The collateralised placements relate to reverse repurchase agreement (Repo) with local banks, with government securities held as collateral. The fair value of the collateral at 30 June 2021 was MUR 23.4bn (2020: MUR 10.9bn, 2019: MUR 9.4bn).

The table below shows the credit quality and the maximum exposure to credit risk based on the Bank’s external credit rating system and year-end stage classification. The amounts presented are gross of impairment allowances.

The financial assets were classified in Stage 1 and 12 month ECL was calculated hereon at 30 June 2021, 2020 and 2019