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Financial instruments risks

12 Months Ended

Dec. 31, 2022

Disclosure of nature and extent of risks arising from financial instruments [abstract]

Financial instruments risks

35. Financial instruments risks

Presentation of Risk Management and Risk-Weighted Assets (RWA)

Strategies and processes

The General Risks Policy expresses the levels and types of risk the Group is willing to take to carry out its strategic plan, with no relevant deviations, even under stress conditions.

To achieve its goals, the Group uses a management model with two principles for the decision-making process:

• Prudence: Materialized in relation to the management of the various risks acknowledged by the Group.

• Anticipation: Refers to the adaptation capacity of risk management.

This process aims to be adequate, sufficiently proven, duly documented and periodically reviewed based on the changes of the Group’s risk profile and the market.

Structure and organization

The Group has a formal organizational structure, with a set of roles and responsibilities, organized in a pyramidal structure that generates control instances from lower to higher levels, up to the highest decision-making bodies. The following are the areas that conform the structure and a list of their functions:

• Risks Management Unit.

• Committees.

• Reporting Units.

• Cross-Control Areas.

Risks Management Unit:

This is an area that is independent from the Bank’s business units, in charge of implementing the criteria, policies and procedures defined by the organization within the scope of credit (retail and wholesale), operational and market risk management, with a follow-up and control of proper application and proposing the actions necessary to the keep quality of risks within the defined goals. One of its main functions is to ensure proper information for the decision-making process at all levels, including relevant risk factors, such as:

• Active management throughout the life of the risk.

• Clear processes and procedures.

• Integrated management of all risks through identification and quantification.

• Generation, implementation and dissemination of advanced decision-making support tools.

Committees

Committees are the governance bodies through which risks are treated.

Reporting Units

The Reporting Units are in charge of control procedures for risk in compliance with Central Bank regulations, determining the risk quota for each segment of economic activity and type of financing, preparing fundamental metrics setting forth the principles and general risk profile in the statement of Appetite for Risk. In addition, it is in charge of generating reports for the Risks Management Unit for decision-making process in accordance with internal credit policies and control organizations’ policies, reviewing processes and proposing alternatives.

Cross-Control Areas

The Group also has cross-control areas, such as: Internal Audit, Regulatory Compliance and Internal Control.

Risk Appetite Framework

Risk appetite is a key element which provides the Group with a comprehensive framework to determine the risks and level of risks, expressed in terms of capital, liquidity, profitability, income recurrence, risk costs or other metrics.

Risk appetite is expressed through a statement containing the general principles for the Group’s strategy and quantitative metrics.

Stress Testing

The evaluation of the Group’s financial position under a severe but plausible scenario requires the simulation of scenarios to estimate the potential impact on the value of portfolios, profitability, solvency and liquidity.

Credit risk

It is the most important risk for the Group and includes counterparty risk, issuer risk, settlement risk and country risk management.

Strategy and processes

BBVA Argentina develops its credit risk strategy defining the goals that will guide its granting activities, the policies to be adopted and the necessary practices and procedures to carry out those activities.

Additionally, the Risks Management Department, together with the rest of the Bank’s Management Departments, annually develops a budget process, which includes the main variables of credit risk:

• Expected growth per portfolio and product.

• Evolution of default ratio.

• Evolution of write-off portfolios.

This way, the expected standard credit risk values are set for a term of one year. Afterwards, the real values obtained are compared with that budget, to assess the growth of the portfolio and its quality.

Also, maximum limits or exposures per economic activity are formalized, pursuant to the Group’s placement strategy, which are used to follow up credit portfolios. In case of deviations from the set limits, these are analyzed by the Risks Follow-Up Committees to take the necessary measures.

Origination

BBVA Argentina has credit risk origination policies in place, to define the criteria to obtain quality assets, establish risk tolerance levels and alignment of the credit activities with the strategy of BBVA Argentina and in accordance with the Group. The policy of accepting risks is therefore organized into three different levels within the Group:

• Analysis of the financial risk of the transaction, based on the debtor’s capacity for repayment or funds generation.

