3.4. Derecognition of financial instruments from the statement of financial position

• transfers the contractual rights to collect cash flows from that financial asset to another entity, or
• retains the contractual rights to receive cash flows from the financial asset, but assumes a contractual
  obligation to pay cash flows to an entity outside the Group.

Upon the transfer of a financial asset, the Group evaluates the extent to which it retains the risks and benefits associated with holding that financial asset. In such case:

• if substantially all risks and benefits associated with holding a given financial asset are transferred, the financial asset is eliminated from the statement of financial position;
• if the Group retains substantially all risks and benefits associated with holding a given financial asset, the financial asset continues to be recognized in the statement of financial position;
• if substantially all risks and benefits associated with holding a given financial asset are neither transferred nor retained, the Group determines whether it has maintained control over that financial asset. If the Group has retained control, it continues to recognize the financial asset in the Group’s statement of financial position to the extent of its continuing involvement in the financial asset; if control has not been retained, then the financial asset is derecognized from the statement of financial position.

The Group derecognizes a financial liability (or a part of a financial liability) from its statement of financial position when the obligation specified in the contract has been met or cancelled or has expired.

The Group derecognizes financial assets from its statement of financial position, among other things, when they are forgiven, their limitation period has expired or when they are irrecoverable. When the said assets are derecognized, they are charged to the respective credit loss allowances.

In the event that no allowances have been recorded, or if the amount of the allowance is less than the amount of the financial asset, the amount of the impairment allowance is increased by the difference between the value of the asset and the amount of the allowance that has been recognized to date.