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Capital Management, Corporate Governance Transparency Policy and Risk Management (Tables) | 12 Months Ended
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Dec. 31, 2021
Statement [LineItems] |
Summary of Banks's Shareholders | As of December 31, 2021, the Bank’s shareholders are:
Full name / corporate name |  | Participating Interest |  |  | Voting Interest |
Fideicomiso de Garantía JHB BMA (1) |  |  | 17.28 |  |  |  | 19.65 |
Carballo Delfín Jorge Ezequiel |  |  | 17.47 |  |  |  | 19.19 |
ANSES FGS Law No. 26425 |  |  | 28.80 |  |  |  | 26.91 |
Grouped shareholders (Local Stock Exchanges) |  |  | 10.36 |  |  |  | 9.87 |
Grouped shareholders (Foreign stock exchanges) |  |  | 26.09 |  |  |  | 24.38 |
Summary of Minimum Capital Requirements Measured on Consolidated Basis | The table below shows the minimum capital requirements measured on a consolidated basis, effective for the month of December 2021, together with the integration thereof (computable equity) as of the end of such month:
Item |  | 12/31/2021 |
Minimum capital requirements |  |  | 57,748,908 |
Computable equity |  |  | 255,515,796 |
Capital surplus |  |  | 197,766,888 |
Summary of Allowance for Credit Losses | The following chart shows the composition of loan loss allowances according to the type of financial instrument as of December 31, 2021, and 2020:
Composition |  | 12/31/2021 |  |  | 12/31/2020 |
Loans and other financing |  |  | 9,631,477 |  |  |  | 14,985,662 |
Loans commitment |  |  | 353,085 |  |  |  | 35,018 |
Other financial assets |  |  | 26,448 |  |  |  | 28,569 |
Other debt securities at amortized cost |  |  | 3,753 |  |  |  | 8,259 |
Other debt securities at fair value through OCI |  |  | 16,304 |  |  |  | 9,002 |
Total |  |  | 10,031,067 |  |  |  | 15,066,510 |
Summary of Key Economic Variables or Assumptions | The following table shows the estimated values for macroeconomic variables used in the models for each scenario (base case, favorable and downside), with the assigned probability of occurrence to each scenario:
Key Drivers |  | ECL Scenario |  | Assigned Probabilities |  |  | 2022 |  |  | 2023 |  |  | 2024 |
|  |  |  | % |  |  | % |  |  | % |  |  | % |
GDP growth % |  | Base case |  |  | 50 |  |  |  | 2.50 |  |  |  | 3.00 |  |  |  | 3.00 |
|  | Favorable |  |  | 5 |  |  |  | 5.00 |  |  |  | 5.00 |  |  |  | 5.00 |
|  | Downside |  |  | 45 |  |  |  | (5.00 | ) |  |  | (0.50 | ) |  |  | 0.00 |
Interest rates % |  | Base case |  |  | 50 |  |  |  | 44.55 |  |  |  | 35.44 |  |  |  | 35.44 |
|  | Favorable |  |  | 5 |  |  |  | 34.93 |  |  |  | 29.37 |  |  |  | 29.37 |
|  | Downside |  |  | 45 |  |  |  | 65.82 |  |  |  | 58.22 |  |  |  | 58.22 |
CPI % |  | Base case |  |  | 50 |  |  |  | 54.04 |  |  |  | 38.01 |  |  |  | 33.04 |
|  | Favorable |  |  | 5 |  |  |  | 32.98 |  |  |  | 26.02 |  |  |  | 20.03 |
|  | Downside |  |  | 45 |  |  |  | 66.84 |  |  |  | 44.99 |  |  |  | 40.00 |
Summary of Aging Analysis of Performing Loans in Arrears | The following table discloses the risk levels score and rating arising from the Bank’s models:
Category |  | 12/31/2021 |  |  | 12/31/2020 |
| Weighted PD |  |  | % Gross Carrying Amount |  |  | Weighted PD |  |  | % Gross Carrying Amount |
Performing |  |  | 2.05 | % |  |  | 96.76 |  |  |  | 2.32 | % |  |  | 96.17 |
High grade |  |  | 1.02 | % |  |  | 79.54 |  |  |  | 1.13 | % |  |  | 76.20 |
Standard grade |  |  | 5.05 | % |  |  | 12.44 |  |  |  | 4.79 | % |  |  | 12.64 |
Sub-standard grade |  |  | 11.26 | % |  |  | 4.78 |  |  |  | 12.48 | % |  |  | 7.33 |
Past due but not impaired |  |  | 30.27 | % |  |  | 2.33 |  |  |  | 33.24 | % |  |  | 2.70 |
Impaired |  |  | 100 | % |  |  | 0.91 |  |  |  | 100 | % |  |  | 1.13 |
Total |  |  |  |  |  |  | 100 |  |  |  |  |  |  |  | 100 |
Exposure at default (EAD) The EAD represents the exposure of a financial instrument on the date of the analysis, i.e. the level to which the Bank is exposed to credit risk in the event of a potential default by the counterparty. To calculate the EAD, segmentation is performed at product level, according to the following differentiation:
| • |  | Products with no exposure certainty: in the case of revolving products (credit cards and saving accounts) in stages 1 and 2, in order to calculate the EAD, it is necessary to estimate a credit conversion factor (CCF). For these transactions, the CCF represents the average percentage of exposure increase that may be observed in a contract from measurement to default. For these products, in stage 3, no additional increase is considered in the exposure.
| • |  | Products with exposure certainty: in these types of products (generally amortizable loans), future exposure is known because the counterparty cannot increase its exposure beyond what was agreed upon in the contractual schedule. Therefore, the CCF does not apply to these products, and the EAD varies at each moment in time by reflecting the amortization of the loan balance due.
