Note 3 Loans to customers and impairments LOANS TO CUSTOMERS Amounts in NOK million 31 Dec. 2021 31 Dec. 2020 Gross loans to customers 8,220.1 9,506.9 Impairment of loans -822.2 -1,145.8 Net loans to customers 7,397.8 8,361.2 The Bank has only issued loans to individuals and has not issued any guarantees, neither as at 31 December 2021 nor as at 31 December 2020. DEFAULTED LOANS TO CUSTOMERS Amounts in NOK million 31 Dec. 2021 31 Dec. 2020 Gross defaulted loans to customers 1 1,062.4 2,039.2 Impairment of loans to customers (stage 3) -530.7 -829.7 Net defaulted loans to customers 531.8 1,209.6 1 Defaulted loans are comprised, amongst other, of loans which are 91 days or more overdue according to agreed payment schedule. Such loans continue to be considered defaulted regardless og future payment status. Defaulted loans also comprise of loans with indications of unlikeness to pay. RECONCILIATION OF LOSSES ON LOANS (RESULT) Amounts in NOK million 2021 2020 +/- Change in stage 3 impairment of loans -299.0 336.1 +/- Change in impairment on stage 1 and 2 of loans -24.4 -0.4 Realized losses and effects of portfolio sales 1,062.6 28.6 Losses on loans 739.1 364.3 See note 2 ”Segments” for information about losses on loans (result) per segment. During 2020 and 2021, the Bank has had forward flow agreement in place to continuously transfer defaulted Norwgeian loans. The Bank also agreed on a one-off sale of defaulted consumer loans in Sweden and Finland in 2021. In addition, forward flow agreements for the sale of defaulted credit card loans in Norway, and loans in Sweden and Finland was effective from Q4 2021. Total gross loans to customers sold in 2021 were NOK 1,597.1 million (2020: NOK 90.1 million). 54 Notes to the financial statements
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