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Loss Allowance For Expected Credit Losses On Credit Exposures Not Measured At Fair Value Through Profit or Loss | 12 Months Ended
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Dec. 31, 2020
Statement [LineItems] |
Loss Allowances For Expected Credit Losses On Credit Exposures Not Measured At Fair Value Through Profit or Loss |
9. | LOSS ALLOWANCE FOR EXPECTED CREDIT LOSSES ON CREDIT EXPOSURES NOT MEASURED AT FAIR VALUE THROUGH PROFIT OR LOSS
The Bank recognizes a loss allowance for expected credit losses on all credit exposures not measured at fair value through profit or loss, like debt instruments measured at amortized cost, debt instruments measured at fair value through other comprehensive income, loan commitments and financial guarantee contracts (not measured at fair value through profit or loss), contract assets and lease receivables. Note 12 discloses financial instruments classified as “measures at amortized cost”, “measured at fair value through other comprehensive income” and “measured at fair value through profit or loss”. This classification is made pursuant to what was detailed in note 3.2.4. Additionally, in note 12 are also explained the information related to the valuation process. Moreover, the Bank applies the impairment requirements for guarantees granted, undrawn commitments of credit cards and checking accounts, letter of credits, which are not recognized in the consolidated statement of financial position. For the purpose of assessing the Bank’s credit risk exposure and identifying material credit risk concentration, disclosures regarding to credit risk of financial assets and items not recognized in the statement of financial position, are as follows:
| 9.1. | Exposure to credit risk
|  | 12/31/2020 |  |  | 12/31/2019 |
Loans and other financing |  |  | 267,349,317 |  |  |  | 307,633,542 |
Collective assessment |  |  | 193,056,864 |  |  |  | 173,435,436 |
Individual assessment |  |  | 74,292,453 |  |  |  | 134,198,106 |
Less: Allowance for ECL |  |  | (9,928,122 | ) |  |  | (6,901,953 | )
|  |  | 257,421,195 |  |  |  | 300,731,589 |
The following table shows the credit quality and the debt balance to credit risk, based on the Bank’s credit risk rating system and the year-end stage classification, taking into account the several guidelines related to flexible conditions for credit established by the BCRA to moderate the pandemic effects generated by COVID-19 (see also note 51.1.4). The amounts are presented gross of the impairment allowances.
|  |  |  | 12/31/2020 (*) |
Internal rating grade |  | Range PD |  | Stage 1 |  |  | Stage 2 |  |  | Stage 3 |  |  | Total |  |  | % |
Performing |  |  |  |  | 247,998,859 |  |  |  | 9,095,963 |  |  |  |  |  |  |  | 257,094,822 |  |  |  | 96.17 | %
High grade |  | 0.00%-3.50% |  |  | 203,625,287 |  |  |  | 74,994 |  |  |  |  |  |  |  | 203,700,281 |  |  |  | 76.20 | %
Standard grade |  | 3.51%-7.00% |  |  | 31,867,028 |  |  |  | 1,925,470 |  |  |  |  |  |  |  | 33,792,498 |  |  |  | 12.64 | %
Sub-standard grade |  | 7.01%-33.00% |  |  | 12,506,544 |  |  |  | 7,095,499 |  |  |  |  |  |  |  | 19,602,043 |  |  |  | 7.33 | %
Past due but not impaired |  | 33.01%-99.99% |  |  | 791,051 |  |  |  | 6,433,574 |  |  |  |  |  |  |  | 7,224,625 |  |  |  | 2.70 | %
Impaired |  | 100% |  |  |  |  |  |  |  |  |  |  | 3,029,870 |  |  |  | 3,029,870 |  |  |  | 1.13 | %
Total |  |  |  |  | 248,789,910 |  |  |  | 15,529,537 |  |  |  | 3,029,870 |  |  |  | 267,349,317 |  |  |  | 100 | %
|  |  | 93.06 | % |  |  | 5.81 | % |  |  | 1.13 | % |  |  | 100 | % |  |  |  |
(*) | See also note 51.1.4.
