XML 311 R21.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Note 14 - Financial assets at amortised cost
 12 Months Ended
Dec. 31, 2019
Financial Assets At Amortised Cost  
Disclosure Of Financial Assets at amortized cost

14. Financial assets at amortized cost

14.1 Breakdown of the balance

The breakdown of the balance under this heading in the accompanying consolidated balance sheets, according to the nature of the financial instrument, is as follows:

Financial assets at amortized cost (Millions of Euros)
Notes201920182017
Debt securities38,87732,53024,093
Government31,52625,01417,030
Credit institutions7196441,152
Other sectors 6,6326,8725,911
Loans and advances to central banks4,2753,9417,300
Loans and advances to credit institutions13,6499,16326,261
Reverse repurchase agreements351,81747813,861
Other loans and advances11,8328,68512,400
Loans and advances to customers382,360374,027387,621
Government28,22228,11431,645
Other financial corporations11,2079,46818,173
Non-financial corporations166,789163,922164,510
Other176,142172,522173,293
Total439,162419,660445,275
Of which: impaired assets of loans and advances to customers15,95416,34919,390
Of which: loss allowances of loans and advances(12,427)(12,217)(12,784)
Of which: loss allowances of debt securities(52)(51)(15)

During financial years 2019 and 2018, there have been no significant reclassifications neither from “Financial assets at amortized cost” to other headings or from other headings to “Financial assets at amortized cost”.

14.2 Debt securities

The breakdown of the balance under the heading “Debt securities” in the accompanying consolidated balance sheets, according to the issuer of the debt securities, is as follows:

Financial assets at amortized cost. (Millions of Euros)
20192018
Amortized cost UnrealizedgainsUnrealizedlossesFair value Amortized cost UnrealizedgainsUnrealizedlossesFair value
Domestic debt securities
Government and other government agencies12,755630(21)13,36310,953458(265)11,146
Credit institutions26--2653--53
Other issuers4,90338(10)4,9315,01441(25)5,030
Subtotal 17,684668(31)18,32016,019499(290)16,228
Foreign debt securities
Mexico6,374168(18)6,5255,14810-5,157
Government and other government agencies debt securities5,576166-5,7424,5719-4,579
Credit institutions5262-5293501-351
Other issuers272-(18)254227--227
The United States6,125111(20)6,2172,55915(3)2,570
Government securities 5,690111(18)5,7832,070--2,070
Treasury and other government agencies1,16150(17)1,193118--118
States and political subdivisions 4,53061(1)4,5901,952--1,952
Credit institutions25-(1)25239(2)30
Other issuers410-(1)4094666(1)470
Turkey4,11348(65)4,0974,062-(261)3,801
Government and other government agencies debt securities4,10547(65)4,0884,054-(261)3,793
Credit institutions71-87--7
Other issuers1--11--1
Other countries4,58182(26)4,6374,74132(152)4,622
Other foreign governments and other government agency debt securities3,40082(22)3,4593,36627(152)3,242
Central banks----64--64
Credit institutions135--135147--147
Other issuers1,047-(4)1,0431,1645-1,169
Subtotal 21,194409(129)21,47616,51057(416)16,150
Total38,8771,077(160)39,79632,530556(706)32,378

As of December 31, 2019 and 2018, the credit ratings of the issuers of debt securities classified as follows:

Debt securities by rating
20192018
Carrying amount(Millions of Euros)%Carrying amount(Millions of Euros)%
AAA390.1%490.2%
AA+6,48116.7%1,9696.1%
AA14-620.2%
AA-7131.8%--
A+--6071.9%
A16,80643.2%210.1%
A-6071.6%6,11718.8%
BBB+3,7159.6%13,89442.7%
BBB5511.4%1,6235.0%
BBB-3,7459.6%2,6948.3%
BB+ or below5,12313.2%4,37113.4%
Without rating1,0832.8%1,1233.5%
Total38,877100.0%32,530100.0%

14.3 Loans and advances to customers

The breakdown of the balance under this heading in the accompanying consolidated balance sheets, according to their nature, is as follows:

Loans and advances to customers (Millions of Euros)
Notes201920182017
On demand and short notice3,0503,64110,560
Credit card debt16,35415,44515,835
Trade receivables17,27617,43622,705
Finance leases8,7118,6508,642
Reverse repurchase agreements35 2629411,554
Other term loans332,160324,767313,336
Advances that are not loans4,7843,7944,989
Total 382,360374,027387,621

The following table sets forth a breakdown of the gross carrying amount "Loans and advances to customers" with maturity greater than one year by fixed and variable rate as of December 31, 2019:

'Interest sensitivity of outstanding loans and advances maturing in more than one year (Millions of Euros)
DomesticForeignTotal
Fixed rate55,92068,915124,835
Variable rate79,32997,765177,095
Total135,249166,680301,929

As of December 31, 2019, 2018 and 2017, 41%, 38% and 38%, respectively, of "Loans and advances to customers" with maturity greater than one year have fixed-interest rates and 59%, 62% and 62%, respectively, have variable interest rates.

The heading “Financial assets at amortized cost – Loans and advances to customers” in the accompanying consolidated balance sheets also includes certain secured loans that, as pursuant to the Mortgage Market Act, are linked to long-term mortgage-covered bonds.

This heading also includes some loans that have been securitized. The balances recognized in the accompanying consolidated balance sheets corresponding to these securitized loans are as follows:

Securitized loans (Millions of Euros)
201920182017
Securitized mortgage assets26,16926,55628,950
Other securitized assets4,2493,2214,143
Total securitized assets30,41829,77733,093