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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, 2021
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 13 discloses financial instruments classified as “measured 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. Additionally, in note 13 the information related to the valuation process is also explained. 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 credit risk of financial assets and items not recognized in the statement of financial position are as follows:
| 9.1. | Exposure to credit risk
According to the nature of the information to be disclosed and the loan characteristics, the Bank groups them as follows:
Composition |  | 12/31/2021 |  |  | 12/31/2020 |
Loans and other financing |  |  | 361,992,565 |  |  |  | 403,541,419 |
Individual assessment |  |  | 86,234,118 |  |  |  | 112,138,243 |
Collective assessment |  |  | 275,758,447 |  |  |  | 291,403,176 |
Less: Allowance for ECL |  |  | (9,631,477 | ) |  |  | (14,985,662 | )
Total |  |  | 352,361,088 |  |  |  | 388,555,757 |
As explained in note 52.1.4 “Additional Forward-looking allowances based on expert credit judgment”, section “Adjustment for uncertainty in external obligation restructuring”, as of December 31, 2021, the Bank decided to record an adjustment on a forward-looking basis as the Bank estimated an incremental effect in the ECL, in order to cover a macroeconomic scenario derived from the lack of agreement over the debt restructuring between the Federal government and the International Monetary Fund (IMF). As of December 31, 2021, this adjustment amounted to 1,986,000 (see also note 53). In addition and taking into account what is explained in note 52.1. 4 , section “Covid-19 adjustment”, as of December 31, 2020, the Bank had recorded a special adjustment on a forward-looking basis related to the pandemic of Covid-19, which, as of that date amounted to 5,553,719. At the end of this fiscal year, the “Covid-19 adjustment” was nil. The following table shows the credit quality and the carrying amount of credit risk, based on the Bank’s credit risk rating system, the probability of default (PD) and the year-end stage classification, taking into account what was mentioned in the previous paragraphs. As of December 31, 2020, several guidelines were included in relation to flexible conditions for credits established by the BCRA to moderate the pandemic effects generated by Covid-19. Such guidelines are not effective as of December 31, 2021. The amounts are presented gross of the impairment allowances.
Internal rating grade |  | Range PD |  |  | 12/31/2021 |
| Stage 1 |  |  | Stage 2 |  |  | Stage 3 |  |  | Total |  |  | % |
Performing |  |  |  |  |  |  | 341,628,847 |  |  |  | 8,646,681 |  |  |  |  |  |  |  | 350,275,528 |  |  |  | 96.76 |
High grade |  |  | 0.00% - 3.50% |  |  |  | 287,115,181 |  |  |  | 829,661 |  |  |  |  |  |  |  | 287,944,842 |  |  |  | 79.54 |
Standard grade |  |  | 3.51% - 7.00% |  |  |  | 42,527,498 |  |  |  | 2,513,294 |  |  |  |  |  |  |  | 45,040,792 |  |  |  | 12.44 |
Sub-standard grade |  |  | 7.01% - 33.00% |  |  |  | 11,986,168 |  |  |  | 5,303,726 |  |  |  |  |  |  |  | 17,289,894 |  |  |  | 4.78 |
Past due but not impaired |  |  | 33.01% - 99.99% |  |  |  | 3,163,871 |  |  |  | 5,254,437 |  |  |  |  |  |  |  | 8,418,308 |  |  |  | 2.33 |
Impaired |  |  | 100% |  |  |  |  |  |  |  |  |  |  |  | 3,298,729 |  |  |  | 3,298,729 |  |  |  | 0.91 |
Total |  |  |  |  |  |  | 344,792,718 |  |  |  | 13,901,118 |  |  |  | 3,298,729 |  |  |  | 361,992,565 |  |  |  | 100 |
% |  |  |  | 95.25 |  |  |  | 3.84 |  |  |  | 0.91 |  |  |  | 100 |  |  |  |  |
Internal rating grade |  | Range PD |  |  | 12/31/2020 |
| Stage 1 |  |  | Stage 2 |  |  | Stage 3 |  |  | Total |  |  | % |
Performing |  |  |  |  |  |  | 374,333,529 |  |  |  | 13,729,595 |  |  |  |  |  |  |  | 388,063,124 |  |  |  | 96.17 |
High grade |  |  | 0.00% - 3.50% |  |  |  | 307,355,334 |  |  |  | 113,197 |  |  |  |  |  |  |  | 307,468,531 |  |  |  | 76.20 |
Standard grade |  |  | 3.51% - 7.00% |  |  |  | 48,100,613 |  |  |  | 2,906,336 |  |  |  |  |  |  |  | 51,006,949 |  |  |  | 12.64 |
Sub-standard grade |  |  | 7.01% - 33.00% |  |  |  | 18,877,582 |  |  |  | 10,710,062 |  |  |  |  |  |  |  | 29,587,644 |  |  |  | 7.33 |
Past due but not impaired |  |  | 33.01% - 99.99% |  |  |  | 1,194,025 |  |  |  | 9,710,942 |  |  |  |  |  |  |  | 10,904,967 |  |  |  | 2.70 |
Impaired |  |  | 100% |  |  |  |  |  |  |  |  |  |  |  | 4,573,328 |  |  |  | 4,573,328 |  |  |  | 1.13 |
Total |  |  |  | 375,527,554 |  |  |  | 23,440,537 |  |  |  | 4,573,328 |  |  |  | 403,541,419 |  |  |  | 100 |
% |  |  |  | 93.06 |  |  |  | 5.81 |  |  |  | 1.13 |  |  |  | 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 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 52.1 “Credit risk” section.