|  |  |  | 12/31/2019 |
Internal rating grade |  | Range PD |  | Stage 1 |  |  | Stage 2 |  |  | Stage 3 |  |  | Total |  |  | % |
Performing |  |  |  |  | 280,074,262 |  |  |  | 13,565,543 |  |  |  |  |  |  |  | 293,639,805 |  |  |  | 95.45 | %
High grade |  | 0.00%-3.50% |  |  | 234,860,526 |  |  |  | 153,443 |  |  |  |  |  |  |  | 235,013,969 |  |  |  | 76.40 | %
Standard grade |  | 3.51%-7.00% |  |  | 23,185,807 |  |  |  | 2,145,131 |  |  |  |  |  |  |  | 25,330,938 |  |  |  | 8.23 | %
Sub-standard grade |  | 7.01%-33.00% |  |  | 22,027,929 |  |  |  | 11,266,969 |  |  |  |  |  |  |  | 33,294,898 |  |  |  | 10.82 | %
Past due but not impaired |  | 33.01%-99.99% |  |  | 490,415 |  |  |  | 8,230,491 |  |  |  |  |  |  |  | 8,720,906 |  |  |  | 2.84 | %
Impaired |  | 100% |  |  |  |  |  |  |  |  |  |  | 5,272,831 |  |  |  | 5,272,831 |  |  |  | 1.71 | %
Total |  |  |  |  | 280,564,677 |  |  |  | 21,796,034 |  |  |  | 5,272,831 |  |  |  | 307,633,542 |  |  |  | 100 | %
|  |  | 91.20 | % |  |  | 7.09 | % |  |  | 1.71 | % |  |  | 100 | % |  |  |  |
| 9.1.1 | Loans on an individual assessment
The table below shows the credit quality and the debt balance to credit risk of commercial loans based by grade on the Bank’s internal credit rating system, PD range and year-end stage classification. The Bank’s internal credit rating systems and the evaluation and measurement approaches are explained in note 51.1 “Credit risk”.
|  |  |  | 12/31/2020 (*) |
Internal rating grade |  | Range PD |  | Stage 1 |  |  | Stage 2 |  |  | Stage 3 |  |  | Total |  |  | % |
Performing |  |  |  |  | 67,960,595 |  |  |  | 2,781,608 |  |  |  |  |  |  |  | 70,742,203 |  |  |  | 95.22 | %
High grade |  | 0.00%-3.50% |  |  | 64,283,220 |  |  |  | 812 |  |  |  |  |  |  |  | 64,284,032 |  |  |  | 86.53 | %
Standard grade |  | 3.51%-7.00% |  |  | 2,742,148 |  |  |  | 1,454,671 |  |  |  |  |  |  |  | 4,196,819 |  |  |  | 5.65 | %
Sub-standard grade |  | 7.01%-33.00% |  |  | 935,227 |  |  |  | 1,326,125 |  |  |  |  |  |  |  | 2,261,352 |  |  |  | 3.04 | %
Past due but not impaired |  | 33.01%-99.99% |  |  | 372,660 |  |  |  | 1,614,916 |  |  |  |  |  |  |  | 1,987,576 |  |  |  | 2.68 | %
Impaired |  | 100% |  |  |  |  |  |  |  |  |  |  | 1,562,674 |  |  |  | 1,562,674 |  |  |  | 2.10 | %
Total |  |  |  |  | 68,333,255 |  |  |  | 4,396,524 |  |  |  | 1,562,674 |  |  |  | 74,292,453 |  |  |  | 100 | %
|  |  | 91.98 | % |  |  | 5.92 | % |  |  | 2.10 | % |  |  | 100 | % |  |  |  |
(*) | See also note 51.1.4.
