650 |  |  |  | 358,174,879 |
Repo transactions |  |  | 1,364,825 |  |  |  | 1,364,825 |  |  |  |  |  |  |  |  |  |  |  | 1,364,825 |
Other financial liabilities |  |  | 30,181,836 |  |  |  | 28,680,171 |  |  |  | 1,489,374 |  |  |  |  |  |  |  | 30,169,545 |
Financing received from the BCRA and other financial entities |  |  | 3,057,451 |  |  |  | 2,501,414 |  |  |  | 481,284 |  |  |  |  |  |  |  | 2,982,698 |
Issued corporate bonds |  |  | 7,521,820 |  |  |  |  |  |  |  | 1,878,785 |  |  |  | 3,619,745 |  |  |  | 5,498,530 |
Subordinated corporate bonds |  |  | 33,098,040 |  |  |  |  |  |  |  | 24,967,325 |  |  |  |  |  |  |  | 24,967,325 |
|  |  | 433,090,414 |  |  |  | 232,839,639 |  |  |  | 28,816,768 |  |  |  | 161,501,395 |  |  |  | 423,157,802 |

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