• The constitution of guarantees that are adequate, or at any rate generally accepted, for the risk assumed, in any of the generally accepted forms: monetary, secured, personal or hedge guarantees.

• Assessment of the repayment risk (asset liquidity) of the guarantees received.

Monitoring

The main monitoring procedures carried out by the various Banking areas are:

• Monitoring of the limit granted: Since customer profiles vary over time, the limits of products contracted are periodically reviewed for the purpose of broadening, reducing or suspending the limit assigned, based on the risk situation.

• Maintenance of pre-approved limits: Customers’ characteristics, vary over time. Therefore, there is periodical maintenance of the pre-approved limits, taking into consideration changes in a customer’s situation (position of asset and liability and relationship). Likewise, there is a periodic follow-up of the evolution of the pre-approved limit amount for the purpose of controlling and ensuring the risk assigned in accordance with the desired risk levels.

• Monitoring of rating tools: Rating tools are a reflection of the internal inputs and show the characteristics and biases of such inputs. Therefore, they need a long period to reduce or eliminate those biases through the inclusion of new information, correction of existing information and periodic reviews optimizing the results of back-tests.

• Portfolio analysis: The portfolio analysis consists of a monitoring process and study of the complete cycle of portfolio risk for the purpose of analyzing the status of the portfolio, identifying potential paths towards improvements in management and forecasting future behavior.

Additionally, the following functions are carried out:

• Monitoring of specific customers.

• Monitoring of products.

• Monitoring of units (branches, areas).

• Other monitoring actions (samples, control of admission process and risk management, campaigns).

The priority in credit risk monitoring processes is focused mainly on problematic or potentially problematic customers for preventive purposes. The remaining aspects, the monitoring of products, units and other monitoring actions, are supplementary to the specific monitoring of customers.

Recovery

BBVA Argentina also has a Recoveries Area within Risk Management to mitigate the severity of credit portfolios, both regarding the Bank and its subsidiaries, as well as to provide the results directly through collections of write-off portfolios and indirectly through collections of active portfolios, which imply a reduction of allowances.

Scope and nature of information and/or risk measurement systems

BBVA Argentina has several tools to be used in credit risk management for effective risk control and to facilitate the entire process. The periodic reports are:

• Progress of Risks.

• Payment Schedules.

• Ratings.

• Dashboard.

• Early Alerts System.

• Quarterly tools follow-up sheet.

Exposure to credit risk

The Group’s credit risk exposure of financial assets, loan commitments and financial guarantees under IFRS 9 with stage allocation by asset classification as of December 31, 2022 and 2021 is provided below:

Credit risk exposure		December 31, 2022				Stage 1				Stage 2				Stage 3
Cash and cash equivalents			178,836,392				178,836,392				—				—
Financial assets at amortized cost			893,852,150				771,059,294				110,212,064				12,580,792
Debt securities			44,527,097				—				44,527,097				—
Wholesale			390,097,138				370,966,529				17,078,867				2,051,742
- Business			168,544,650				157,101,387				9,820,911				1,622,352
- Corporate and Investment Banking			113,352,612				107,308,134				6,044,465				13
- Institutional and international			60,557				2,803				57,175				579
- MSMEs			49,397,216				47,812,102				1,156,316				428,798
- Others			58,742,103				58,742,103				—				—
Retail			406,663,113				347,527,963				48,606,100				10,529,050
- Advances			1,077,336				589,908				317,253				170,175
- Credit cards			264,209,007				227,101,438				32,947,827				4,159,742
- Personal loans			70,941,377				62,527,232				4,400,529				4,013,616
- Pledge loans			27,158,478				25,608,568				738,283				811,627
- Mortgages			42,381,694				30,819,975				10,188,965				1,372,754
- Receivables from financial leases			863,298				848,954				13,208				1,136
- Others			31,923				31,888				35				—
Reverse repurchase agreements			52,564,802				52,564,802				—				—
- BCRA repos			52,564,802				52,564,802				—				—
Financial assets at fair value through other comprehensive income			617,275,646				474,743,734				142,531,912				—
Debt securities			617,275,646				474,743,734				142,531,912				—
Total financial assets risk			1,689,964,188				1,424,639,420				252,743,976				12,580,792
Loan commitments and financial guarantees			213,378,338				194,902,377				18,408,859				67,102
Wholesale			39,880,930				35,314,905				4,554,978				11,047
- Business			14,963,751				12,225,728				2,734,023				4,000
- Corporate and Investment Banking			17,460,813				16,646,205				814,608				—
- Institutional and international			3,682,576				2,937,612				744,964				—
- MSMEs			3,773,790				3,505,360				261,383				7,047
Retail			173,497,408				159,587,472				13,853,881				56,055
- Advances			9,790,301				9,371,002				417,935				1,364
- Credit cards			162,959,370				149,659,487				13,259,575				40,308
- Mortgages			677,186				490,752				172,051				14,383
- Others			70,551				66,231				4,320				—
Total loan commitments and financial guarantees			213,378,338				194,902,377				18,408,859				67,102
Total credit risk exposure			1,903,342,526				1,619,541,797				271,152,835				12,647,894