|  |  |  | 12/31/2019 |
Internal rating grade |  | Range PD |  | Stage 1 |  |  | Stage 2 |  |  | Stage 3 |  |  | Total |  |  | % |
Performing |  |  |  |  | 128,020,746 |  |  |  | 2,895,846 |  |  |  |  |  |  |  | 130,916,592 |  |  |  | 97.55 | %
High grade |  | 0.00%-3.50% |  |  | 121,115,116 |  |  |  | 10,720 |  |  |  |  |  |  |  | 121,125,836 |  |  |  | 90.26 | %
Standard grade |  | 3.51%-7.00% |  |  | 25,878 |  |  |  | 1,184,255 |  |  |  |  |  |  |  | 1,210,133 |  |  |  | 0.90 | %
Sub-standard grade |  | 7.01%-33.00% |  |  | 6,879,752 |  |  |  | 1,700,871 |  |  |  |  |  |  |  | 8,580,623 |  |  |  | 6.39 | %
Past due but not impaired |  | 33.01%-99.99% |  |  |  |  |  |  | 1,389,063 |  |  |  |  |  |  |  | 1,389,063 |  |  |  | 1.04 | %
Impaired |  | 100% |  |  |  |  |  |  |  |  |  |  | 1,892,451 |  |  |  | 1,892,451 |  |  |  | 1.41 | %
Total |  |  |  |  | 128,020,746 |  |  |  | 4,284,909 |  |  |  | 1,892,451 |  |  |  | 134,198,106 |  |  |  | 100 | %
|  |  | 95.40 | % |  |  | 3.19 | % |  |  | 1.41 | % |  |  | 100 | % |  |  |  |
An analysis of changes in the gross carrying amount and the corresponding ECL allowances in relation to commercial lending is, as follows:
|  | Stage |  |  | Total |
|  | 1 |  |  | 2 |  |  | 3 |
Gross Carrying amount as of January 1, 2020 |  |  | 128,020,746 |  |  |  | 4,284,909 |  |  |  | 1,892,451 |  |  |  | 134,198,106 |
Assets originated or purchased |  |  | 62,435,429 |  |  |  | 2,414,823 |  |  |  |  |  |  |  | 64,850,252 |
Assets derecognized or repaid |  |  | (102,930,411 | ) |  |  | (926,908 | ) |  |  | (1,029,675 | ) |  |  | (104,886,994 | )
Transfers to Stage 1 |  |  | 213,137 |  |  |  | (213,137 | ) |  |  |  |  |  |  |  |
Transfers to Stage 2 |  |  | (378,924 | ) |  |  | 378,924 |  |  |  |  |  |  |  |  |
Transfers to Stage 3 |  |  | (1,541,904 | ) |  |  | (157,275 | ) |  |  | 1,699,179 |  |  |  |  |
Amounts Written Off |  |  |  |  |  |  |  |  |  |  | (375,325 | ) |  |  | (375,325 | )
Monetary effects |  |  | (17,484,818 | ) |  |  | (1,384,812 | ) |  |  | (623,956 | ) |  |  | (19,493,586 | )
As of December 31, 2020 |  |  | 68,333,255 |  |  |  | 4,396,524 |  |  |  | 1,562,674 |  |  |  | 74,292,453 |
|  | Stage |  |  | Total |
|  | 1 |  |  | 2 |  |  | 3 |
Gross Carrying amount as of January 1, 2019 |  |  | 140,670,991 |  |  |  | 2,125,782 |  |  |  | 2,353,984 |  |  |  | 145,150,757 |
Assets originated or purchased |  |  | 150,197,527 |  |  |  | 4,510,146 |  |  |  |  |  |  |  | 154,707,673 |
Assets derecognized or repaid |  |  | (110,364,709 | ) |  |  | (1,623,329 | ) |  |  | (1,733,006 | ) |  |  | (113,721,044 | )
Transfers to Stage 1 |  |  | 536,346 |  |  |  | (428,565 | ) |  |  | (107,781 | ) |  |  |  |
Transfers to Stage 2 |  |  | (1,249,433 | ) |  |  | 1,249,433 |  |  |  |  |  |  |  |  |
Transfers to Stage 3 |  |  | (2,569,451 | ) |  |  | (29,397 | ) |  |  | 2,598,848 |  |  |  |  |
Amounts Written Off |  |  |  |  |  |  | (236 | ) |  |  | (123,425 | ) |  |  | (123,661 | )
Monetary effects |  |  | (49,200,525 | ) |  |  | (1,518,925 | ) |  |  | (1,096,169 | ) |  |  | (51,815,619 | )
As of December 31, 2019 |  |  | 128,020,746 |  |  |  | 4,284,909 |  |  |  | 1,892,451 |  |  |  | 134,198,106 |
|  | Stage |  |  |  |
|  | 1 |  |  | 2 |  |  | 3 |  |  | Total |