Loss given default (LGD) LGD is the estimated loss in the case of default. It is based on the difference between all contractual cash flows and the cash flows expected by the lender (i.e., all cash shortfalls), considering the proceeds from the realization of collateral. It is the supplement to the unit of the recovery rate; that is, the proportion not collected by the Bank with respect to the EAD. Consequently, the amount at default is compared with the present value of the amounts recovered after the date of default. LGD varies based on the type of counterparty, aging, type of claim and the existence of guarantees securing credits. It is expressed as a percentage of the loss for EAD. Just as the PDs, to assess the LGD, a distinction is made per customer in individual analyses and per product in the case of customers analyzed collectively. The Bank bases its estimates on the historical information observed regarding the recoveries obtained on customers or default transactions, discounted at the effective interest rate of such agreements and measured upon default. Once the recovery rates are obtained, this behavior is projected through the triangle method to estimate the periods with less maturity. Finally, the weighted average of the loss for each portfolio is determined. The LGDs are also amended by the macroeconomic models applied for the prospective vision. Customers analyzed on an individual basis: The Bank’s credit risk impairment assessment model is set to analyze individually all Corporate Portfolio customers, as defined by the BCRA, financial institutions, the public sector and government and private securities. To make such an assessment, some objective data were defined to analyze whether there is a SICR and to determine whether it should be reclassified to stage 2 or to stage 3 when a default is produced or expected, or whether they should remain in stage 1. Those events comprise mainly material delays in the main credit lines granted, the Bank’s legal action for the assistance granted, the petition for insolvency proceedings or bankruptcy, and past due loans with pending principal, among others. All the customers subject to the individual analysis are examined on a monthly basis to define the stage, following different criteria for each one of them: Stage 1: the customers whose individual assessment reflects the following characteristics are deemed included:
| • |  | The financial instruments did not experience significant risk increases.
| • |  | The customer’s cash flow analysis shows that it has the ability to meet all its obligations adequately.
| • |  | It has a liquid financial position, with low level of indebtedness.
| • |  | Cash flows are not subject to drastic changes in the event of major variations in the behavior of own and sector variables.
| • |  | It regularly pays its obligations, even when it suffers minor and insignificant delays.
This stage also includes:
| • |  | The customers previously included in stages 2 or 3 who improved their credit risk indicators and meet the parameters defined for stage 1.
Stage 2: this stage includes the customers that, based on the individual analysis of their payment capacity, have a SICR that is not sufficiently severe to set default as defined for stage 3. Some elements considered upon defining the existence of a significant increase in credit risk are:
| • |  | Profitability, liquidity and solvency indicators that tend to weaken, or some of the indications of impairment:
| • |  | There is a significant increase in payables without a consistent rise in revenues.
| • |  | There is a major decline in operating margins, or existence of operating loss.
| • |  | There are adverse changes in the context that exert a negative effect on future financial flows.
| • |  | There is a drastic decline in demand or negative changes in the business plans.
| • |  | There are significant changes in the value of the guarantees received
| • |  | The arrears in payment to the Bank are due to current operating or extraordinary circumstances, and a prompt resolution is expected.
This stage also includes:
| • |  | The customers that, having been included in stage 3, improved their credit risk indicators and are no longer at default, but which status prevents them from being reclassified to stage 1.
Stage 3: it includes the customers that, after an individual analysis, experience some of the following situations:
| • |  | Significant delays in the main credit lines granted, with no agreement with the Bank.
| • |  | Have been subject to complaints filed the Bank for the recovery of the assistance granted.
| • |  | Filed for insolvency proceedings or went into bankruptcy
| • |  | Refinance their payables systematically and have still not settled over 5% of the refinanced principal.
| • |  | Cash flows analysis shows that it is highly unlikely that the customer may meet all its obligations in the agreed-upon conditions.
