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Financial Risk (Details 8) - USD ($) $ in Thousands | 12 Months Ended
--- | ---
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018
Credit risk |  |  |
Net effect of changes in allowance for expected credit losses | $ 13,576 | $ 11,849 | $ 56,382
Financial instruments that have been derecognized during the year | (30,007) | (39,259) | (34,220)
New financial assets originated or purchased | 14,967 | 27,840 | 35,353
Write-offs | 5,750 | 0 |
Securities at amortized cost |  |  |
Credit risk |  |  |
Financial assets at beginning of period | 74,547 |  |
Net effect of changes in allowance for expected credit losses | 38 | (18) | (48)
Financial instruments that have been derecognized during the year | (86) | (46) | (64)
New financial assets originated or purchased | 430 | 37 | 56
Financial assets at end of period | 164,074 | 74,547 |
Securities at FVOCI |  |  |
Credit risk |  |  |
Financial assets at beginning of period | 5,094 |  |
Net effect of changes in allowance for expected credit losses | 0 |  | (63)
Financial instruments that have been derecognized during the year | 0 | (173) |
New financial assets originated or purchased | 43 |  | 14
Financial assets at end of period | 231,348 | 5,094 |
Loans at amortized cost |  |  |
Credit risk |  |  |
Financial assets at beginning of period | 5,892,997 |  |
Net effect of changes in allowance for expected credit losses | 13,459 | 11,714 | 56,311
Financial instruments that have been derecognized during the year | (28,036) | (36,534) | (27,490)
New financial assets originated or purchased | 12,828 | 25,695 | 32,355
Financial assets at end of period | 4,911,397 | 5,892,997 |
Loan commitments and financial guarantees contracts |  |  |
Credit risk |  |  |
Financial assets at beginning of period | 609,054 |  |
Net effect of changes in allowance for expected credit losses | 79 | 153 | 182
Financial instruments that have been derecognized during the year | (1,885) | (2,506) | (6,666)
New financial assets originated or purchased | 1,666 | 2,108 | 2,928
Financial assets at end of period | 639,264 | 609,054 |
Loss allowance | Securities at amortized cost |  |  |
Credit risk |  |  |
Financial assets at beginning of period | (113) | 140 |
Transfer to lifetime expected credit losses | 0 |  |
Net effect of changes in allowance for expected credit losses | 38 | (18) |
Financial instruments that have been derecognized during the year | (86) | (46) |
New financial assets originated or purchased | 430 | 37 |
Financial assets at end of period | (495) | (113) | 140
Loss allowance | Securities at FVOCI |  |  |
Credit risk |  |  |
Financial assets at beginning of period |  | 173 |
Financial instruments that have been derecognized during the year | 43 | (173) |
Financial assets at end of period | (43) |  | 173
Loss allowance | Loans at amortized cost |  |  |
Credit risk |  |  |
Financial assets at beginning of period | (99,307) | 100,785 |
Transfer to lifetime expected credit losses | 0 |  |
Transfer to credit-impaired financial instruments | 0 |  |
Net effect of changes in allowance for expected credit losses | 13,459 | 11,714 |
Financial instruments that have been derecognized during the year | (28,036) | (36,534) |
New financial assets originated or purchased | 12,828 | 25,695 |
Write-offs | (56,532) | (2,405) |
Recoveries | 139 | 52 |
Financial assets at end of period | (41,165) | (99,307) | 100,785
Loss allowance | Loan commitments and financial guarantees contracts |  |  |
Credit risk |  |  |
Financial assets at beginning of period | (3,044) | 3,289 |
Transfer to lifetime expected credit losses | 0 |  |
Net effect of changes in allowance for expected credit losses | 79 | 153 |
Financial instruments that have been derecognized during the year | (1,885) | (2,506) |
New financial assets originated or purchased | 1,666 | 2,108 |
Financial assets at end of period | (2,904) | (3,044) | 3,289
Stage 3 | Loss allowance | Securities at amortized cost |  |  |
Credit risk |  |  |
Financial assets at beginning of period | 0 |  |
Transfer to lifetime expected credit losses | 0 |  |
Net effect of changes in allowance for expected credit losses | 0 |  |
Financial instruments that have been derecognized during the year | 0 |  |
New financial assets originated or purchased | 0 |  |
Financial assets at end of period | 0 | 0 |
Stage 3 | Loss allowance | Loans at amortized cost |  |  |
Credit risk |  |  |
Financial assets at beginning of period | (54,573) | 49,439 |
Transfer to lifetime expected credit losses | 0 |  |