ECL as at January 1, 2020 |  |  | 436,430 |  |  |  | 456,028 |  |  |  | 1,303,904 |  |  |  | 2,196,362 |
Assets originated or purchased |  |  | 1,463,380 |  |  |  | 421,574 |  |  |  |  |  |  |  | 1,884,954 |
Assets derecognized or repaid |  |  | (335,089 | ) |  |  | (26,302 | ) |  |  | (813,640 | ) |  |  | (1,175,031 | )
Transfers to Stage 1 |  |  | 9,749 |  |  |  | (9,749 | ) |  |  |  |  |  |  |  |
Transfers to Stage 2 |  |  | (1,181 | ) |  |  | 1,181 |  |  |  |  |  |  |  |  |
Transfers to Stage 3 |  |  | (929,211 | ) |  |  | (5,996 | ) |  |  | 935,207 |  |  |  |  |
Amounts Written Off |  |  |  |  |  |  |  |  |  |  | (329,807 | ) |  |  | (329,807 | )
Monetary effects |  |  | (31,439 | ) |  |  | (169,212 | ) |  |  | (313,035 | ) |  |  | (513,686 | )
At December 31, 2020 |  |  | 612,639 |  |  |  | 667,524 |  |  |  | 782,629 |  |  |  | 2,062,792 |
|  | Stage |  |  |  |
|  | 1 |  |  | 2 |  |  | 3 |  |  | Total |
ECL as at January 1, 2019 |  |  | 559,907 |  |  |  | 120,738 |  |  |  | 896,211 |  |  |  | 1,576,856 |
Assets originated or purchased |  |  | 2,089,381 |  |  |  | 586,750 |  |  |  |  |  |  |  | 2,676,131 |
Assets derecognized or repaid |  |  | (411,175 | ) |  |  | (87,985 | ) |  |  | (628,383 | ) |  |  | (1,127,543 | )
Transfers to Stage 1 |  |  | 76,434 |  |  |  | (13,892 | ) |  |  | (62,542 | ) |  |  |  |
Transfers to Stage 2 |  |  | (17,184 | ) |  |  | 17,184 |  |  |  |  |  |  |  |  |
Transfers to Stage 3 |  |  | (1,843,210 | ) |  |  | (1,035 | ) |  |  | 1,844,245 |  |  |  |  |
Amounts Written Off |  |  |  |  |  |  | (5 | ) |  |  | (53,717 | ) |  |  | (53,722 | )
Monetary effects |  |  | (17,723 | ) |  |  | (165,727 | ) |  |  | (691,910 | ) |  |  | (875,360 | )
At December 31, 2019 |  |  | 436,430 |  |  |  | 456,028 |  |  |  | 1,303,904 |  |  |  | 2,196,362 |
| 9.1.2. | Loans on a collective assessment
The table below shows the credit quality and the debt balance to credit risk of loans portfolio under collective assessment, by grade of credit risk classification based on the Bank’s internal credit rating system, PD range and year-end stage classification. The Bank’s internal credit rating systems and the evaluation and measurement approaches are explained in note 51.1 “Credit risk”.
|  |  |  | 12/31/2020 (*) |
Internal rating grade |  | Range PD |  | Stage 1 |  |  | Stage 2 |  |  | Stage 3 |  |  | Total |  |  | % |
Performing |  |  |  |  | 180,038,264 |  |  |  | 6,314,355 |  |  |  |  |  |  |  | 186,352,619 |  |  |  | 96.53 | %
High grade |  | 0.00%-3.50% |  |  | 139,342,067 |  |  |  | 74,182 |  |  |  |  |  |  |  | 139,416,249 |  |  |  | 72.22 | %
Standard grade |  | 3.51%-7.00% |  |  | 29,124,880 |  |  |  | 470,799 |  |  |  |  |  |  |  | 29,595,679 |  |  |  | 15.33 | %
Sub-standard grade |  | 7.01%-33.00% |  |  | 11,571,317 |  |  |  | 5,769,374 |  |  |  |  |  |  |  | 17,340,691 |  |  |  | 8.98 | %
Past due but not impaired |  | 33.01%-99.99% |  |  | 418,391 |  |  |  | 4,818,658 |  |  |  |  |  |  |  | 5,237,049 |  |  |  | 2.71 | %
Impaired |  | 100% |  |  |  |  |  |  |  |  |  |  | 1,467,196 |  |  |  | 1,467,196 |  |  |  | 0.76 | %
Total |  |  |  |  | 180,456,655 |  |  |  | 11,133,013 |  |  |  | 1,467,196 |  |  |  | 193,056,864 |  |  |  | 100 | %
|  |  | 93.47 | % |  |  | 5.77 | % |  |  | 0.76 | % |  |  | 100 | % |  |  |  |
(*) | See also note 51.1.4.