The Credit Administration and Transactions Department analyzes all the portfolio under this approach, with special emphasis on customers in stages 2 and 3 in the previous month and those showing objective data that could evidence the existence of a SICR. The study is supplemented with the macroeconomic context and other news in relation to the performance of customers. Its staging proposal is submitted to the consideration of Corporate Risk and Credit Recovery Management Departments, which incorporate their own vision of the customer or the activity sector. The final assessment of the stage assigned to each customer is approved by the Credit Risk Management and is used as an input to estimate the ECL of the customers analyzed on an individual basis. ECL calculation for customers included in an individual analysis: Stage 1: the estimates of the customers classified in stage 1 arise from the parameters under expected credit loss models, whose characteristics are described in the previous sections on PD, EAD and LGD. Stages 2 and 3: based on the evidence gathered upon the analysis, the Credit Risk Management –considering the level of progress of collection negotiations, as well as the evidence from a potential sale of collateral received or other credit improvements making up the contractual terms– prepares three potential recovery scenarios for each credit transaction of stage 2 and 3 customers, calculating the current value of expected flows for each scenario, which are weighted in view of their probability of occurrence. The expected loss of each transaction is the difference between the book payable of each transaction and the present weighted value of expected cash flows.
| 52.1.2 | Prospective information used in ECL models
The calculation of ECL for risk impairment includes and is adjusted prospectively with respect to the portfolio behavior. To such end, the Bank examines the macroeconomics variables which have an impact on PD and LGD and designed 4 models which differ by customer type: Retail, Agro, Pymes and Commercial. The main economic variables that impact on the expected losses used to calculate ECL for each economic scenario are changes in GDP, changes in interest rates, among others. As established in IFRS 9, impact is calculated based on the different behavior scenarios of the variables; to such end, a 36-month estimate on the variables used for the models is requested from a well-known economic consulting firm. This estimate is prepared for three alternative macroeconomic scenarios, to which a likelihood of occurrence is assigned. Finally, the Bank calculates ECL by applying the alternative scenarios on a weighted basis, which are updated on a quarterly basis in each calendar quarter. The value of the macroeconomic variables used in calculating the forward-looking adjustment is restricted to econometric model calculations and the estimates of the independent consultant in relation to those variables. However, in line with the “Guidance on credit risk and accounting for expected credit losses” of the Basel Banking Supervision Committee, the Bank applies its own criterion based on experience in order to consider reasonable and sustainable prospective information in due manner (including macroeconomic factors) and, as applicable, to determine the proper level of value corrections. The following table shows the estimated values for macroeconomic variables used in the models for each scenario (base case, favorable and downside), with the assigned probability of occurrence to each scenario:
Key Drivers |  | ECL Scenario |  | Assigned Probabilities |  |  | 2022 |  |  | 2023 |  |  | 2024 |
|  |  |  | % |  |  | % |  |  | % |  |  | % |
GDP growth % |  | Base case |  |  | 50 |  |  |  | 2.50 |  |  |  | 3.00 |  |  |  | 3.00 |
|  | Favorable |  |  | 5 |  |  |  | 5.00 |  |  |  | 5.00 |  |  |  | 5.00 |
|  | Downside |  |  | 45 |  |  |  | (5.00 | ) |  |  | (0.50 | ) |  |  | 0.00 |
Interest rates % |  | Base case |  |  | 50 |  |  |  | 44.55 |  |  |  | 35.44 |  |  |  | 35.44 |
|  | Favorable |  |  | 5 |  |  |  | 34.93 |  |  |  | 29.37 |  |  |  | 29.37 |
|  | Downside |  |  | 45 |  |  |  | 65.82 |  |  |  | 58.22 |  |  |  | 58.22 |
CPI % |  | Base case |  |  | 50 |  |  |  | 54.04 |  |  |  | 38.01 |  |  |  | 33.04 |
|  | Favorable |  |  | 5 |  |  |  | 32.98 |  |  |  | 26.02 |  |  |  | 20.03 |
|  | Downside |  |  | 45 |  |  |  | 66.84 |  |  |  | 44.99 |  |  |  | 40.00 |
| 52.1.3 | Overview of modified and forborne loans
From a risk management point of view, once an asset is forborne or modified, the Bank’s special department for distressed assets continues to monitor the exposure until it is completely and ultimately derecognized. The amortized cost of loans modified during 2021 and the associated net modification amounted to 2,259,534 and 370,771, respectively. The Bank does not consider loans using the mandatory extensions and payment facilities provide by BCRA as part of such modified loans. The amortized cost of loans modified during 2020 and the associated net modification amounted to 1,425,454 and 124,175, respectively.
| 52.1.4 | Additional Forward-looking allowances based on expert credit judgment
Covid-19 adjustment During 2020, within the context of the Covid-19 pandemic, the Bank made a special prospective adjustment based on the impairment in the position of those customers showing higher vulnerability levels or signs of payment difficulties as a result of the pandemic. That adjustment, based on estimates of the f u ture behavior of those customers using the mandatory reschedules and refinancing ordered by the BCRA as from March 2020, amounted to 5,553,719 as of December 31, 2020. Once the period set for mandatory reschedule elapsed (March 2021), the Bank began to apply allowances to the customers defaulting their financial obligations. Considering that, as of December 31, 2021, it is considered that the circumstances giving rise to the Covid-19 adjustment had already disappeared, no adjustment is recorded in this regard. Adjustment for uncertainty in external obligation restructuring As of December 31, 2021, the Bank’s Management decided to make a prospective adjustment after estimating an incremental effect on ECL allowances in order to cover an uncertain macroeconomic scenario due to the lack of an agreement between the Argentine Government and the IMF to restructure the debt. Upon closing of the consolidated financial statements, Management considered the macroeconomic imbalance that would arise upon the deadline of the huge principal and interest amounts payable by Argentina to the IMF, as agreed in 2018, if no final restructuring agreement were reached regarding those obligations. The Bank also considered the pressure on the already low level of Argentine reserves in US dollars, which casts a doubt on the possibility of reaching an agreement, which must also be approved by the Argentine Congress. In view of this uncertain scenario, which cannot be captured in full by the prospective models used by the Bank in adjusting the parameters used to calculate ECLs, it was decided to record an additional 1,986,000 adjustment at year-end, based on an expert credit judgment. The amount of the adjustment was assessed (i) using an adverse macroeconomic scenario, as mentioned in the previous paragraphs, with 100% weighing and the resulting effect on model creation variables, especially changes in the GDP and price levels and future interest rates, and (ii) estimating the effect of the situation mentioned in the ECL regarding the customers in the individual analysis portfolio that were classified in stages 2 and 3 and which are more vulnerable to the uncertainty described.
