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Financial risk - Loss allowance by class (Details) - USD ($) $ in Thousands | 12 Months Ended
--- | ---
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019
Credit risk |  |  |
Net effect of changes in allowance for expected credit losses | $ (2,551) | $ 13,576 | $ 11,849
Financial instruments that have been derecognized during the year | (16,873) | (30,007) | (39,259)
New instruments originated or purchased | 21,752 | 14,967 | 27,840
Write-offs | 0 | (5,750) |
Securities at amortized cost |  |  |
Credit risk |  |  |
Financial assets at beginning of period | (164,074) |  |
Net effect of changes in allowance for expected credit losses | (20) | 38 | (18)
Financial instruments that have been derecognized during the year | (193) | (86) | (46)
New instruments originated or purchased | 1,508 | 430 | 37
Financial assets at end of period | (631,123) | (164,074) |
FVOCI |  |  |
Credit risk |  |  |
Financial assets at beginning of period | (231,348) |  |
Net effect of changes in allowance for expected credit losses | 0 | 0 | 0
Financial instruments that have been derecognized during the year | (17) | 0 | (173)
New instruments originated or purchased | 0 | 43 | 0
Financial assets at end of period | (193,488) | (231,348) |
Loans at amortized cost |  |  |
Credit risk |  |  |
Financial assets at beginning of period | (4,911,397) |  |
Net effect of changes in allowance for expected credit losses | (2,477) | 13,459 | 11,714
Financial instruments that have been derecognized during the year | (14,715) | (28,036) | (36,534)
New instruments originated or purchased | 17,343 | 12,828 | 25,695
Financial assets at end of period | (5,734,605) | (4,911,397) |
Loan commitments and financial guarantee contracts |  |  |
Credit risk |  |  |
Financial assets at beginning of period | (639,264) |  |
Net effect of changes in allowance for expected credit losses | (54) | 79 | 153
Financial instruments that have been derecognized during the year | (1,948) | (1,885) | (2,506)
New instruments originated or purchased | 2,901 | 1,666 | 2,108
Financial assets at end of period | (805,274) | (639,264) |
Loss allowance | Securities at amortized cost |  |  |
Credit risk |  |  |
Financial assets at beginning of period | (495) | (113) |
Transfer to lifetime expected credit losses |  | 0 |
Net effect of changes in allowance for expected credit losses | (20) | 38 |
Financial instruments that have been derecognized during the year | (193) | (86) |
New instruments originated or purchased | 1,508 | 430 |
Financial assets at end of period | (1,790) | (495) | (113)
Loss allowance | FVOCI |  |  |
Credit risk |  |  |
Financial assets at beginning of period | (43) | 0 |
Financial instruments that have been derecognized during the year | (17) |  |
New instruments originated or purchased |  | 43 |
Financial assets at end of period | (26) | (43) | 0
Loss allowance | Loans at amortized cost |  |  |
Credit risk |  |  |
Financial assets at beginning of period | (41,165) | (99,307) |
Transfer to lifetime expected credit losses | 0 | 0 |
Transfer to 12-month expected credit losses | 0 |  |
Transfer to credit-impaired financial instruments |  | 0 |
Net effect of changes in allowance for expected credit losses | (2,477) | 13,459 |
Financial instruments that have been derecognized during the year | (14,715) | (28,036) |
New instruments originated or purchased | 17,343 | 12,828 |
Write-offs | 0 | (56,532) |
Recoveries | 160 | 139 |
Financial assets at end of period | (41,476) | (41,165) | (99,307)
Loss allowance | Loan commitments and financial guarantee contracts |  |  |
Credit risk |  |  |
Financial assets at beginning of period | (2,904) | (3,044) |
Transfer to lifetime expected credit losses | 0 | 0 |
Transfer to 12-month expected credit losses | 0 |  |
Net effect of changes in allowance for expected credit losses | (54) | 79 |
Financial instruments that have been derecognized during the year | (1,948) | (1,885) |
New instruments originated or purchased | 2,901 | 1,666 |
Financial assets at end of period | (3,803) | (2,904) | (3,044)
Stage 3 | Loss allowance | Securities at amortized cost |  |  |
Credit risk |  |  |
Financial assets at beginning of period | 0 | 0 |
Transfer to lifetime expected credit losses |  | 0 |
Net effect of changes in allowance for expected credit losses | 0 | 0 |
Financial instruments that have been derecognized during the year | 0 | 0 |
New instruments originated or purchased | 0 | 0 |
Financial assets at end of period | 0 | 0 | 0
Stage 3 | Loss allowance | FVOCI |  |  |
Credit risk |  |  |
Financial assets at beginning of period | 0 | 0 |
Financial instruments that have been derecognized during the year | 0 |  |
New instruments originated or purchased |  | 0 |
Financial assets at end of period | 0 | 0 | 0
Stage 3 | Loss allowance | Loans at amortized cost |  |  |
Credit risk |  |  |
Financial assets at beginning of period | (4,588) | (54,573) |
Transfer to lifetime expected credit losses | 0 | 0 |