|  |  |  | 12/31/2019 |
Internal rating grade |  | Range PD |  | Stage 1 |  |  | Stage 2 |  |  | Stage 3 |  |  | Total |  |  | % |
Performing |  |  |  |  | 152,053,516 |  |  |  | 10,669,697 |  |  |  |  |  |  |  | 162,723,213 |  |  |  | 93.82 | %
High grade |  | 0.00%-3.50% |  |  | 113,745,410 |  |  |  | 142,723 |  |  |  |  |  |  |  | 113,888,133 |  |  |  | 65.66 | %
Standard grade |  | 3.51%-7.00% |  |  | 23,159,929 |  |  |  | 960,876 |  |  |  |  |  |  |  | 24,120,805 |  |  |  | 13.91 | %
Sub-standard grade |  | 7.01%-33.00% |  |  | 15,148,177 |  |  |  | 9,566,098 |  |  |  |  |  |  |  | 24,714,275 |  |  |  | 14.25 | %
Past due but not impaired |  | 33.01%-99.99% |  |  | 490,415 |  |  |  | 6,841,428 |  |  |  |  |  |  |  | 7,331,843 |  |  |  | 4.23 | %
Impaired |  | 100% |  |  |  |  |  |  |  |  |  |  | 3,380,380 |  |  |  | 3,380,380 |  |  |  | 1.95 | %
Total |  |  |  |  | 152,543,931 |  |  |  | 17,511,125 |  |  |  | 3,380,380 |  |  |  | 173,435,436 |  |  |  | 100 | %
|  |  | 87.95 | % |  |  | 10.10 | % |  |  | 1.95 | % |  |  | 100 | % |  |  |  |
An analysis of changes in the gross carrying amount and the corresponding ECL allowances in relation to consumer lending is, as follows:
|  | Stage |  |  | Total |
|  | 1 |  |  | 2 |  |  | 3 |
Gross Carrying amount as of January 1, 2020 |  |  | 152,543,931 |  |  |  | 17,511,125 |  |  |  | 3,380,380 |  |  |  | 173,435,436 |
Assets originated or purchased |  |  | 122,636,191 |  |  |  | 6,987,337 |  |  |  |  |  |  |  | 129,623,528 |
Assets derecognized or repaid |  |  | (48,194,960 | ) |  |  | (7,286,602 | ) |  |  | (980,906 | ) |  |  | (56,462,468 | )
Transfers to Stage 1 |  |  | 8,634,947 |  |  |  | (8,338,341 | ) |  |  | (296,606 | ) |  |  |  |
Transfers to Stage 2 |  |  | (4,575,337 | ) |  |  | 4,830,837 |  |  |  | (255,500 | ) |  |  |  |
Transfers to Stage 3 |  |  | (1,104,828 | ) |  |  | (309,271 | ) |  |  | 1,414,099 |  |  |  |  |
Amounts Written Off |  |  | (35,643 | ) |  |  | (284,523 | ) |  |  | (1,378,194 | ) |  |  | (1,698,360 | )
Monetary effects |  |  | (49,447,646 | ) |  |  | (1,977,549 | ) |  |  | (416,077 | ) |  |  | (51,841,272 | )
As of December 31, 2020 |  |  | 180,456,655 |  |  |  | 11,133,013 |  |  |  | 1,467,196 |  |  |  | 193,056,864 |
|  | Stage |  |  | Total |
|  | 1 |  |  | 2 |  |  | 3 |
Gross Carrying amount as of January 1, 2019 |  |  | 190,999,547 |  |  |  | 42,324,135 |  |  |  | 4,853,305 |  |  |  | 238,176,987 |
Assets originated or purchased |  |  | 103,467,653 |  |  |  | 10,167,092 |  |  |  |  |  |  |  | 113,634,745 |
Assets derecognized or repaid |  |  | (71,378,819 | ) |  |  | (19,642,849 | ) |  |  | (1,649,885 | ) |  |  | (92,671,553 | )
Transfers to Stage 1 |  |  | 14,992,526 |  |  |  | (14,771,361 | ) |  |  | (221,165 | ) |  |  |  |
Transfers to Stage 2 |  |  | (8,171,761 | ) |  |  | 8,759,526 |  |  |  | (587,765 | ) |  |  |  |