| 52.1.5 | Portfolio quality
The table below shows the analysis by aging of performing loans in arrears (in days):
Portfolio Type |  | 12/31/2021 |
| Delinquent, performing (in days) |
| 0 to 31 |  |  | From 32 to 90 |  |  | From 91 to 180 |  |  | From 181 to 360 |  |  | Over 360 |
Commercial loans |  |  | 98.9 | % |  |  | 0.9 | % |  |  | 0.0 | % |  |  | 0.2 | % |  |  | 0.0 | %
Comparable loans |  |  | 99.7 | % |  |  | 0.3 | % |  |  | 0.0 | % |  |  | 0.0 | % |  |  | 0.0 | %
Consumer loans |  |  | 99.5 | % |  |  | 0.5 | % |  |  | 0.0 | % |  |  | 0.0 | % |  |  | 0.0 | %
Total |  |  | 99.4 | % |  |  | 0.5 | % |  |  | 0.0 | % |  |  | 0.1 | % |  |  | 0.0 | %
Portfolio Type |  | 12/31/2020 |
| Delinquent, performing (in days) |
| 0 to 31 |  |  | From 32 to 90 |  |  | From 91 to 180 |  |  | From 181 to 360 |  |  | Over 360 |
Commercial loans |  |  | 99.5 | % |  |  | 0.5 | % |  |  | 0.0 | % |  |  | 0.0 | % |  |  | 0.0 | %
Comparable loans |  |  | 99.8 | % |  |  | 0.2 | % |  |  | 0.0 | % |  |  | 0.0 | % |  |  | 0.0 | %
Consumer loans |  |  | 99.5 | % |  |  | 0.5 | % |  |  | 0.0 | % |  |  | 0.0 | % |  |  | 0.0 | %
Total |  |  | 99.6 | % |  |  | 0.4 | % |  |  | 0.0 | % |  |  | 0.0 | % |  |  | 0.0 | %
Summary of Risk Concentration by Industry for the Components of the Statement of Financial Position | The following table shows the loans and other financing portfolio under credit risk by industry sector, classified by risk stage and identifying the expected loss calculated under individual or collective basis:
|  | 1 |  |  | 2 |  |  | 3 |  |  | 12/31/2021 |
| Collective |  |  | Individual |  |  | Collective |  |  | Individual |
Loans and other financing |  |  | 264,058,234 |  |  |  | 80,734,484 |  |  |  | 9,165,071 |  |  |  | 4,736,047 |  |  |  | 3,298,729 |  |  |  | 361,992,565 |
Non-financial public sector |  |  | 71,476 |  |  |  | 2,304,497 |  |  |  | 38 |  |  |  |  |  |  |  |  |  |  |  | 2,376,011 |
Other financial entities |  |  | 2,097 |  |  |  | 1,511,809 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,513,906 |
Non-financial private sector |  |  | 263,984,661 |  |  |  | 76,918,178 |  |  |  | 9,165,033 |  |  |  | 4,736,047 |  |  |  | 3,298,729 |  |  |  | 358,102,648 |
Individuals |  |  | 165,922,628 |  |  |  | 1,409,662 |  |  |  | 5,154,604 |  |  |  |  |  |  |  | 1,692,395 |  |  |  | 174,179,289 |
Manufacturing Industry |  |  | 16,314,786 |  |  |  | 23,877,488 |  |  |  | 433,807 |  |  |  | 1,813,898 |  |  |  | 99,088 |  |  |  | 42,539,067 |
Agricultural and cattle industry |  |  | 20,695,007 |  |  |  | 11,322,075 |  |  |  | 1,573,615 |  |  |  | 2,922,149 |  |  |  | 521,206 |  |  |  | 37,034,052 |
Services |  |  | 31,659,540 |  |  |  | 9,765,307 |  |  |  | 1,242,898 |  |  |  |  |  |  |  | 296,816 |  |  |  | 42,964,561 |
Commercial activities |  |  | 20,534,135 |  |  |  | 14,070,177 |  |  |  | 519,276 |  |  |  |  |  |  |  | 156,215 |  |  |  | 35,279,803 |
Exploration of mines and quarries |  |  | 1,187,122 |  |  |  | 6,163,678 |  |  |  | 18,432 |  |  |  |  |  |  |  | 466,547 |  |  |  | 7,835,779 |
Financial intermediation |  |  | 1,446,583 |  |  |  | 6,092,589 |  |  |  | 48,297 |  |  |  |  |  |  |  | 5,239 |  |  |  | 7,592,708 |
Construction activities |  |  | 4,284,804 |  |  |  | 4,067,903 |  |  |  | 113,930 |  |  |  |  |  |  |  | 47,877 |  |  |  | 8,514,514 |
Electricity supply and gas |  |  | 330,340 |  |  |  | 149,299 |  |  |  | 13,331 |  |  |  |  |  |  |  | 1,719 |  |  |  | 494,689 |
Public administration |  |  | 1,553,095 |  |  |  |  |  |  |  | 35,482 |  |  |  |  |  |  |  | 11,388 |  |  |  | 1,599,965 |
Water supply and public sanitation |  |  | 56,621 |  |  |  |  |  |  |  | 11,361 |  |  |  |  |  |  |  | 239 |  |  |  | 68,221 |
|  | 1 |  |  | 2 |  |  | 3 |  |  | 12/31/2020 |
| Collective |  |  | Individual |  |  | Collective |  |  | Individual |