Internal rating grade |  | Range PD |  |  | 12/31/2021 |
| Stage 1 |  |  | Stage 2 |  |  | Stage 3 |  |  | Total |  |  | % |
Performing |  |  |  |  |  |  | 80,734,484 |  |  |  | 3,579,061 |  |  |  |  |  |  |  | 84,313,545 |  |  |  | 97.77 |
High grade |  |  | 0.00% - 3.50% |  |  |  | 60,875,079 |  |  |  | 432,663 |  |  |  |  |  |  |  | 61,307,742 |  |  |  | 71.09 |
Standard grade |  |  | 3.51% - 7.00% |  |  |  | 16,332,244 |  |  |  | 1,256,377 |  |  |  |  |  |  |  | 17,588,621 |  |  |  | 20.40 |
Sub-standard grade |  |  | 7.01% -33.00% |  |  |  | 3,527,161 |  |  |  | 1,890,021 |  |  |  |  |  |  |  | 5,417,182 |  |  |  | 6.28 |
Past due but not impaired |  |  | 33.01% - 99.99% |  |  |  |  |  |  |  | 1,156,986 |  |  |  |  |  |  |  | 1,156,986 |  |  |  | 1.34 |
Impaired |  |  | 100% |  |  |  |  |  |  |  |  |  |  |  | 763,587 |  |  |  | 763,587 |  |  |  | 0.89 |
Total |  |  |  | 80,734,484 |  |  |  | 4,736,047 |  |  |  | 763,587 |  |  |  | 86,234,118 |  |  |  | 100 |
% |  |  |  | 93.62 |  |  |  | 5.49 |  |  |  | 0.89 |  |  |  | 100 |  |  |  |  |
Internal rating grade |  | Range PD |  |  | 12/31/2020 |
| Stage 1 |  |  | Stage 2 |  |  | Stage 3 |  |  | Total |  |  | % |
Performing |  |  |  |  |  |  | 102,580,832 |  |  |  | 4,198,605 |  |  |  |  |  |  |  | 106,779,437 |  |  |  | 95.22 |
High grade |  |  | 0.00% - 3.50% |  |  |  | 97,030,142 |  |  |  | 1,226 |  |  |  |  |  |  |  | 97,031,368 |  |  |  | 86.53 |
Standard grade |  |  | 3.51% - 7.00% |  |  |  | 4,139,043 |  |  |  | 2,195,704 |  |  |  |  |  |  |  | 6,334,747 |  |  |  | 5.65 |
Sub-standard grade |  |  | 7.01% - 33.00% |  |  |  | 1,411,647 |  |  |  | 2,001,675 |  |  |  |  |  |  |  | 3,413,322 |  |  |  | 3.04 |
Past due but not impaired |  |  | 33.01% - 99.99% |  |  |  | 562,499 |  |  |  | 2,437,581 |  |  |  |  |  |  |  | 3,000,080 |  |  |  | 2.68 |
Impaired |  |  | 100% |  |  |  |  |  |  |  |  |  |  |  | 2,358,726 |  |  |  | 2,358,726 |  |  |  | 2.10 |
Total |  |  |  | 103,143,331 |  |  |  | 6,636,186 |  |  |  | 2,358,726 |  |  |  | 112,138,243 |  |  |  | 100 |
% |  |  |  | 91.98 |  |  |  | 5.92 |  |  |  | 2.10 |  |  |  | 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, 2021 |  |  | 103,143,331 |  |  |  | 6,636,186 |  |  |  | 2,358,726 |  |  |  | 112,138,243 |
Assets originated or purchased |  |  | 102,232,782 |  |  |  | 4,169,910 |  |  |  |  |  |  |  | 106,402,692 |
Assets derecognized or repaid |  |  | (82,480,461 | ) |  |  | (3,621,736 | ) |  |  | (1,353,170 | ) |  |  | (87,455,367 | )
Transfers to Stage 1 |  |  | 539 |  |  |  | (539 | ) |  |  |  |  |  |  |  |
Transfers to Stage 2 |  |  |  |  |  |  | 131,193 |  |  |  | (131,193 | ) |  |  |  |
Transfers to Stage 3 |  |  | (1,034,242 | ) |  |  | (166,346 | ) |  |  | 1,200,588 |  |  |  |  |
Amounts Written Off |  |  |  |  |  |  |  |  |  |  | (922,381 | ) |  |  | (922,381 | )
