93 3.1.2 MAXIMUM EXPOSURE TO CREDIT RISK An entity ’s maximumexposure to credit risk represents the carrying amount, net of any impairment loss recognised and without taking account of any collateral held or other credit enhancements (e.g. netting agreements that do not meet offset conditions under IAS 32). The tables below show the maximum exposure as well as the amount of collateral held and other credit enhancements allowing this exposure to be reduced. Assets impaired as of the balance sheet date are impaired assets (Stage 3). FINANCIAL ASSETS NOT SUBJECT TO IMPAIRMENT REQUIREMENTS (RECOGNISED AT FAIR VALUE THROUGH PROFIT OR LOSS) AS OF 31 DECEMBER 2021 Maximum credit risk exposure Credit risk mitigation Assets held as collateral Other credit enhancement techniques (in thousands of euros) Financial instruments received as collateral Mortgages Pledges Surety bonds and other financial guarantees Surety bonds and other financial guarantees Financial assets at fair value through profit or loss (excluding variable income securities and assets representing unit-linked policies) 5,564 Financial assets held for trading 2,846 Debt instruments that do not meet SPPI criteria 2718 Financial assets designated at fair value through profit or loss Hedging derivative instruments 21,940 Total 27,504 FINANCIAL ASSETS NOT SUBJECT TO IMPAIRMENT REQUIREMENTS (RECOGNISED AT FAIR VALUE THROUGH PROFIT OR LOSS) AS OF 31 DECEMBER 2020 Maximum credit risk exposure Credit risk mitigation Assets held as collateral Other credit enhancement techniques (in thousands of euros) Financial instruments received as collateral Mortgages Pledges Surety bonds and other financial guarantees Surety bonds and other financial guarantees Financial assets at fair value through profit or loss (excluding variable income securities and assets representing unit-linked policies) 14,399 Financial assets held for trading 12,126 Debt instruments that do not meet SPPI criteria 2,273 Financial assets designated at fair value through profit or loss Hedging derivative instruments 32,947 Total 47,346
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