Loans and other financing |  |  | 272,384,223 |  |  |  | 103,143,331 |  |  |  | 16,804,351 |  |  |  | 6,636,186 |  |  |  | 4,573,328 |  |  |  | 403,541,419 |
Non-financial public sector |  |  | 19,970 |  |  |  | 5,435,857 |  |  |  | 264 |  |  |  |  |  |  |  | 155 |  |  |  | 5,456,246 |
Other financial entities |  |  | 35 |  |  |  | 2,776,171 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2,776,206 |
Non-financial private sector |  |  | 272,364,218 |  |  |  | 94,931,303 |  |  |  | 16,804,087 |  |  |  | 6,636,186 |  |  |  | 4,573,173 |  |  |  | 395,308,967 |
Individuals |  |  | 172,436,899 |  |  |  | 1,330,481 |  |  |  | 9,384,787 |  |  |  |  |  |  |  | 1,035,247 |  |  |  | 184,187,414 |
Manufacturing Industry |  |  | 15,489,685 |  |  |  | 21,169,994 |  |  |  | 1,026,056 |  |  |  | 2,304,149 |  |  |  | 752,860 |  |  |  | 40,742,744 |
Agricultural and cattle industry |  |  | 21,758,377 |  |  |  | 10,175,324 |  |  |  | 1,459,009 |  |  |  | 4,164,830 |  |  |  | 657,168 |  |  |  | 38,214,708 |
Services |  |  | 33,631,262 |  |  |  | 16,884,293 |  |  |  | 2,740,537 |  |  |  | 166,347 |  |  |  | 162,398 |  |  |  | 53,584,837 |
Commercial activities |  |  | 19,991,739 |  |  |  | 13,921,262 |  |  |  | 1,512,328 |  |  |  | 860 |  |  |  | 455,623 |  |  |  | 35,881,812 |
Exploration of mines and quarries |  |  | 985,818 |  |  |  | 21,953,873 |  |  |  | 52,973 |  |  |  |  |  |  |  | 1,318,563 |  |  |  | 24,311,227 |
Financial intermediation |  |  | 1,567,547 |  |  |  | 5,633,060 |  |  |  | 49,441 |  |  |  |  |  |  |  | 8,525 |  |  |  | 7,258,573 |
Construction activities |  |  | 4,612,257 |  |  |  | 2,179,642 |  |  |  | 440,043 |  |  |  |  |  |  |  | 172,738 |  |  |  | 7,404,680 |
Electricity supply and gas |  |  | 234,735 |  |  |  | 1,683,374 |  |  |  | 12,214 |  |  |  |  |  |  |  | 270 |  |  |  | 1,930,593 |
Public administration |  |  | 1,565,767 |  |  |  |  |  |  |  | 125,064 |  |  |  |  |  |  |  | 9,369 |  |  |  | 1,700,200 |
Water supply and public sanitation |  |  | 90,132 |  |  |  |  |  |  |  | 1,635 |  |  |  |  |  |  |  | 412 |  |  |  | 92,179 |
Summary of Collateral and Other Credit Improvements | The following table shows the amounts of guarantees received for the entire portfolio as of December 31, 2021.
Class of financial instrument |  | Maximum exposure to credit risk |  |  | Fair value of collateral |  |  | Total collateral |  |  | Net exposure |  |  | Associated ECL |
| Pledges on time deposits |  |  | Deferred payment checks |  |  | Mortgage on real property |  |  | Pledges on vehicles and machinery |  |  | Pledges on personal property |  |  | Other |
Loans and other financing |  |  | 361,992,565 |  |  |  | 1,354,231 |  |  |  | 17,792,609 |  |  |  | 32,635,395 |  |  |  | 7,125,532 |  |  |  | 1,733,820 |  |  |  | 59,102,380 |  |  |  | 119,743,967 |  |  |  | 242,248,598 |  |  |  | 9,631,477 |
Loans commitment |  |  | 225,060,382 |  |  |  | 2,332 |  |  |  |  |  |  |  | 75,149 |  |  |  |  |  |  |  | 59,379 |  |  |  | 607,685 |  |  |  | 744,545 |  |  |  | 224,315,837 |  |  |  | 353,085 |
Other financial assets |  |  | 33,095,760 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 33,095,760 |  |  |  | 26,448 |
Other debt Securities at amortized cost |  |  | 24,045,804 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 24,045,804 |  |  |  | 3,753 |
Other debt Securities at fair value through OCI |  |  | 261,934,556 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 261,934,556 |  |  |  | 16,304 |
Total |  |  | 906,129,067 |  |  |  | 1,356,563 |  |  |  | 17,792,609 |  |  |  | 32,710,544 |  |  |  | 7,125,532 |  |  |  | 1,793,199 |  |  |  | 59,710,065 |  |  |  | 120,488,512 |  |  |  | 785,640,555 |  |  |  | 10,031,067 |
| • |  | Guarantees received for the portfolio in Stage 3
The following table shows the amounts of guarantees for the portfolio in Stage 3 as of December 31, 2021.