Credit risk exposure		December 31, 2021				Stage 1				Stage 2				Stage 3
Cash and cash equivalents			276,574,172				276,574,172				—				—
Financial assets at amortized cost			1,116,858,224				966,901,255				131,216,445				18,740,524
Debt securities			43,956,008				—				43,956,008				—
Wholesale			345,853,117				308,661,046				30,406,084				6,785,987
- Business			149,451,501				129,739,961				16,530,105				3,181,435
- Corporate and Investment Banking			111,945,948				96,263,799				12,311,878				3,370,271
- Institutional and international			2,703				1,938				97				668
- MSMEs			44,436,903				42,639,286				1,564,004				233,613
- Others			40,016,062				40,016,062				—				—
Retail			459,114,122				390,305,232				56,854,353				11,954,537
- Advances			1,219,920				802,622				229,340				187,958
- Credit cards			294,222,503				259,546,715				30,109,986				4,565,802
- Personal loans			78,598,056				61,477,071				11,810,633				5,310,352
- Pledge loans			34,642,733				33,086,389				696,214				860,130
- Mortgages			49,793,250				34,783,933				14,007,771				1,001,546
- Receivables from financial leases			625,315				597,280				409				27,626
- Others			12,345				11,222				—				1,123
Reverse repurchase agreements			267,934,977				267,934,977				—				—
- BCRA repos			267,934,977				267,934,977				—				—
Financial assets at fair value through other comprehensive income			325,381,377				212,427,417				112,953,960				—
Debt securities			325,381,377				212,427,417				112,953,960				—
Total financial assets risk			1,718,813,773				1,455,902,844				244,170,405				18,740,524
Loan commitments and financial guarantees			173,409,861				160,736,610				12,597,776				75,475
Wholesale			32,989,030				28,361,124				4,610,616				17,290
- Business			15,204,636				13,010,025				2,184,410				10,201
- Corporate and Investment Banking			10,551,603				9,435,127				1,116,476				—
- Institutional and international			4,165,682				3,294,538				871,144				—
- MSMEs			3,067,109				2,621,434				438,586				7,089
Retail			140,420,831				132,375,486				7,987,160				58,185
- Advances			13,781,897				13,379,892				401,687				318
- Credit cards			125,774,817				118,383,977				7,333,974				56,866
- Mortgages			802,068				550,949				250,118				1,001
- Others			62,049				60,668				1,381				—
Total loan commitments and financial guarantees			173,409,861				160,736,610				12,597,776				75,475
Total credit risk exposure			1,892,223,634				1,616,639,454				256,768,181				18,815,999

Information on the credit quality of assets

The Group’s credit quality analysis of financial assets under IFRS 9 with risk allocation as of December 31, 2022 and 2021 is provided below:

Credit quality analysis		December 31, 2022				December 31, 2021
Cash and cash equivalents
- Low risk			178,836,392				276,574,172
Total cash and cash equivalents			178,836,392				276,574,172
Wholesale
- Low risk			375,070,574				284,644,882
- Medium risk			36,222,695				80,435,704
- High risk			16,622,010				6,958,284
- Non performing			2,062,789				6,803,277
Total wholesale			429,978,068				378,842,147
Retail
- Low risk			443,083,288				455,348,908
- Medium risk			120,527,862				129,498,496
- High risk			5,964,266				2,674,827
- Non performing			10,585,105				12,012,722
Total retail			580,160,521				599,534,953
Reverse repurchase agreement
- BCRA repos (CCC+)			52,564,802				267,934,977
Total reverse repurchase agreement			52,564,802				267,934,977
Debt securities
- BCRA Liquidity Bills (CCC+)			471,020,799				209,779,172
- Government securities (CCC-)			187,059,009				156,909,968
- Corporate bonds (B)			3,722,935				1,775,426
- Corporate bonds (CCC+)			—				872,819
Total debt securities			661,802,743				369,337,385
Total credit risk exposure			1,903,342,526				1,892,223,634

The amounts included in the table above represent the Entity’s maximum exposure to credit risk as of December 31, 2022, without taking account of any collateral held or other credit enhancements. In order to mitigate credit risk, the value of the collateral held as security and other credit enhancements, as of December 31, 2022, amounted to 349,876,983, and therefore the Entity’s net exposure amounted to 1,553,465,543.

Mitigation of credit risk, collateralized credit risk and other credit enhancements

In most cases, maximum credit risk exposure is reduced by collateral, credit enhancements and other actions which mitigate the Group’s exposure. The Group applies a credit risk hedging and mitigation policy deriving from a banking approach focused on relationship banking. The existence of guarantees could be a necessary but not sufficient instrument for accepting risks, as the assumption of risks by the Group requires prior evaluation of the debtor’s capacity for repayment, or that the debtor can generate sufficient resources to allow the amortization of the risk incurred under the agreed terms.

The procedures for the management and valuation of collateral following the Corporate Policies (retail and wholesale), which establish the basic principles for credit risk management, including the management of collaterals assigned in transactions with customers.

The methods used to value the collateral are in line with the best market practices and imply the use of appraisal of real-estate collateral, the market price in market securities, the trading price of shares in investment funds, etc. All the collaterals received must be correctly assigned and entered in the corresponding register.

The following are the principal types of collateral managed by BBVA Argentina

• Guarantees: It includes sureties or unsecured instruments.

• Joint and several guarantee: upon default on payment, the creditor may collect the unpaid amount from either the debtor or the surety.

• Joint guarantee: in this case the guarantors and debt-holders are liable in proportion to their interest in the company / transaction and restricted to such amount or percentage.

• Security interest: it includes guarantees based on tangible assets, which are classified as follows:

• Mortgages: a mortgage does not change the debtor’s unlimited liability, who is fully liable. They are documented pursuant to the Group’s internal regulations for such purposes and are duly registered. Also, there is an independent appraisal, at market value, which enables a prompt sale.

• Pledges: this includes chattel mortgages of motor vehicles or machinery, as well as liens on time deposits and investment funds. To be accepted, they shall be effective upon realization accordingly, be properly documented and approved by the Legal Services area.

Loan commitments

To meet the specific financial needs of customers, the Group’s credit policy also includes, among others, the granting of financial guarantees, letters of credit and lines of credit through checking account overdrafts and credit cards. Although these transactions are not recognized in the Consolidated Statement of Financial Position, because they imply a potential liability for the Group, they expose the Group to credit risks in addition to those recognized in the Consolidated Statement of Financial Position and are, therefore, an integral part of the Group’s total risk.