Transfers to Stage 3 |  |  | (4,033,895 | ) |  |  | (951,529 | ) |  |  | 4,985,424 |  |  |  |  |
Amounts Written Off |  |  | (323,899 | ) |  |  | (936,075 | ) |  |  | (2,198,639 | ) |  |  | (3,458,613 | )
Monetary effects |  |  | (73,007,421 | ) |  |  | (7,437,814 | ) |  |  | (1,800,895 | ) |  |  | (82,246,130 | )
As of December 31, 2019 |  |  | 152,543,931 |  |  |  | 17,511,125 |  |  |  | 3,380,380 |  |  |  | 173,435,436 |
|  | Stage |  |  |  |
|  | 1 |  |  | 2 |  |  | 3 |  |  | Total |
ECL as of January 1, 2020 |  |  | 1,561,990 |  |  |  | 1,480,048 |  |  |  | 1,663,553 |  |  |  | 4,705,591 |
Assets originated or purchased |  |  | 4,381,186 |  |  |  | 1,785,657 |  |  |  |  |  |  |  | 6,166,843 |
Assets derecognized or repaid |  |  | 362,221 |  |  |  | (364,035 | ) |  |  | (538,553 | ) |  |  | (540,367 | )
Transfers to Stage 1 |  |  | 766,661 |  |  |  | (621,987 | ) |  |  | (144,674 | ) |  |  |  |
Transfers to Stage 2 |  |  | (75,871 | ) |  |  | 188,316 |  |  |  | (112,445 | ) |  |  |  |
Transfers to Stage 3 |  |  | (708,400 | ) |  |  | (48,396 | ) |  |  | 756,796 |  |  |  |  |
Amounts Written Off |  |  | (1,676 | ) |  |  | (56,306 | ) |  |  | (702,095 | ) |  |  | (760,077 | )
Monetary effects |  |  | (1,655,093 | ) |  |  | (4,471 | ) |  |  | (47,096 | ) |  |  | (1,706,660 | )
As of December 31, 2020 |  |  | 4,631,018 |  |  |  | 2,358,826 |  |  |  | 875,486 |  |  |  | 7,865,330 |
|  | Stage |  |  |  |
|  | 1 |  |  | 2 |  |  | 3 |  |  | Total |
ECL as at January 1, 2019 |  |  | 1,621,844 |  |  |  | 2,602,099 |  |  |  | 2,302,058 |  |  |  | 6,526,001 |
Assets originated or purchased |  |  | 2,472,513 |  |  |  | 881,811 |  |  |  |  |  |  |  | 3,354,324 |
Assets derecognized or repaid |  |  | 19,972 |  |  |  | (1,093,709 | ) |  |  | (917,811 | ) |  |  | (1,991,548 | )
Transfers to Stage 1 |  |  | 733,257 |  |  |  | (636,265 | ) |  |  | (96,992 | ) |  |  |  |
Transfers to Stage 2 |  |  | (115,770 | ) |  |  | 330,095 |  |  |  | (214,325 | ) |  |  |  |
Transfers to Stage 3 |  |  | (1,912,100 | ) |  |  | (100,707 | ) |  |  | 2,012,807 |  |  |  |  |
Amounts Written Off |  |  | (9,225 | ) |  |  | (144,692 | ) |  |  | (1,106,555 | ) |  |  | (1,260,472 | )
Monetary effects |  |  | (1,248,501 | ) |  |  | (358,584 | ) |  |  | (315,629 | ) |  |  | (1,922,714 | )
As of December 31, 2019 |  |  | 1,561,990 |  |  |  | 1,480,048 |  |  |  | 1,663,553 |  |  |  | 4,705,591 |
Over the course of 2020 and 2019, the Bank generated from loan portfolio sales, profits for 36,947 and 69,935, respectively and losses for 27 and 1,446, respectively. The contractual amount outstanding on loans and other financing that have been written off by the Bank as of December 31, 2020 and 2019 that were still subject to enforcement activity was 4,349,903 and 4,127,716, respectively.