Class of financial instrument |  | Maximum exposure to credit risk |  |  | Fair value of collateral |  |  | Total collateral |  |  | Net exposure |  |  | Associated ECL |
| Pledges on time deposits |  |  | Deferred payment checks |  |  | Mortgage on real property |  |  | Pledges on vehicles and machinery |  |  | Pledges on personal property |
Loans and other financing |  |  | 3,298,729 |  |  |  |  |  |  |  | 314,785 |  |  |  | 82,671 |  |  |  | 15,125 |  |  |  | 867,419 |  |  |  | 1,280,000 |  |  |  | 2,018,729 |  |  |  | 2,643,935 |
Total |  |  | 3,298,729 |  |  |  |  |  |  |  | 314,785 |  |  |  | 82,671 |  |  |  | 15,125 |  |  |  | 867,419 |  |  |  | 1,280,000 |  |  |  | 2,018,729 |  |  |  | 2,643,935 |
| • |  | Guarantees received for the entirely portfolio
The following table shows the amounts of guarantees received for the entire portfolio as of December 31, 2020.
Class of financial instrument |  | Maximum exposure to credit risk |  |  | Fair value of collateral |  |  | Total collateral |  |  | Net exposure |  |  | Associated ECL |
| Pledges on time deposits |  |  | Deferred payment checks |  |  | Mortgage on real property |  |  | Pledges on vehicles and machinery |  |  | Pledges on personal property |  |  | Other |
Loans and other financing |  |  | 403,541,419 |  |  |  | 1,203,699 |  |  |  | 9,881,685 |  |  |  | 36,220,738 |  |  |  | 6,225,565 |  |  |  | 2,516,348 |  |  |  | 71,036,272 |  |  |  | 127,084,307 |  |  |  | 276,457,112 |  |  |  | 14,985,662 |
Loans commitment |  |  | 147,787,462 |  |  |  | 1,970 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 421,490 |  |  |  | 423,460 |  |  |  | 147,364,002 |  |  |  | 35,018 |
Other financial assets |  |  | 27,621,984 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 27,621,984 |  |  |  | 28,569 |
Other debt Securities at amortized cost |  |  | 46,971,920 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 46,971,920 |  |  |  | 8,259 |
Other debt Securities at fair value through OCI |  |  | 268,683,871 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 268,683,871 |  |  |  | 9,002 |
Total |  |  | 894,606,656 |  |  |  | 1,205,669 |  |  |  | 9,881,685 |  |  |  | 36,220,738 |  |  |  | 6,225,565 |  |  |  | 2,516,348 |  |  |  | 71,457,762 |  |  |  | 127,507,767 |  |  |  | 767,098,889 |  |  |  | 15,066,510 |
| • |  | Guarantees received for the portfolio in Stage 3
The following table shows the amounts of guarantees for the portfolio in Stage 3 as of December 31, 2020.
