135 Annual Report 2021 There were no significant financial assets at amortised costs and debt investments carried at FVOCI written off during the year that are subject to enforcement activity. The Authority does not hold any collateral as security for any financial assets at amortised cost and debt investments carried at FVOCI balances. Cash and cash equivalents The Authority assesses, on a group basis, its exposure to credit risk arising from cash at bank. This assessment takes into account, ratings from external credit rating institutions and internal ratings, if external are not available. Bank deposits held with banks with investment grade rating are considered as low credit risk. The gross carrying amounts below represent the Authority's maximum exposure to credit risk on these assets as at 31 December 2021 and 31 December 2020: 2021 2020 Authority internal credit rating External credit rating from Moody's agency € € Performing Caa1 - 3.496.398 Performing Ba3 4.991.183 - Performing B1 2.652.132 2.013.702 Performing N/A - 2.017.720 Total 7.643.315 7.527.820 The ECL on current accounts is considered to be approximate to 0, unless the bank is subject to capital controls. The ECL on deposits accounts is calculated by considering published PDs for the rating as per Moody's and an LGD of 40-60% as published by ECB. The Authority does not hold any collateral as security for any cash at bank balances. There were no significant cash at bank balances written off during the year that are subject to enforcement activity. iii. Net impairment losses on financial and contract assets recognised in profit or loss During the year, the following gains/(losses) were recognised in profit or loss in relation to impaired financial assets and contract assets: 2021 2020 Impairment losses € € Impairment charge on cash and cash equivalents (15.931) (40.449) Impairment charge - trade receivables (166) (1.071) Reversal of impairment-cash and cash equivalents 40.449 - Reversal of impairment - trade receivables 1.071 - Net impairment profit/(loss) on financial and contract assets 25.423 (41.520)
RkJQdWJsaXNoZXIy MzU4MTg0