Transfer to credit-impaired financial instruments | 2,100 |  |
Net effect of changes in allowance for expected credit losses | (118) | 7,987 |
Financial instruments that have been derecognized during the year | 0 | (500) |
New financial assets originated or purchased | 0 |  |
Write-offs | (52,106) | (2,405) |
Recoveries | 139 | 52 |
Financial assets at end of period | (4,588) | (54,573) | 49,439
Stage 3 | Loss allowance | Loan commitments and financial guarantees contracts |  |  |
Credit risk |  |  |
Financial assets at beginning of period | 0 |  |
Transfer to lifetime expected credit losses | 0 |  |
Net effect of changes in allowance for expected credit losses | 0 |  |
Financial instruments that have been derecognized during the year | 0 |  |
New financial assets originated or purchased | 0 |  |
Financial assets at end of period | 0 | 0 |
Stage 1 | Loss allowance | Securities at amortized cost |  |  |
Credit risk |  |  |
Financial assets at beginning of period | (103) | 113 |
Transfer to lifetime expected credit losses | (10) |  |
Net effect of changes in allowance for expected credit losses | 15 | (1) |
Financial instruments that have been derecognized during the year | (76) | (46) |
New financial assets originated or purchased | 430 | 37 |
Financial assets at end of period | (462) | (103) | 113
Stage 1 | Loss allowance | Securities at FVOCI |  |  |
Credit risk |  |  |
Financial assets at beginning of period |  | 33 |
Financial instruments that have been derecognized during the year | 43 | (33) |
Financial assets at end of period | (43) |  | 33
Stage 1 | Loss allowance | Loans at amortized cost |  |  |
Credit risk |  |  |
Financial assets at beginning of period | (28,892) | 34,957 |
Transfer to lifetime expected credit losses | (886) | (2,488) |
Transfer to credit-impaired financial instruments | 0 |  |
Net effect of changes in allowance for expected credit losses | 134 | (2,154) |
Financial instruments that have been derecognized during the year | (24,307) | (27,118) |
New financial assets originated or purchased | 12,828 | 25,695 |
Write-offs | 0 |  |
Recoveries | 0 |  |
Financial assets at end of period | (16,661) | (28,892) | 34,957
Stage 1 | Loss allowance | Loan commitments and financial guarantees contracts |  |  |
Credit risk |  |  |
Financial assets at beginning of period | (2,683) | 3,089 |
Transfer to lifetime expected credit losses | (96) |  |
Net effect of changes in allowance for expected credit losses | 37 | (17) |
Financial instruments that have been derecognized during the year | (1,864) | (2,497) |
New financial assets originated or purchased | 1,666 | 2,108 |
Financial assets at end of period | (2,426) | (2,683) | 3,089
Stage 2 | Stage 2 | Loss allowance | Securities at amortized cost |  |  |
Credit risk |  |  |
Financial assets at beginning of period | (10) | 27 |
Transfer to lifetime expected credit losses | 10 |  |
Net effect of changes in allowance for expected credit losses | 23 | (17) |
Financial instruments that have been derecognized during the year | (10) |  |
New financial assets originated or purchased | 0 |  |
Financial assets at end of period | (33) | (10) | 27
Stage 2 | Stage 2 | Loss allowance | Securities at FVOCI |  |  |
Credit risk |  |  |
Financial assets at beginning of period |  | 140 |
Financial instruments that have been derecognized during the year |  | (140) |
Financial assets at end of period |  |  | 140
Stage 2 | Stage 2 | Loss allowance | Loans at amortized cost |  |  |
Credit risk |  |  |
Financial assets at beginning of period | (15,842) | 16,389 |
Transfer to lifetime expected credit losses | 886 | 2,488 |
Transfer to credit-impaired financial instruments | (2,100) |  |
Net effect of changes in allowance for expected credit losses | 13,443 | 5,881 |
Financial instruments that have been derecognized during the year | (3,729) | (8,916) |
New financial assets originated or purchased | 0 |  |
Write-offs | (4,426) |  |
Recoveries | 0 |  |
Financial assets at end of period | (19,916) | (15,842) | 16,389
Stage 2 | Stage 2 | Loss allowance | Loan commitments and financial guarantees contracts |  |  |
Credit risk |  |  |
Financial assets at beginning of period | (361) | 200 |
Transfer to lifetime expected credit losses | 96 |  |
Net effect of changes in allowance for expected credit losses | 42 | 170 |
Financial instruments that have been derecognized during the year | (21) | (9) |
New financial assets originated or purchased | 0 |  |
Financial assets at end of period | $ (478) | $ (361) | $ 200

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