Class of financial instrument |  | Maximum exposure to credit risk |  |  | Fair value of collateral |  |  | Total collateral |  |  | Net exposure |  |  | Associated ECL |
| Pledges on time deposits |  |  | Deferred payment checks |  |  | Mortgage on real property |  |  | Pledges on vehicles and machinery |  |  | Pledges on personal property |
Loans and other financing |  |  | 4,573,328 |  |  |  | 1,606 |  |  |  | 1,070,234 |  |  |  | 1,412,147 |  |  |  | 98,844 |  |  |  | 407,668 |  |  |  | 2,990,499 |  |  |  | 1,582,829 |  |  |  | 2,502,785 |
Total |  |  | 4,573,328 |  |  |  | 1,606 |  |  |  | 1,070,234 |  |  |  | 1,412,147 |  |  |  | 98,844 |  |  |  | 407,668 |  |  |  | 2,990,499 |  |  |  | 1,582,829 |  |  |  | 2,502,785 |
Summary of Liquidity Ratios Arising from Dividing Net Liquid Assets, Cash and Cash Equivalents by Total Deposits | The following table shows the liquidity ratios during the fiscal years 2021 and 2020, which arise from dividing net liquid assets, made up of cash and cash equivalents, by total deposits:
|  | 2021 |  |  | 2020 |
December, 31 |  |  | 87.37 | % |  |  | 86.39 | %
Average |  |  | 88.63 | % |  |  | 81.57 | %
Max |  |  | 92.77 | % |  |  | 87.13 | %
Min |  |  | 85.50 | % |  |  | 71.49 | %
Summary of Contractual Cash Flows and Other Financing | The tables below summarize the maturity of the contractual cash flows of loans and other financing, before ECL, including interest and charges to be accrued until maturity of the contract as of December 31, 2021 and 2020:
Item |  | Matured |  |  | Remaining terms to maturity as of December 31, 2021 |  |  | Total |
| Up to 1 month |  |  | Over 1 month and up to 3 months |  |  | Over 3 months and up to 6 months |  |  | Over 6 months and up to 12 months |  |  | Over 12 months and up to 24 months |  |  | Over 24 months |
Non-financial government sector |  |  |  |  |  |  | 231,864 |  |  |  | 623,940 |  |  |  | 486,951 |  |  |  | 1,230,632 |  |  |  | 477,747 |  |  |  |  |  |  |  | 3,051,134 |
Financial sector |  |  |  |  |  |  | 255,723 |  |  |  | 666,131 |  |  |  | 37,420 |  |  |  | 129,864 |  |  |  | 728,954 |  |  |  | 134,062 |  |  |  | 1,952,154 |
Non-financial private sector and foreign residents |  |  | 1,513,354 |  |  |  | 134,882,819 |  |  |  | 42,295,994 |  |  |  | 48,311,345 |  |  |  | 63,794,903 |  |  |  | 75,301,928 |  |  |  | 114,926,091 |  |  |  | 481,026,434 |
Total |  |  | 1,513,354 |  |  |  | 135,370,406 |  |  |  | 43,586,065 |  |  |  | 48,835,716 |  |  |  | 65,155,399 |  |  |  | 76,508,629 |  |  |  | 115,060,153 |  |  |  | 486,029,722 |
Item |  | Matured |  |  | Remaining terms to maturity as of December 31, 2020 |  |  | Total |
| Up to 1 month |  |  | Over 1 month and up to 3 months |  |  | Over 3 months and up to 6 months |  |  | Over 6 months and up to 12 months |  |  | Over 12 months and up to 24 months |  |  | Over 24 months |
Non-financial government sector |  |  |  |  |  |  | 362,355 |  |  |  | 1,071,367 |  |  |  | 1,089,986 |  |  |  | 1,966,318 |  |  |  | 3,381,410 |  |  |  | 717,252 |  |  |  | 8,588,688 |
Financial sector |  |  |  |  |  |  | 110,435 |  |  |  | 552,608 |  |  |  | 818,840 |  |  |  | 507,516 |  |  |  | 1,518,038 |  |  |  |  |  |  |  | 3,507,437 |
Non-financial private sector and foreign residents |  |  | 1,976,809 |  |  |  | 142,739,326 |  |  |  | 46,419,093 |  |  |  | 63,310,427 |  |  |  | 74,731,191 |  |  |  | 71,044,263 |  |  |  | 115,609,094 |  |  |  | 515,830,203 |
Total |  |  | 1,976,809 |  |  |  | 143,212,116 |  |  |  | 48,043,068 |  |  |  | 65,219,253 |  |  |  | 77,205,025 |  |  |  | 75,943,711 |  |  |  | 116,326,346 |  |  |  | 527,926,328 |
Summary of Contractual Future Cash Flows of Financial Liabilities, Including Interest and Charges to be Accured | Additionally, the tables below disclose the maturity of the contractual future cash flows of the financial liabilities, including interest and charges to be accrued until maturity of the contracts, as of December 31, 2021 and 2020:
Item |  | Remaining terms to maturity as of December 31, 2021 |  |  | Total |
| Up to 1 month |  |  | Over 1 month and up to 3 months |  |  | Over 3 months and up to 6 months |  |  | Over 6 months and up to 12 months |  |  | Over 12 months and up to 24 months |  |  | Over 24 months |
Deposits |  |  | 534,412,537 |  |  |  | 52,250,559 |  |  |  | 6,441,859 |  |  |  | 550,099 |  |  |  | 43,267 |  |  |  | 1,264 |  |  |  | 593,699,585 |
From the non-financial government sector |  |  | 53,454,556 |  |  |  | 2,113,040 |  |  |  | 1,183,257 |  |  |  | 2,606 |  |  |  |  |  |  |  |  |  |  |  | 56,753,459 |
From the financial sector |  |  | 961,192 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 961,192 |