Monetary effects |  |  | (41,127,465 | ) |  |  | (2,412,621 | ) |  |  | (388,983 | ) |  |  | (43,929,069 | )
As of December 31, 2021 |  |  | 80,734,484 |  |  |  | 4,736,047 |  |  |  | 763,587 |  |  |  | 86,234,118 |
|  | Stage |  |  | Total |
| 1 |  |  | 2 |  |  | 3 |
Gross Carrying amount as of January 1, 2020 |  |  | 193,236,603 |  |  |  | 6,467,714 |  |  |  | 2,856,513 |  |  |  | 202,560,830 |
Assets originated or purchased |  |  | 94,241,056 |  |  |  | 3,644,974 |  |  |  |  |  |  |  | 97,886,030 |
Assets derecognized or repaid |  |  | (155,364,844 | ) |  |  | (1,399,089 | ) |  |  | (1,554,209 | ) |  |  | (158,318,142 | )
Transfers to Stage 1 |  |  | 321,712 |  |  |  | (321,712 | ) |  |  |  |  |  |  |  |
Transfers to Stage 2 |  |  | (571,954 | ) |  |  | 571,954 |  |  |  |  |  |  |  |  |
Transfers to Stage 3 |  |  | (2,327,375 | ) |  |  | (237,394 | ) |  |  | 2,564,769 |  |  |  |  |
Amounts Written Off |  |  |  |  |  |  |  |  |  |  | (566,521 | ) |  |  | (566,521 | )
Monetary effects |  |  | (26,391,867 | ) |  |  | (2,090,261 | ) |  |  | (941,826 | ) |  |  | (29,423,954 | )
As of December 31, 2020 |  |  | 103,143,331 |  |  |  | 6,636,186 |  |  |  | 2,358,726 |  |  |  | 112,138,243 |
|  | Stage |  |  | Total |
| 1 |  |  | 2 |  |  | 3 |
ECL amount as of January 1, 2021 |  |  | 924,727 |  |  |  | 1,007,573 |  |  |  | 1,181,312 |  |  |  | 3,113,612 |
Assets originated or purchased |  |  | 1,838,217 |  |  |  | 3,315,905 |  |  |  |  |  |  |  | 5,154,122 |
Assets derecognized or repaid |  |  | (861,783 | ) |  |  | (524,662 | ) |  |  | (696,191 | ) |  |  | (2,082,636 | )
Transfers to Stage 1 |  |  | 12 |  |  |  | (12 | ) |  |  |  |  |  |  |  |
Transfers to Stage 2 |  |  |  |  |  |  | 29,267 |  |  |  | (29,267 | ) |  |  |  |
Transfers to Stage 3 |  |  | (896,024 | ) |  |  | (37,119 | ) |  |  | 933,143 |  |  |  |  |
Amounts Written Off |  |  |  |  |  |  |  |  |  |  | (455,855 | ) |  |  | (455,855 | )
Monetary effects |  |  | (339,230 | ) |  |  | (1,279,417 | ) |  |  | (314,929 | ) |  |  | (1,933,576 | )
As of December 31, 2021 |  |  | 665,919 |  |  |  | 2,511,535 |  |  |  | 618,213 |  |  |  | 3,795,667 |
|  | Stage |  |  | Total |
| 1 |  |  | 2 |  |  | 3 |
ECL amount as of January 1, 2020 |  |  | 658,755 |  |  |  | 688,336 |  |  |  | 1,968,134 |  |  |  | 3,315,225 |
Assets originated or purchased |  |  | 2,208,850 |  |  |  | 636,331 |  |  |  |  |  |  |  | 2,845,181 |
Assets derecognized or repaid |  |  | (505,789 | ) |  |  | (39,701 | ) |  |  | (1,228,122 | ) |  |  | (1,773,612 | )
Transfers to Stage 1 |  |  | 14,715 |  |  |  | (14,715 | ) |  |  |  |  |  |  |  |
Transfers to Stage 2 |  |  | (1,783 | ) |  |  | 1,783 |  |  |  |  |  |  |  |  |
Transfers to Stage 3 |  |  | (1,402,566 | ) |  |  | (9,050 | ) |  |  | 1,411,616 |  |  |  |  |
Amounts Written Off |  |  |  |  |  |  |  |  |  |  | (497,816 | ) |  |  | (497,816 | )
Monetary effects |  |  | (47,455 | ) |  |  | (255,411 | ) |  |  | (472,500 | ) |  |  | (775,366 | )
