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Borrowings and debt | 12 Months Ended
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Dec. 31, 2021
Borrowings and debt |
Borrowings and debt | 21. Borrowings and debt Borrowings consist of bilateral funding and syndicated loans obtained from international banks. Debt instruments consist of public and private issuances under the Bank's Euro Medium Term Notes (“EMTN”) Program as well as the Short-and Long-Term Notes (“Certificados Bursatiles”) Program (the “Mexican Program”) in the Mexican local market. The Bank’s funding activities include: (i) EMTN, which may be used to issue notes for up to $2.250 million, with maturities from 7 days up to a maximum of 30 years, at fixed or floating interest rates, or at discount, and in various currencies. The notes are generally issued in bearer or registered form through one or more authorized financial institutions; (ii) Short-and Long-Term Notes (“Certificados Bursatiles”) Program (the “Mexican Program”) in the Mexican local market, registered with the Mexican National Registry of Securities administered by the National Banking and Securities Commission of Mexico (“CNBV”, for its acronym in Spanish), for an authorized aggregate principal amount of 10 billion Mexican pesos with maturities from 1 day to 30 years. Some borrowing agreements include various events of default and covenants relating to minimum capital adequacy ratios, incurrence of additional liens, and asset sales, as well as other customary covenants, representations and warranties. As of December 31, 2021, the Bank was in compliance with all those covenants. Carrying amount of borrowings and debt is detailed as follows:
| December 31, 2021
| Short-Term |  | Long-term |  |
| Borrowings |  | Debt |  | Lease Liabilities |  | Borrowings |  | Debt |  | Lease Liabilities |  | Total
Principal | 1,547,845 |  |  | 34,213 |  |  | 996 |  |  | 329,888 |  |  | 1,398,223 |  |  | 16,737 |  |  | 3,327,902 |
Prepaid commissions | — |  |  | — |  |  | — |  |  | (498) |  |  | (5,493) |  |  | — |  |  | (5,991) |
| 1,547,845 |  |  | 34,213 |  |  | 996 |  |  | 329,390 |  |  | 1,392,730 |  |  | 16,737 |  |  | 3,321,911 |
| December 31, 2020
| Short-Term |  | Long-term |  |
| Borrowings |  | Debt |  | Lease Liabilities |  | Borrowings |  | Debt |  | Lease Liabilities |  | Total
Principal | 331,585 |  |  | 49,350 |  |  | 1,244 |  |  | 477,010 |  |  | 1,116,033 |  |  | 17,555 |  |  | 1,992,777 |
Prepaid commissions | — |  |  | — |  |  | — |  |  | (1,158) |  |  | (6,549) |  |  | — |  |  | (7,707) |
| 331,585 |  |  | 49,350 |  |  | 1,244 |  |  | 475,852 |  |  | 1,109,484 |  |  | 17,555 |  |  | 1,985,070 |
Short-term borrowings and debt The breakdown of short-term (original maturity of less than one year, excluding lease liabilities) borrowings and debt, along with contractual interest rates, is as follows:
| December 31, 2021 |  | December 31, 2020
Short-term borrowings: |  |  |
At fixed interest rates | 1,102,621 |  |  | 55,000 |
At floating interest rates | 445,224 |  |  | 276,585 |
Total borrowings | 1,547,845 |  |  | 331,585 |
Short-term debt: |  |  |
At floating interest rates | 34,213 |  |  | 49,350 |
Total debt | 34,213 |  |  | 49,350 |
Total short-term borrowings and debt | 1,582,058 |  |  | 380,935 |
Range of fixed interest rates on borrowings and debt in U.S. dollars | 0.50% to 2.02% |  | 0.45% to 1.40%
Range of floating interest rates on borrowings in U.S. dollars | 0.35% to 0.81% |  | 0.47% to 1.65%
Range of floating interest rates on borrowings and debt in Mexican pesos | 5.39% to 6.56% |  | 4.97% to 5.05%
The outstanding balances of short-term borrowings and debt by currency, excluding lease liabilities, are as follows:
| December 31, 2021 |  | December 31, 2020
Currency |  |  |
US dollar | 1,401,122 |  |  | 299,957 |
Mexican peso | 180,936 |  |  | 80,978 |
Total | 1,582,058 |  |  | 380,935 |
Long-term borrowings and debt The breakdown of long-term borrowings and debt (original maturity of more than one year, excluding lease liabilities), along with contractual interest rates, plus prepaid commissions are as follows:
| December 31, 2021 |  | December 31, 2020
Long-term borrowings: |  |  |
At fixed interest rates with due dates from January 2022 to September 2023 | 115,043 |  |  | 68,190 |
At floating interest rates with due dates from July 2022 to November 2023 | 214,845 |  |  | 408,820 |
Total long-term borrowings | 329,888 |  |  | 477,010 |
Long-term debt: |  |  |
At fixed interest rates with due dates from June 2022 to December 2027 | 927,550 |  |  | 784,006 |
At floating interest rates with due dates from March 2022 to November 2024 | 470,673 |  |  | 332,027 |
Total long-term debt | 1,398,223 |  |  | 1,116,033 |
Total long-term borrowings and debt | 1,728,111 |  |  | 1,593,043 |
