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Fair value of financial instruments (Tables)
 12 Months Ended
Dec. 31, 2021
Fair value of financial instruments  
Schedule of financial instruments measured at fair value on a recurring basis by caption on the consolidated statement of financial position using the fair value hierarchy
Financial instruments measured at fair value on a recurring basis by caption on the consolidated statement of financial position using the fair value hierarchy are described below:
December 31, 2021
Level 1Level 2Level 3Total
Assets
Securities and other financial assets:
Securities at FVOCI - Corporate debt
— 193,488 — 193,488 
Loans at FVTPL— — 5,313 5,313 
Total securities and other financial assets— 193,488 5,313 198,801 
Derivative financial instruments - assets:
Interest rate swaps
— 1,282 — 1,282 
Cross-currency swaps
— 9,523 — 9,523 
Total derivative financial instrument assets— 10,805 — 10,805 
Total assets at fair value— 204,293 5,313 209,606 
Liabilities
Derivative financial instruments - liabilities:
Interest rate swaps
— 538 — 538 
Cross-currency swaps
— 27,917 — 27,917 
Total derivative financial instruments - liabilities— 28,455 — 28,455 
Total liabilities at fair value— 28,455 — 28,455 
A.    Recurring valuation (continued)
December 31, 2020
Level 1Level 2Level 3Total
Assets
Securities and other financial assets:
Securities at FVOCI - Corporate debt— 226,235 — 226,235 
Securities at FVOCI - Sovereign debt— 5,113 — 5,113 
Loans at FVTPL— — 4,949 4,949 
Total securities and other financial assets— 231,348 4,949 236,297 
Derivative financial instruments - assets:
Interest rate swaps
— 1,831 — 1,831 
Cross-currency swaps
— 25,947 — 25,947 
Total derivative financial instrument assets— 27,778 — 27,778 
Total assets at fair value— 259,126 4,949 264,075 
Liabilities
Derivative financial instruments - liabilities:
Interest rate swaps
— 1,774 — 1,774 
Cross-currency swaps
— 3,848 — 3,848 
Foreign exchange forwards
— 3,589 — 3,589 
Total derivative financial instruments - liabilities— 9,211 — 9,211 
Total liabilities at fair value— 9,211 — 9,211 
Schedule of carrying value and an estimated fair value of the bank's financial instruments that are not measured on a recurring basis
The following table provides information on the carrying value and the estimated fair value of the Bank’s financial instruments that are not measured on a recurring basis:
December 31, 2021
Carrying
value		Fair
value		Level 1Level 2Level 3
Assets
Cash and deposits on banks1,253,052 1,253,052 — 1,253,052 — 
Securities at amortized cost (1)
637,422 632,848 — 628,284 4,564 
Loans at amortized cost, net (2)
5,707,709 5,806,915 — 5,806,915 — 
Customers' liabilities under acceptances201,515 201,515 — 201,515 — 
Investment property— — — — — 
Liabilities
Deposits3,037,457 3,037,457 — 3,037,457 — 
Securities sold under repurchase agreements427,497 427,497 — 427,497 — 
Borrowings and debt, net (3)
3,304,178 3,294,135 — 3,294,135 — 
Acceptances outstanding201,515 201,515 — 201,515 — 
B.    Non-recurring valuation (continued)
December 31, 2020
Carrying
value		Fair
value		Level 1Level 2Level 3
Assets
Cash and deposits on banks863,812 863,812 — 863,812 — 
Securities at amortized cost (1)
165,564 168,110 — 157,698 10,412 
Loans at amortized cost, net (2)
4,891,698 4,972,599 — 4,972,599 — 
Customers' liabilities under acceptances74,366 74,366 — 74,366 — 
Investment property3,214 3,214 — — 3,214 
Liabilities
Deposits3,140,875 3,140,875 — 3,140,875 — 
Securities sold under repurchase agreements10,663 10,663 — 10,663 — 
Borrowings and debt, net (3)
1,966,271 1,989,719 — 1,989,719 — 
Acceptances outstanding74,366 74,366 — 74,366 — 
(1)The carrying value of securities at amortized cost is net of accrued interest receivable of $8.1 million and the allowance for expected credit losses of $1.7 million as of December 31, 2021 (accrued interest receivable of $1.9 million and the allowance for expected credit losses of $0.4 million as of December 31, 2020).
(2)The carrying value of loans at amortized cost is net of accrued interest receivable of $23.3 million, the allowance for expected credit losses of $41.4 million and unearned interest and deferred fees of $8.7 million for December 31, 2021 (accrued interest receivable of $27.3 million, the allowance for expected credit losses of $41.1 million and unearned interest and deferred fees of $5.8 million for December 31, 2020).
(3)Borrowings and debt exclude lease liabilities for an amount of $17.7 million and $18.7 million as of December 31, 2021 and December 31, 2020, respectively.
Schedule of movement of instruments measured at level 3 fair value
The following table presents the movement of a level 3 financial instruments measured at fair value :
Debt instruments at fair value through profit or loss
(debentures )
Loans at fair value through profit or lossTotal
At December 31, 20196,492 — 6,492 
Additions
1,433 5,750 7,183 
Net changes in fair value(1)
(2,175)(801)(2,976)
Sales
(5,750)— (5,750)
At December 31, 2020— 4,949 4,949 
Additions
— — — 
Net changes in fair value(1)
— 364 364 
Sales
— — — 
At December 31, 2021— 5,313 5,313 
Schedule of significant inputs used in the measurement of instruments at level 3 fair value
Inputs used in the fair value measurement are detailed as follows:
Observable inputsUnobservable inputs
- Forward interest rate referenced to 12M USD Libor- Discount rate or discount margin of floating rate bond "USD US composite B+" with credit risk similar to the instrument analyzed adjusted by the country risk premium.
Fair value measurement sensitivity to unobservable inputs – discount rate20212020
A significant increase in volatility would result in a lower fair value
6.86% to 7.84%
3.128% to 8.89%
20202019
Unobservable inputs
Unobservable inputs
- Discount rate based on the return from CCC Corporate S&P Bond Index
- Discount rate for similar companies of the same business line adjusted due to the debt-equity structure of the issuer
- Probability of occurrence of the flows of each sale or conversion scenario
Observable inputs
- Average recovery factor for companies that reported default – Moody’s
Range of estimates
Fair value measurement sensitivity to unobservable inputs – discount rate20202019
A significant increase in volatility would result in a lower fair value
10.00% to 20.00%
12.97% to 27.50%
Schedule of changing one or more assumptions used can generate the following effect For fair value measurements in level 3, changing one or more of the assumptions used would have the following effects.
Loans at fair value through profit or lossEffect on profit or loss
+ 100 bps to the observable and unobservable inputs(108)
- 100 bps to the observable and unobservable inputs111