As of December 31, 2020 |  |  | 924,727 |  |  |  | 1,007,573 |  |  |  | 1,181,312 |  |  |  | 3,113,612 |
| 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 52.1 “Credit risk” section.
Internal rating grade |  | Range PD |  |  | 12/31/2021 |
| Stage 1 |  |  | Stage 2 |  |  | Stage 3 |  |  | Total |  |  | % |
Performing |  |  |  |  |  |  | 260,894,363 |  |  |  | 5,067,620 |  |  |  |  |  |  |  | 265,961,983 |  |  |  | 96.45 |
High grade |  |  | 0.00% - 3.50% |  |  |  | 226,240,102 |  |  |  | 396,998 |  |  |  |  |  |  |  | 226,637,100 |  |  |  | 82.19 |
Standard grade |  |  | 3.51% - 7.00% |  |  |  | 26,195,254 |  |  |  | 1,256,917 |  |  |  |  |  |  |  | 27,452,171 |  |  |  | 9.95 |
Sub-standard grade |  |  | 7.01% - 33.00% |  |  |  | 8,459,007 |  |  |  | 3,413,705 |  |  |  |  |  |  |  | 11,872,712 |  |  |  | 4.31 |
Past due but not impaired |  |  | 33.01% - 99.99% |  |  |  | 3,163,871 |  |  |  | 4,097,451 |  |  |  |  |  |  |  | 7,261,322 |  |  |  | 2.63 |
Impaired |  |  | 100% |  |  |  |  |  |  |  |  |  |  |  | 2,535,142 |  |  |  | 2,535,142 |  |  |  | 0.92 |
Total |  |  |  | 264,058,234 |  |  |  | 9,165,071 |  |  |  | 2,535,142 |  |  |  | 275,758,447 |  |  |  | 100 |
% |  |  |  | 95.76 |  |  |  | 3.32 |  |  |  | 0.92 |  |  |  | 100 |  |  |  |  |
Internal rating grade |  | Range PD |  |  | 12/31/2020 |
| Stage 1 |  |  | Stage 2 |  |  | Stage 3 |  |  | Total |  |  | % |
Performing |  |  |  |  |  |  | 271,752,697 |  |  |  | 9,530,990 |  |  |  |  |  |  |  | 281,283,687 |  |  |  | 96.53 |
High grade |  |  | 0.00% - 3.50% |  |  |  | 210,325,192 |  |  |  | 111,971 |  |  |  |  |  |  |  | 210,437,163 |  |  |  | 72.22 |
Standard grade |  |  | 3.51% - 7.00% |  |  |  | 43,961,570 |  |  |  | 710,632 |  |  |  |  |  |  |  | 44,672,202 |  |  |  | 15.33 |
Sub-standard grade |  |  | 7.01% -33.00% |  |  |  | 17,465,935 |  |  |  | 8,708,387 |  |  |  |  |  |  |  | 26,174,322 |  |  |  | 8.98 |
Past due but not impaired |  |  | 33.01% - 99.99% |  |  |  | 631,526 |  |  |  | 7,273,361 |  |  |  |  |  |  |  | 7,904,887 |  |  |  | 2.71 |
Impaired |  |  | 100% |  |  |  |  |  |  |  |  |  |  |  | 2,214,602 |  |  |  | 2,214,602 |  |  |  | 0.76 |
Total |  |  |  | 272,384,223 |  |  |  | 16,804,351 |  |  |  | 2,214,602 |  |  |  | 291,403,176 |  |  |  | 100 |
% |  |  |  | 93.47 |  |  |  | 5.77 |  |  |  | 0.76 |  |  |  | 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, 2021 |  |  | 272,384,223 |  |  |  | 16,804,351 |  |  |  | 2,214,602 |  |  |  | 291,403,176 |
Assets originated or purchased |  |  | 256,847,227 |  |  |  | 6,203,404 |  |  |  |  |  |  |  | 263,050,631 |
Assets derecognized or repaid |  |  | (128,290,490 | ) |  |  | (7,808,736 | ) |  |  | (1,007,500 | ) |  |  | (137,106,726 | )
Transfers to Stage 1 |  |  | 6,597,845 |  |  |  | (6,465,149 | ) |  |  | (132,696 | ) |  |  |  |