Transfer to 12-month expected credit losses | 0 |  |
Transfer to credit-impaired financial instruments |  | 2,100 |
Net effect of changes in allowance for expected credit losses | 438 | (118) |
Financial instruments that have been derecognized during the year | 0 | 0 |
New instruments originated or purchased | 0 | 0 |
Write-offs | 0 | (52,106) |
Recoveries | 160 | 139 |
Financial assets at end of period | (5,186) | (4,588) | (54,573)
Stage 3 | Loss allowance | Loan commitments and financial guarantee contracts |  |  |
Credit risk |  |  |
Financial assets at beginning of period | 0 | 0 |
Transfer to lifetime expected credit losses | 0 | 0 |
Transfer to 12-month expected credit losses | 0 |  |
Net effect of changes in allowance for expected credit losses | 0 | 0 |
Financial instruments that have been derecognized during the year | 0 | 0 |
New instruments originated or purchased | 0 | 0 |
Financial assets at end of period | 0 | 0 | 0
Stage 1 | Loss allowance | Securities at amortized cost |  |  |
Credit risk |  |  |
Financial assets at beginning of period | (462) | (103) |
Transfer to lifetime expected credit losses |  | (10) |
Net effect of changes in allowance for expected credit losses | (20) | 15 |
Financial instruments that have been derecognized during the year | (160) | (76) |
New instruments originated or purchased | 1,508 | 430 |
Financial assets at end of period | (1,790) | (462) | (103)
Stage 1 | Loss allowance | FVOCI |  |  |
Credit risk |  |  |
Financial assets at beginning of period | (43) | 0 |
Financial instruments that have been derecognized during the year | (17) |  |
New instruments originated or purchased |  | 43 |
Financial assets at end of period | (26) | (43) | 0
Stage 1 | Loss allowance | Loans at amortized cost |  |  |
Credit risk |  |  |
Financial assets at beginning of period | (16,661) | (28,892) |
Transfer to lifetime expected credit losses | (158) | (886) |
Transfer to 12-month expected credit losses | 243 |  |
Transfer to credit-impaired financial instruments |  | 0 |
Net effect of changes in allowance for expected credit losses | (874) | 134 |
Financial instruments that have been derecognized during the year | (13,100) | (24,307) |
New instruments originated or purchased | 17,343 | 12,828 |
Write-offs | 0 | 0 |
Recoveries | 0 | 0 |
Financial assets at end of period | (20,115) | (16,661) | (28,892)
Stage 1 | Loss allowance | Loan commitments and financial guarantee contracts |  |  |
Credit risk |  |  |
Financial assets at beginning of period | (2,426) | (2,683) |
Transfer to lifetime expected credit losses | (53) | (96) |
Transfer to 12-month expected credit losses | 87 |  |
Net effect of changes in allowance for expected credit losses | (96) | 37 |
Financial instruments that have been derecognized during the year | (1,793) | (1,864) |
New instruments originated or purchased | 2,901 | 1,666 |
Financial assets at end of period | (3,472) | (2,426) | (2,683)
Stage 2 | Stage 2 | Loss allowance | Securities at amortized cost |  |  |
Credit risk |  |  |
Financial assets at beginning of period | (33) | (10) |
Transfer to lifetime expected credit losses |  | 10 |
Net effect of changes in allowance for expected credit losses | 0 | 23 |
Financial instruments that have been derecognized during the year | (33) | (10) |
New instruments originated or purchased | 0 | 0 |
Financial assets at end of period | 0 | (33) | (10)
Stage 2 | Stage 2 | Loss allowance | FVOCI |  |  |
Credit risk |  |  |
Financial assets at beginning of period | 0 | 0 |
Financial instruments that have been derecognized during the year | 0 |  |
New instruments originated or purchased |  | 0 |
Financial assets at end of period | 0 | 0 | 0
Stage 2 | Stage 2 | Loss allowance | Loans at amortized cost |  |  |
Credit risk |  |  |
Financial assets at beginning of period | (19,916) | (15,842) |
Transfer to lifetime expected credit losses | 158 | 886 |
Transfer to 12-month expected credit losses | (243) |  |
Transfer to credit-impaired financial instruments |  | (2,100) |
Net effect of changes in allowance for expected credit losses | (2,041) | 13,443 |
Financial instruments that have been derecognized during the year | (1,615) | (3,729) |
New instruments originated or purchased | 0 | 0 |
Write-offs | 0 | (4,426) |
Recoveries | 0 | 0 |
Financial assets at end of period | (16,175) | (19,916) | (15,842)
Stage 2 | Stage 2 | Loss allowance | Loan commitments and financial guarantee contracts |  |  |
Credit risk |  |  |
Financial assets at beginning of period | (478) | (361) |
Transfer to lifetime expected credit losses | 53 | 96 |
Transfer to 12-month expected credit losses | (87) |  |
Net effect of changes in allowance for expected credit losses | 42 | 42 |
Financial instruments that have been derecognized during the year | (155) | (21) |
New instruments originated or purchased | 0 | 0 |
Financial assets at end of period | $ (331) | $ (478) | $ (361)

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