Main types of guarantors

The Group defines that the collateral shall be direct, explicit, irrevocable and unconditional in order to be accepted as risk mitigation. Furthermore, regarding admissible guarantors, BBVA Argentina accepts financial institutions (local or foreign), public entities, stock exchange companies, resident and non-resident companies, including insurance companies.

Credit quality of financial assets that are neither past due nor impaired

The Group has tools (“scoring” and “rating”) that enable it to rank the credit quality of its transactions and customers based on an assessment and its correspondence with the PD scales. To analyze the performance of PD, the Group has a series of tracking tools and historical databases that collect the relevant internally generated information. These tools can be grouped together into scoring and rating models, being the main difference between ratings and scorings is that the latter are used to assess retail products, while ratings use a wholesale banking customer approach.

These different levels and their PD were calculated by using as a reference the rating scales and default rates. These calculations establish the PD levels for the Bank’s Master Rating Scale. Although this scale is common to the entire Group, the calibrations (mapping scores to PD sections/Master Rating Scale levels) are carried out at the country level.

Financial risks

The Financial Risks Management of the Risks Management area applies the criteria, policies and procedures defined by the Board of Directors to manage, with a follow-up and control of its proper application, and proposing the necessary actions to maintain the quality of risk within the defined appetite for risk.

The financial risks management model of BBVA Argentina consists of the Market Risks and Structural Risks and Economic Capital Areas, which are coordinated for the control and follow-up of risks.

The management of these risks is in line with the basic principles of the Basel Committee on Banking Supervision, with a comprehensive process to identify, measure, monitor and control risks.

The organization of financial risks is completed with a scheme of committees in which it participates, for the purpose of having an agile management process integrated into the treatment of the various risks.

Among others:

• Assets and liabilities Committee (ALCO).

• Risk Management Committee (RMC).

• Financial Risks Committee (FRC).

BBVA Argentina has many tools and systems to manage and follow-up market risk, to achieve effective risk control and treatment.

Market risk

BBVA Argentina considers market risk as the likelihood of losses of value of the trading portfolio as a consequence of adverse changes in market variables affecting the valuation of financial products and instruments.

The main market risk factors the Group is exposed to are as follows:

• Interest rate risk: From exposure to changes in the various interest rate curves.

• Foreign exchange risk: From changes in the various foreign exchange rates. All positions in a currency other than the currency of the consolidated statements of financial position create foreign exchange risk.

The main market risk metric is Value at Risk (“VaR”), a parameter to estimate the maximum loss expected for the trading portfolio positions with a 99% confidence level and a time horizon of 1 day.

Current management structure and procedures in force include the follow-up of a limits and alerts scheme in terms of VaR, economic capital, stress and stop loss.

The market risk measurement model is periodically validated through Back-Testing to determine the quality and precision of the VaR estimate.

The Market Risk management model contemplates procedures for communication in the event the risks levels defined are exceeded, establishing specific communication and acting circuits based on the exceeded threshold.

The market risk measurement perimeter is the trading portfolio (trading book) managed by the Global Markets unit. This portfolio mainly consists of:

• Argentine Government Securities.

• BCRA Liquidity Bills

• Corporate Bonds.

• Foreign exchange spot.

• Derivatives (Exchange rate Futures and Forwards and Interest rate swaps).

The following tables show the trading portfolio total VaR and VaR per risk factors based on daily VaR information:

VaR (in millions of pesos)

		Year ended December 31, 2022				Year ended December 31, 2021
Average			141.13				222.66
Minimum			48.71				37.04
Maximum			263.07				504.43
Closing			112.22				88.76

VaR per risk factors – (in millions of pesos)

VaR interest rate		Year ended December 31, 2022				Year ended December 31, 2021
Average			157.79				211.15
Minimum			49.32				5.75
Maximum			298.07				503.39
Closing			121.29				90.95

VaR foreign exchange rate		Year ended December 31, 2022				Year ended December 31, 2021
Average			1.05				43.11
Minimum			-0.47				0.99
Maximum			65.11				157.89
Closing			0.15				1.29

Currency risk

The position in foreign currency is shown below:

		Total as of December 31, 2022				As of December 31, 2022 (per currency)																Total as of December 31, 2021
						US Dollar				Euro				Real				Other
ASSETS
Cash and cash equivalents			248,413,103				241,650,711				6,289,801				34,874				437,717				291,823,571
Financial assets at fair value through profit or loss - Debt securities			3,520,000				3,520,000				—				—				—				—
Other financial assets			19,230,506				19,225,936				4,570				—				—				16,582,433
Loans and advances			38,533,754				38,396,582				137,172				—				—				37,076,763
Financial assets at fair value through other comprehensive income - Debt securities			5,466,376				5,466,376				—				—				—				4,185,662
Financial assets at fair value through other comprehensive income - Equity instruments			60,251				60,251				—				—				—				69,822
TOTAL ASSETS			315,223,990				308,319,856				6,431,543				34,874				437,717				349,738,251
LIABILITIES
Deposits			286,006,802				281,212,547				4,794,255				—				—				323,807,648
Other financial liabilities			21,896,248				20,919,414				855,481				—				121,353				20,014,128
Bank loans			1,109,729				1,023,014				86,715				—				—				991,012
Other liabilities			11,786,828				6,227,565				5,559,263				—				—				8,421,778
TOTAL LIABILITIES			320,799,607				309,382,540				11,295,714				—				121,353				353,234,566
NET LIABILITIES			(5,575,617	)			(1,062,684	)			(4,864,171	)			34,874				316,364				(3,496,315	)

The notional values of forward transactions, foreign currency forwards and interest rate swaps are detailed in Note 5.2.

Interest rate risk

Structural interest risk (SIR) gathers the potential impact of market interest rate variations on the margin of interest and the equity value of BBVA Argentina.

The process to manage this risk has a limits structure to keep the exposure to this risk within levels that are consistent with the appetite for risk and the business strategy defined and approved by the Board of Directors.

Within the core metrics used for measurement, follow-up and control, the following stand out:

• Margin at Risk (MaR): quantifies the maximum loss which may be recorded in the financial margin projected for 12 months under the worst case scenario of rate curves for a certain level of confidence.

• Economic Capital (EC): quantifies the maximum loss which may be recorded in the economic value of the Group under the worst case scenario of rate curves for a certain level of confidence.

The Group additionally carries out an analysis of sensitivity of the economic value and the financial margin for parallel variations by +/- 100 basis points over interest rates.

The following table shows the sensitivity of the economic value (SEV), to +100 basis points variation presented as a proportion of Core Capital:

SEV +100 bps

		December 31, 2022				December 31, 2021
Closing			0.62	%			0.95	%
Minimum			0.62	%			0.54	%
Maximum			1.42	%			1.34	%
Average			1.00	%			0.81	%

The following table shows the sensitivity of the financial margin (SFM), to -100 basis points variation presented as a percentage of 12-month forecast net interest income:

SFM -100 bps

		December 31, 2022				December 31, 2021
Closing			0.47	%			0.97	%
Minimum			0.43	%			0.72	%
Maximum			1.01	%			1.22	%
Average			0.75	%			0.95	%

Liquidity and financing risk

Liquidity risk is defined as the possibility of the Group not efficiently meeting its payment obligations without incurring significant losses which may affect its daily operations or its financial standing.

The short-term purpose of the liquidity and financing risk management process at BBVA Argentina is to timely and duly address payment commitments agreed, without resorting to additional funding deteriorating the Group’s reputation or significantly affecting its financial position, keeping the exposure to this risk within levels that are consistent with the appetite for risk and the business strategy defined and approved by the Board of Directors. In the medium and long term, to watch for the suitability of the financial structure of the Bank and its evolution, according to the economic situation, the markets and regulatory changes.

Within the core metrics used for measurement, follow-up and control of this risk, management considers the following to be most relevant:

LtSCD: (Loan to Stable Customers Deposits), measures the relationship between the net credit investment and the customers’ stable resources, and is set forth as the key metric of appetite for risk. The goal is to preserve a stable financing structure in the medium and long term.