| 9.2 | Other debt securities at amortized cost
For local government securities, EAD is considered equal to the debt balance, because there is not available information of such instruments’ behavior when they defaulted. For PD and LGD parameters, they were calculated using Basel regulatory parameters. For corporate bonds issued by the Bank’s customers, PD and LGD parameters calculated for loan exposures of those customers were used. The corporate bonds’ EAD is considered equal to the debt balance, because there is not available information of such instrument’s behavior when it defaulted. For financial trusts at amortized cost, the criteria that was used in the calculation of ECL is based on credit risk ratings given by a credit rating agency for each types of debt securities that compose each financial trust. That is, the factor to be used will vary in relation to the holding debt securities class (A or B). It is assumed that the EAD is equal to the debt balance. The table below shows the exposures gross of impairment allowances by stages:
|  | 12/31/2020 |
|  | Stage 1 |  |  | Stage 2 |  |  | Stage 3 |  |  | Total |  |  | % |
Local government securities |  |  | 30,587,228 |  |  |  |  |  |  |  |  |  |  |  | 30,587,228 |  |  |  | 98.29 | %
Corporate bonds |  |  | 365,341 |  |  |  |  |  |  |  |  |  |  |  | 365,341 |  |  |  | 1.17 | %
Financial trust |  |  | 166,692 |  |  |  |  |  |  |  |  |  |  |  | 166,692 |  |  |  | 0.54 | %
Total |  |  | 31,119,261 |  |  |  |  |  |  |  |  |  |  |  | 31,119,261 |  |  |  |  |
|  |  | 100 | % |  |  |  |  |  |  |  |  |  |  | 100 | % |  |  |  |
|  | 12/31/2019 |
|  | Stage 1 |  |  | Stage 2 |  |  | Stage 3 |  |  | Total |  |  | % |
Local government securities |  |  | 11,374,373 |  |  |  | 8,996,667 |  |  |  |  |  |  |  | 20,371,040 |  |  |  | 84.64 | %
Corporate bonds |  |  | 2,198,423 |  |  |  |  |  |  |  |  |  |  |  | 2,198,423 |  |  |  | 9.13 | %
Financial trust |  |  | 1,498,448 |  |  |  |  |  |  |  |  |  |  |  | 1,498,448 |  |  |  | 6.23 | %
Total |  |  | 15,071,244 |  |  |  | 8,996,667 |  |  |  |  |  |  |  | 24,067,911 |  |  |  |  |
|  |  | 62.62 | % |  |  | 37.38 | % |  |  |  |  |  |  | 100 | % |  |  |  |
During 2019 there were transfers between stages considering what is mentioned in Note 20. The related ECL for local government securities as of December 31, 2020 and 2019 amounted to 4,129 and 61,064, respectively. The related ECL for corporate bonds as of December 31, 2020 and 2019 amounted to 1,234 and 2,088, respectively. The ECL related to financial trusts as of December 31, 2020 and 2019 amounted to 109 and 549, respectively. See also note 5.
| 9.3 | Government securities at fair value through OCI
This group includes federal government securities, provincial or Central Bank instruments measured at fair value through OCI. For these assets, an individual assessment of the related parameters was performed. As of December 31, 2020 and 2019 the gross carrying amount related to these securities amounted to 178,005,144 and 63,824,735, the related ECL amounted to 5,964 and 286, respectively, and they were classified in stage 1. During 2020 and 2019, there were no transfers between stages. A detail of these investments are disclosed in note 5.
| 9.4 | Other financial assets
As of December 31, 2020 and 2019 the gross carrying amount related to these securities amounted to 18,905,219 and 8,405,598 and they were classified in stage 1. The ECL related to these types of instruments amounted to 18,929 and 14,032 as of December 31, 2020 and 2019, respectively, including the ECL related to the payments to be collected for transaction mentioned in note 21. During 2020 and 2019, there were no transfers between stages. During the fiscal years ended on December 31, 2020, 2019 and 2018 losses for ECL related to loans and other financing, other debt securities measured at amortized cost and other financial assets amounted to 7,861,600, 5,917,873 and 6,073,426, respectively, and were recognized in the consolidated statements of income under the item “Credit loss expense on financial assets”.

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