Less: Prepaid commissions | (5,991) |  |  | (7,707) |
Total long-term borrowings and debt, net | 1,722,120 |  |  | 1,585,336 |
Range of fixed interest rates on borrowings and debt in U.S. dollars | 0.80% to 2.38% |  | 2.04% to 3.05%
Range of floating interest rates on borrowings and debt in U.S. dollars | 0.97% to 1.80% |  | 1.16% to 1.85%
Range of fixed interest rates on borrowings in Mexican pesos | 6.50% to 9.09% |  | 6.77% to 9.09%
Range of floating interest rates on borrowings and debt in Mexican pesos | 5.43% to 6.87% |  | 4.87% to 5.74%
Range of fixed interest rates on debt in Japanese yens | 0.40% to 0.95% |  | 0.52 | %
Range of fixed interest rates on debt in Euros | 0.23% to 3.75% |  | 0.90% to 3.75%
Range of fixed interest rates on debt in Australian dollars | 1.41 | % |  | 0.00 | %
Range of fixed interest rates on debt in Sterling pounds | 1.50 | % |  | 0.00 | %
Range of fixed interest rates on debt in Swiss franc | 0.35 | % |  | 0.00 | %
Long-term borrowings and debt The outstanding balances of long-term borrowings and debt by currency, excluding prepaid commissions, are as follows (excluding lease liabilities):
| December 31, 2021 |  | December 31, 2020
Currency |  |  |
US dollar | 812,496 |  |  | 910,296 |
Mexican peso | 643,490 |  |  | 509,687 |
Euro | 121,443 |  |  | 101,469 |
Japanese yen | 116,518 |  |  | 71,591 |
Australian dollar | 18,174 |  |  | — |
Swiss franc | 10,979 |  |  | — |
Sterling pound | 5,011 |  |  | — |
Total | 1,728,111 |  |  | 1,593,043 |
Future payments of long-term borrowings and debt outstanding as of December 31, 2021, are as follows (excluding lease liabilities):
Year | Outstanding
2022 | 411,020 |
2023 | 335,657 |
2024 | 319,331 |
2025 | 611,668 |
2026 | 34,049 |
2027 | 16,386 |
| 1,728,111 |
Reconciliation – Movements of borrowings The following table presents the reconciliation of movements of borrowings and debt arising from financing activities, as presented in the consolidated statement of cash flows :
| 2021 |  | 2020 |  | 2019
Balance as of January 1, | 1,985,070 |  |  | 3,138,310 |  |  | 3,518,446 |
Net increase (decrease) in short-term borrowings and debt | 1,196,710 |  |  | (1,212,023) |  |  | (428,611) |
Proceeds from long-term borrowings and debt | 266,640 |  |  | 827,732 |  |  | 371,536 |
Payments of long-term borrowings and debt | (97,520) |  |  | (781,274) |  |  | (368,843) |
Payment of lease liabilities | (1,227) |  |  | (1,114) |  |  | (1,072) |
Recognition of lease liabilities | — |  |  | — |  |  | 20,979 |
Net Increase in lease liabilities | 161 |  |  | 48 |  |  | — |
Change in foreign currency | (27,528) |  |  | 15,853 |  |  | 20,044 |
Adjustment of fair value for hedge accounting relationship | (2,034) |  |  | 826 |  |  | 4,943 |
Other adjustments | 1,639 |  |  | (3,288) |  |  | 888 |
Balance as of December 31, | 3,321,911 |  |  | 1,985,070 |  |  | 3,138,310 |
The reconciliation of equity account movements is presented in the consolidated statement of changes in equity. Lease liabilities Maturity analysis of contractual undiscounted cash flows of the lease liabilities is detailed below:
| December 31, 2021 |  | December 31, 2020
Due within 1 year | 1,574 |  |  | 2,058 |
After 1 year but within 5 years | 7,262 |  |  | 10,641 |
After 5 years but within 10 years | 13,771 |  |  | 11,354 |
Total undiscounted lease liabilities | 22,607 |  |  | 24,053 |
Short-term | 996 |  |  | 1,244 |
Long-term | 16,737 |  |  | 17,555 |
Lease liabilities included in the consolidated statement of financial position | 17,733 |  |  | 18,799 |
Amounts recognized in the consolidated statement of cash flows:
| December 31, 2021 |  | December 31, 2020
Payments of lease liabilities | 1,227 |  |  | 1,114 |
Amounts recognized in profit or loss:
| December 31,
| 2021 |  | 2020 |  | 2019
Interest on lease liabilities | (810) |  |  | (862) |  |  | (912) |
Income from sub-leasing right-of-use assets | 227 |  |  | 265 |  |  | 277 |
At the end of 2021, the Bank’s Management renegotiated the terms and conditions of the lease agreement relating to the Head Office. Such negotiation included the assignment to the lessor of the sublease agreement that was maintained as operating lease and classified as Investment Property – Right-of-Use. As the result of the assignment of the sublease agreement, the Bank derecognized the entire investment property arising from the right-of-use assets, as well as its associated lease liability, originating a gain of $742 thousand recognized in the consolidated statement of profit or loss within the line "Gain (loss) on non-financial assets, net". With the contractual modification, the Bank remeasured and adjusted the lease liability and the right-of-use asset balance.

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