Transfers to Stage 2 |  |  | (5,955,494 | ) |  |  | 6,033,073 |  |  |  | (77,579 | ) |  |  |  |
Transfers to Stage 3 |  |  | (2,858,159 | ) |  |  | (647,746 | ) |  |  | 3,505,905 |  |  |  |  |
Amounts Written Off |  |  | (151,340 | ) |  |  | (285,289 | ) |  |  | (676,156 | ) |  |  | (1,112,785 | )
Monetary effects |  |  | (134,515,578 | ) |  |  | (4,668,837 | ) |  |  | (1,291,434 | ) |  |  | (140,475,849 | )
As of December 31, 2021 |  |  | 264,058,234 |  |  |  | 9,165,071 |  |  |  | 2,535,142 |  |  |  | 275,758,447 |
|  | Stage |  |  | Total |
| 1 |  |  | 2 |  |  | 3 |
Gross Carrying amount as of January 1, 2020 |  |  | 230,252,301 |  |  |  | 26,431,578 |  |  |  | 5,102,401 |  |  |  | 261,786,280 |
Assets originated or purchased |  |  | 185,109,070 |  |  |  | 10,546,801 |  |  |  |  |  |  |  | 195,655,871 |
Assets derecognized or repaid |  |  | (72,746,260 | ) |  |  | (10,998,516 | ) |  |  | (1,480,596 | ) |  |  | (85,225,372 | )
Transfers to Stage 1 |  |  | 13,033,730 |  |  |  | (12,586,028 | ) |  |  | (447,702 | ) |  |  |  |
Transfers to Stage 2 |  |  | (6,906,088 | ) |  |  | 7,291,744 |  |  |  | (385,656 | ) |  |  |  |
Transfers to Stage 3 |  |  | (1,667,645 | ) |  |  | (466,819 | ) |  |  | 2,134,464 |  |  |  |  |
Amounts Written Off |  |  | (53,800 | ) |  |  | (429,464 | ) |  |  | (2,080,269 | ) |  |  | (2,563,533 | )
Monetary effects |  |  | (74,637,085 | ) |  |  | (2,984,945 | ) |  |  | (628,040 | ) |  |  | (78,250,070 | )
As of December 31, 2020 |  |  | 272,384,223 |  |  |  | 16,804,351 |  |  |  | 2,214,602 |  |  |  | 291,403,176 |
|  | Stage |  |  | Total |
| 1 |  |  | 2 |  |  | 3 |
ECL amount as of January 1, 2021 |  |  | 6,990,134 |  |  |  | 3,560,443 |  |  |  | 1,321,473 |  |  |  | 11,872,050 |
Assets originated or purchased |  |  | 5,719,840 |  |  |  | 1,056,197 |  |  |  |  |  |  |  | 6,776,037 |
Assets derecognized or repaid |  |  | (6,973,972 | ) |  |  | (1,862,268 | ) |  |  | (435,233 | ) |  |  | (9,271,473 | )
Transfers to Stage 1 |  |  | 1,274,440 |  |  |  | (1,192,519 | ) |  |  | (81,921 | ) |  |  |  |
Transfers to Stage 2 |  |  | (281,697 | ) |  |  | 323,331 |  |  |  | (41,634 | ) |  |  |  |
Transfers to Stage 3 |  |  | (2,475,564 | ) |  |  | (253,151 | ) |  |  | 2,728,715 |  |  |  |  |
Amounts Written Off |  |  | (17,182 | ) |  |  | (117,019 | ) |  |  | (433,757 | ) |  |  | (567,958 | )
Monetary effects |  |  | (1,429,617 | ) |  |  | (511,308 | ) |  |  | (1,031,921 | ) |  |  | (2,972,846 | )
As of December 31, 2021 |  |  | 2,806,382 |  |  |  | 1,003,706 |  |  |  | 2,025,722 |  |  |  | 5,835,810 |
|  | Stage |  |  | Total |
| 1 |  |  | 2 |  |  | 3 |
ECL amount as of January 1, 2020 |  |  | 2,357,693 |  |  |  | 2,234,009 |  |  |  | 2,510,995 |  |  |  | 7,102,697 |
Assets originated or purchased |  |  | 6,613,034 |  |  |  | 2,695,300 |  |  |  |  |  |  |  | 9,308,334 |
Assets derecognized or repaid |  |  | 546,742 |  |  |  | (549,480 | ) |  |  | (812,901 | ) |  |  | (815,639 | )
