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Capital and Reserves | 12 Months Ended
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Dec. 31, 2023
Capital and Reserves |
Capital and Reserves | A. Common stock and additional paid-in capital Common stock The Bank’s common stock is divided into four categories: 1)“Class A”; shares may only be issued to Latin American Central Banks or banks in which the state or other government agency is the majority shareholder. 2)“Class B”; shares may only be issued to banks or financial institutions. 3)“Class E”; shares may be issued to any person whether a natural person or a legal entity. 4)“Class F”; may only be issued to state entities and agencies of non-Latin American countries, including, among others, central banks and majority state-owned banks in those countries, and multilateral financial institutions either international or regional institutions. The holders of “Class B” shares have the right to convert or exchange their “Class B” shares, at any time, and without restriction, for “Class E” shares, exchanging one share for another share. The following table provides detailed information on the movement of the shares by class for each of the years ended December 31, 2023, 2022 and 2021:
(Share units) | “Class A” |  | “Class B” |  | “Class E” |  | “Class F” |  | Total
Authorized | 40,000,000 |  |  | 40,000,000 |  |  | 100,000,000 |  |  | 100,000,000 |  |  | 280,000,000 |
Outstanding at January 1, 2021 | 6,342,189 |  |  | 2,178,365 |  |  | 31,157,386 |  |  | — |  |  | 39,677,940 |
Conversions | — |  |  | (89,290) |  |  | 89,290 |  |  | — |  |  | — |
Repurchased common stock | — |  |  | — |  |  | (3,558,093) |  |  | — |  |  | (3,558,093) |
Restricted stock issued – directors | — |  |  | — |  |  | 63,000 |  |  | — |  |  | 63,000 |
Restricted stock units – vested | — |  |  | — |  |  | 48,299 |  |  | — |  |  | 48,299 |
Outstanding at December 31, 2021 | 6,342,189 |  |  | 2,089,075 |  |  | 27,799,882 |  |  | — |  |  | 36,231,146 |
Restricted stock issued – directors | — |  |  | — |  |  | 57,000 |  |  | — |  |  | 57,000 |
Restricted stock units – vested | — |  |  | — |  |  | 36,410 |  |  | — |  |  | 36,410 |
Outstanding at December 31, 2022 | 6,342,189 |  |  | 2,089,075 |  |  | 27,893,292 |  |  | — |  |  | 36,324,556 |
Restricted stock issued – directors | — |  |  | — |  |  | 63,000 |  |  | — |  |  | 63,000 |
Restricted stock units – vested | — |  |  | — |  |  | 152,305 |  |  | — |  |  | 152,305 |
Outstanding at December 31, 2023 | 6,342,189 |  |  | 2,089,075 |  |  | 28,108,597 |  |  | — |  |  | 36,539,861 |
Additional paid-in capital As of December 31, 2023, 2022 and 2021, additional paid-in capital consists of additional cash contributions to the common capital paid by shareholders. B. Treasury stock The following table presents information regarding shares repurchased but not retired by the Bank and accordingly classified as treasury stock:
| “Class A” |  | “Class B” |  | “Class E” |  | Total
| Shares |  | Amount |  | Shares |  | Amount |  | Shares |  | Amount |  | Shares |  | Amount
Outstanding at January 1, 2021 | 318,140 |  |  | 10,708 |  |  | 689,367 |  |  | 18,711 |  |  | 1,294,390 |  |  | 28,580 |  |  | 2,301,897 |  |  | 57,999 |
Repurchase of common stock | — |  |  | — |  |  | — |  |  | — |  |  | 3,558,093 |  |  | 60,079 |  |  | 3,558,093 |  |  | 60,079 |
Restricted stock issued - directors | — |  |  | — |  |  | — |  |  | — |  |  | (63,000) |  |  | (1,391) |  |  | (63,000) |  |  | (1,391) |
Restricted stock units - vested | — |  |  | — |  |  | — |  |  | — |  |  | (48,299) |  |  | (888) |  |  | (48,299) |  |  | (888) |
Outstanding at December 31, 2021 | 318,140 |  |  | 10,708 |  |  | 689,367 |  |  | 18,711 |  |  | 4,741,184 |  |  | 86,380 |  |  | 5,748,691 |  |  | 115,799 |
Restricted stock issued - directors | — |  |  | — |  |  | — |  |  | — |  |  | (57,000) |  |  | (1,039) |  |  | (57,000) |  |  | (1,039) |
Restricted stock units - vested | — |  |  | — |  |  | — |  |  | — |  |  | (36,410) |  |  | (663) |  |  | (36,410) |  |  | (663) |
Outstanding at December 31, 2022 | 318,140 |  |  | 10,708 |  |  | 689,367 |  |  | 18,711 |  |  | 4,647,774 |  |  | 84,678 |  |  | 5,655,281 |  |  | 114,097 |
Restricted stock issued - directors | — |  |  | — |  |  | — |  |  | — |  |  | (63,000) |  |  | (1,148) |  |  | (63,000) |  |  | (1,148) |
Restricted stock units - vested | — |  |  | — |  |  | — |  |  | — |  |  | (152,305) |  |  | (2,775) |  |  | (152,305) |  |  | (2,775) |
Outstanding at December 31, 2023 | 318,140 |  |  | 10,708 |  |  | 689,367 |  |  | 18,711 |  |  | 4,432,469 |  |  | 80,755 |  |  | 5,439,976 |  |  | 110,174 |
In May 2021, the Bank announced a $60 million common stock repurchase program which ended in December 2021. Through the program, the Bank repurchased a total of 3,558,093 Class E shares, representing approximately 10% of the total outstanding shares at a volume-weighted average price per share of $16.86.

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