From the non-financial private sector and foreign residents |  |  | 479,996,789 |  |  |  | 50,137,519 |  |  |  | 5,258,602 |  |  |  | 547,493 |  |  |  | 43,267 |  |  |  | 1,264 |  |  |  | 535,984,934 |
Liabilities at fair value through profit or loss |  |  | 1,627,732 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,627,732 |
Derivative instruments |  |  |  |  |  |  |  |  |  |  | 2,532 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2,532 |
Other Financial Liabilities |  |  | 66,471,643 |  |  |  | 176,593 |  |  |  | 158,167 |  |  |  | 258,006 |  |  |  | 377,884 |  |  |  | 497,652 |  |  |  | 67,939,945 |
Financing received from the Central Bank of Argentina and other financial institutions |  |  | 235,308 |  |  |  | 182,952 |  |  |  | 13,519 |  |  |  | 8,318 |  |  |  | 5,724 |  |  |  |  |  |  |  | 445,821 |
Issued corporate bonds |  |  |  |  |  |  |  |  |  |  | 3,141,995 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 3,141,995 |
Subordinated corporate bonds |  |  |  |  |  |  |  |  |  |  | 1,364,088 |  |  |  | 1,364,089 |  |  |  | 2,728,178 |  |  |  | 49,252,993 |  |  |  | 54,709,348 |
Total |  |  | 602,747,220 |  |  |  | 52,610,104 |  |  |  | 11,122,160 |  |  |  | 2,180,512 |  |  |  | 3,155,053 |  |  |  | 49,751,909 |  |  |  | 721,566,958 |
Item |  | Remaining terms to maturity as of December 31, 2020 |  |  | Total |
| Up to 1 month |  |  | Over 1 month and up to 3 months |  |  | Over 3 months and up to 6 months |  |  | Over 6 months and up to 12 months |  |  | Over 12 months and up to 24 months |  |  | Over 24 months |
Deposits |  |  | 663,992,149 |  |  |  | 67,995,710 |  |  |  | 8,425,133 |  |  |  | 4,566,614 |  |  |  | 52,538 |  |  |  | 3,301 |  |  |  | 745,035,445 |
From the non-financial government sector |  |  | 102,449,069 |  |  |  | 8,390,806 |  |  |  | 1,361,454 |  |  |  | 3,212 |  |  |  |  |  |  |  |  |  |  |  | 112,204,541 |
From the financial sector |  |  | 1,051,180 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,051,180 |
From the non-financial private sector and foreign residents |  |  | 560,491,900 |  |  |  | 59,604,904 |  |  |  | 7,063,679 |  |  |  | 4,563,402 |  |  |  | 52,538 |  |  |  | 3,301 |  |  |  | 631,779,724 |
Derivative instruments |  |  | 63 |  |  |  | 284 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 347 |
Repo transactions |  |  | 936,425 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 936,425 |
Other financial institutions |  |  | 936,425 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 936,425 |
Other Financial Liabilities |  |  | 72,265,432 |  |  |  | 201,770 |  |  |  | 189,951 |  |  |  | 478,785 |  |  |  | 399,376 |  |  |  | 776,374 |  |  |  | 74,311,688 |
Financing received from the Central Bank of Argentina and other financial institutions |  |  | 633,111 |  |  |  | 301,085 |  |  |  | 308,033 |  |  |  | 121,814 |  |  |  | 60,517 |  |  |  | 8,640 |  |  |  | 1,433,200 |
Issued corporate bonds |  |  | 315,990 |  |  |  |  |  |  |  | 4,169,156 |  |  |  | 314,031 |  |  |  | 3,902,964 |  |  |  |  |  |  |  | 8,702,141 |
Subordinated corporate bonds |  |  |  |  |  |  |  |  |  |  | 1,714,632 |  |  |  | 1,714,634 |  |  |  | 3,771,176 |  |  |  | 65,888,637 |  |  |  | 73,089,079 |
Total |  |  | 738,143,170 |  |  |  | 68,498,849 |  |  |  | 14,806,905 |  |  |  | 7,195,878 |  |  |  | 8,186,571 |  |  |  | 66,676,952 |  |  |  | 903,508,325 |
Summary of Bank's VaR by type of Risks | As of December 31, 2021 and 2020, the Bank’s economic capital by type of risk is as follows:
Economic capital (EC – in millions) |  | 12/31/2021 |  |  | 12/31/2020 |
Interest rate risk |  |  | 9,124 |  |  |  | 6,621 |
Currency Exchange rate risk |  |  | 7,454 |  |  |  | 2,607 |
Price risk |  |  | 3,719 |  |  |  | 7,846 |
Consumer [member] |
Statement [LineItems] |
Disclosure of internal credit grades | The following table discloses the risk levels score and rating arising from the Bank’s models:
Category |  | 12/31/2021 |  |  | 12/31/2020 |
| Weighted PD |  |  | % Gross Carrying Amount |  |  | Weighted PD |  |  | % Gross Carrying Amount |
Performing |  |  | 2.05 | % |  |  | 96.76 |  |  |  | 2.32 | % |  |  | 96.17 |
High grade |  |  | 1.02 | % |  |  | 79.54 |  |  |  | 1.13 | % |  |  | 76.20 |
Standard grade |  |  | 5.05 | % |  |  | 12.44 |  |  |  | 4.79 | % |  |  | 12.64 |
Sub-standard grade |  |  | 11.26 | % |  |  | 4.78 |  |  |  | 12.48 | % |  |  | 7.33 |
Past due but not impaired |  |  | 30.27 | % |  |  | 2.33 |  |  |  | 33.24 | % |  |  | 2.70 |
Impaired |  |  | 100 | % |  |  | 0.91 |  |  |  | 100 | % |  |  | 1.13 |
Total |  |  |  |  |  |  | 100 |  |  |  |  |  |  |  | 100 |

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