Transfers to Stage 1 |  |  | 1,157,211 |  |  |  | (938,837 | ) |  |  | (218,374 | ) |  |  |  |
Transfers to Stage 2 |  |  | (114,521 | ) |  |  | 284,247 |  |  |  | (169,726 | ) |  |  |  |
Transfers to Stage 3 |  |  | (1,069,271 | ) |  |  | (73,050 | ) |  |  | 1,142,321 |  |  |  |  |
Amounts Written Off |  |  | (2,530 | ) |  |  | (84,989 | ) |  |  | (1,059,754 | ) |  |  | (1,147,273 | )
Monetary effects |  |  | (2,498,224 | ) |  |  | (6,757 | ) |  |  | (71,088 | ) |  |  | (2,576,069 | )
As of December 31, 2020 |  |  | 6,990,134 |  |  |  | 3,560,443 |  |  |  | 1,321,473 |  |  |  | 11,872,050 |
Over the course of 2021 and 2020, the Bank generated from loan portfolio sales, profit for 90,693 and 55,768, respectively and losses for 40 as of December 31, 2020. The contractual amount outstanding on loans and other financing that have been written off by the Bank as of December 31, 2021 and 2020 that were still subject to enforcement activity was 4,992,035 and 6,565,815, 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 purchase corporate bonds, PD and LGD parameters calculated for loan exposures of those issuers were used. The corporate bonds’ EAD is considered equal to the debt balance. 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 type 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 stage:
Composition |  | 12/31/2021 |
| Stage 1 |  |  | Stage 2 |  |  | Stage 3 |  |  | Total |  |  | % |
Local government securities |  |  | 23,781,113 |  |  |  |  |  |  |  |  |  |  |  | 23,781,113 |  |  |  | 98.90 |
Corporate bonds |  |  | 86,487 |  |  |  |  |  |  |  |  |  |  |  | 86,487 |  |  |  | 0.36 |
Financial trust |  |  | 178,204 |  |  |  |  |  |  |  |  |  |  |  | 178,204 |  |  |  | 0.74 |
Total |  |  | 24,045,804 |  |  |  |  |  |  |  |  |  |  |  | 24,045,804 |  |  |  | 100 |
% |  |  | 100 |  |  |  |  |  |  |  |  |  |  |  | 100 |  |  |  |  |
Composition |  | 12/31/2020 |
| Stage 1 |  |  | Stage 2 |  |  | Stage 3 |  |  | Total |  |  | % |
Local government securities |  |  | 46,168,862 |  |  |  |  |  |  |  |  |  |  |  | 46,168,862 |  |  |  | 98.29 |
Corporate bonds |  |  | 551,451 |  |  |  |  |  |  |  |  |  |  |  | 551,451 |  |  |  | 1.17 |
Financial trust |  |  | 251,607 |  |  |  |  |  |  |  |  |  |  |  | 251,607 |  |  |  | 0.54 |
Total |  |  | 46,971,920 |  |  |  |  |  |  |  |  |  |  |  | 46,971,920 |  |  |  | 100 |
% |  |  | 100 |  |  |  |  |  |  |  |  |  |  |  | 100 |  |  |  |  |
The related ECL for local government securities as of December 31, 2021 and 2020 amounted to 3,210 and 6,232, respectively. The related ECL for corporate bonds as of December 31, 2021 and 2020 amounted to 530 and 1,862, respectively. The ECL related to financial trusts as of December 31, 2021 and 2020 amounted to 13 and 165, respectively. A detail of these investments is disclosed in note 10.
