Capital Management, Corporate Governance Transparency Policy and Risk Management (Tables)

12 Months Ended

Dec. 31, 2021

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
Category	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.


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

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		3		12/31/2021
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		3		12/31/2020
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
Class of financial instrument	Maximum exposure to credit risk		Pledges on time deposits		Deferred payment checks		Mortgage on real property		Pledges on vehicles and machinery		Pledges on personal property		Other		Total collateral		Net exposure		Associated ECL
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
Class of financial instrument	Maximum exposure to credit risk		Pledges on time deposits	Deferred payment checks		Mortgage on real property		Pledges on vehicles and machinery		Pledges on personal property		Total collateral		Net exposure		Associated ECL
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
Class of financial instrument	Maximum exposure to credit risk		Pledges on time deposits		Deferred payment checks		Mortgage on real property		Pledges on vehicles and machinery		Pledges on personal property		Other		Total collateral		Net exposure		Associated ECL
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
Class of financial instrument	Maximum exposure to credit risk		Pledges on time deposits		Deferred payment checks		Mortgage on real property		Pledges on vehicles and machinery		Pledges on personal property		Total collateral		Net exposure		Associated ECL
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
Item	Matured		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		Total
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
Item	Matured		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		Total
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
Item	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		Total
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
Item	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		Total
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
Category	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