Below are the Bank’s LtSCD ratios as of the dates indicated:

		December 31, 2022				December 31, 2021
LtSCD Closing			58.0	%			58.1	%
Max			62.8	%			61.8	%
Min			54.6	%			52.7	%
Avg			58.6	%			57.7	%

LCR: (Liquidity Coverage Ratio), BBVA Argentina calculates the liquidity coverage coefficient daily by measuring the relation between high quality liquid assets and total net cash outflows during a 30-day period.

Below are the Bank’s LCR ratios as of the dates indicated:

		December, 2022				December, 2021
LCR Closing			348	%			320	%
Max			348	%			346	%
Min			223	%			304	%
Avg			278	%			320	%

The following chart shows the concentration of deposits as of December 31, 2022 and 2021:

		December 31, 2022								December 31, 2021
Number of customers		Debt balance				% over total portfolio				Debt balance				% over total portfolio
10 largest customers			97,819,282				7.45	%			147,859,331				10.72	%
50 following largest customers			141,088,812				10.74	%			153,801,795				11.15	%
100 following largest customers			53,449,577				4.07	%			66,893,598				4.85	%
Rest of customers			1,021,462,557				77.74	%			1,011,235,286				73.28	%
TOTAL			1,313,820,228				100.00	%			1,379,790,010				100.00	%

The following chart shows the breakdown by contractual maturity of loans and advances, other financing and financial liabilities considering the total amounts to their due date, as of December 31, 2022 and 2021:

		Assets(*)								Liabilities (*)
		December 31, 2022				December 31, 2021				December 31, 2022				December 31, 2021
Up to 1 month (**)			371,517,021				365,856,606				1,260,157,221				1,364,434,848
From more than 1 month to 3 month			121,434,474				111,445,237				107,111,751				69,831,480
From more than 3 month to 6 month			91,326,749				91,197,252				110,068,684				110,144,027
From more than 6 month to 12 month			75,946,906				91,402,986				4,300,628				5,806,892
From more than 12 month to 24 month		80,308,421				75,726,097				3,336,028				6,510,574
More than 24 months		139,087,706				125,988,194				5,046,027				7,152,401
TOTAL			879,621,277				861,616,372				1,490,020,339				1,563,880,222

(*) These figures includes expected interest amounts. For floating rate instruments such interest amounts were calculated using interest rate prevailing at the end of each period.

(**)  The Bank has liquid assets such as cash and cash equivalents (Note 4), reverse repurchase agreements (Note 6.3) and BCRA liquidity bills (Note 10.1), among others, to settle its liabilities.

Additionally, the Bank has issued financial guarantees and loan commitments which may require outflows on demand.

Financial guarantees and loan commitments		December 31, 2022				December 31, 2021
Up to 1 month			837,387,924				571,695,645
From more than 1 month to 3 month			6,440,802				2,686,685
From more than 3 month to 6 month			4,724,639				1,100,387
From more than 6 month to 12 month			2,443,748				1,063,368
From more than 12 month to 24 month			506,280				265,392
More than 24 months		914,400				1,231,833
TOTAL			852,417,793				578,043,310

The amounts of the Bank’s financial assets and liabilities, which were expected to be collected or paid twelve months after the closing date as of December 31, 2022 and 2021 are set forth below:

		December 31, 2022				December 31, 2021
Financial assets
Loans and advances			219,396,127				201,714,290
Debt securities			1,683,443,548				48,990,253
Other financial assets			7,576,707				15,392,699
Total			1,910,416,382				266,097,242
Financial liabilities
Other financial liabilities			5,915,713				8,398,830
Bank loans			2,388,669				5,019,080
Debt securities issued			—				195,952
Deposits			77,673				49,113
Total			8,382,055				13,662,975

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- Definition

The disclosure of information that enables users of financial statements to evaluate the nature and extent of risks arising from financial instruments to which the entity is exposed. [Refer: Financial instruments, class [member]]

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