| 9.3 | Other debt securities at fair value through OCI
This group includes federal and foreign government securities, provincial or BCRA instruments measured at fair value through OCI. For these assets, an individual assessment of the related parameters was performed. The table below shows the exposures gross of impairment allowances by stage:
Composition |  | 12/31/2021 |
| Stage 1 |  |  | Stage 2 |  |  | Stage 3 |  |  | Total |  |  | % |
Local government securities |  |  | 124,853,842 |  |  |  |  |  |  |  |  |  |  |  | 124,853,842 |  |  |  | 47.67 |
Central Bank of Argentina Bills |  |  | 132,970,751 |  |  |  |  |  |  |  |  |  |  |  | 132,970,751 |  |  |  | 50.76 |
Foreign government securities |  |  | 4,109,963 |  |  |  |  |  |  |  |  |  |  |  | 4,109,963 |  |  |  | 1.57 |
Total |  |  | 261,934,556 |  |  |  |  |  |  |  |  |  |  |  | 261,934,556 |  |  |  | 100 |
% |  |  | 100 |  |  |  |  |  |  |  |  |  |  |  | 100 |  |  |  |  |
Composition |  | 12/31/2020 |
| Stage 1 |  |  | Stage 2 |  |  | Stage 3 |  |  | Total |  |  | % |
Local government securities |  |  | 67,604,659 |  |  |  |  |  |  |  |  |  |  |  | 67,604,659 |  |  |  | 25.16 |
Central Bank of Argentina Bills |  |  | 194,225,233 |  |  |  |  |  |  |  |  |  |  |  | 194,225,233 |  |  |  | 72.29 |
Foreign government securities |  |  | 6,853,979 |  |  |  |  |  |  |  |  |  |  |  | 6,853,979 |  |  |  | 2.55 |
Total |  |  | 268,683,871 |  |  |  |  |  |  |  |  |  |  |  | 268,683,871 |  |  |  | 100 |
% |  |  | 100 |  |  |  |  |  |  |  |  |  |  |  | 100 |  |  |  |  |
The related ECL for local government securities as of December 31, 2021 and 2020 amounted to 16,304 and 9,002, respectively. A detail of these investments are disclosed in note 10.
| 9.4 | Other financial assets
The table below shows the exposures gross of impairment allowances by stage:
Composition |  | 12/31/2021 |
| Stage 1 |  |  | Stage 2 |  |  | Stage 3 |  |  | Total |  |  | % |
Other financial assets |  |  | 33,095,760 |  |  |  |  |  |  |  |  |  |  |  | 33,095,760 |  |  |  | 100 |
Total |  |  | 33,095,760 |  |  |  |  |  |  |  |  |  |  |  | 33,095,760 |  |  |  | 100 |
% |  |  | 100 |  |  |  |  |  |  |  |  |  |  |  | 100 |  |  |  |  |
Composition |  | 12/31/2020 |
| Stage 1 |  |  | Stage 2 |  |  | Stage 3 |  |  | Total |  |  | % |
Other financial assets |  |  | 27,621,984 |  |  |  |  |  |  |  |  |  |  |  | 27,621,984 |  |  |  | 100 |
Total |  |  | 27,621,984 |  |  |  |  |  |  |  |  |  |  |  | 27,621,984 |  |  |  | 100 |
% |  |  | 100 |  |  |  |  |  |  |  |  |  |  |  | 100 |  |  |  |  |
The ECL related to these types of instruments amounted to 26,448 and 28,569 as of December 31, 2021 and 2020, respectively, including the ECL related to the payments to be collected for the transaction mentioned in note 12.

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