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Note 22 - Financial liabilities at amortized cost | 12 Months Ended
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Dec. 31, 2017
Financial liabilities at amortized cost Abstract |
Financial liabiltiies measured at amortized cost | Financial liabilities at amortized cost Breakdown of the balance The breakdown of the balance under these headings in the accompanying consolidated balance sheets is as follows:
Financial liabilities measured at amortized cost (Millions of euros)
| Notes | 2017 | 2016 | 2015
Deposits |  |  |  |
Deposits from Central Banks | 9 | 37,054 | 34,740 | 40,087
Deposits from Credit Institutions |  | 54,516 | 63,501 | 68,543
Customer deposits |  | 376,379 | 401,465 | 403,362
Debt securities issued |  | 63,915 | 76,375 | 81,980
Other financial liabilities |  | 11,850 | 13,129 | 12,141
Total |  | 543,714 | 589,210 | 606,113
Deposits from credit institutions The breakdown of the balance under this heading in the consolidated balance sheets, according to the nature of the financial instruments, is as follows:
Deposits from credit institutions (Millions of euros)
| Notes | 2017 | 2016 | 2015
Term deposits |  | 25,941 | 30,429 | 38,153
Demand deposits |  | 3,731 | 4,651 | 4,318
Repurchase agreements | 35 | 24,843 | 28,420 | 26,072
Total |  | 54,516 | 63,501 | 68,543
The breakdown by geographical area and the nature of the rela ted instruments of this heading in the accompanying consolidated balance sheets is as follows:
Deposits from Credit Institutions. December 2017 (Millions of euros)
| Demand Deposits & Reciprocal Accounts | Deposits with Agreed Maturity | Repurchase Agreements | Total
Spain | 762 | 3,879 | 878 | 5,518
The United States | 1,563 | 2,398 | - | 3,961
Mexico | 282 | 330 | 1,817 | 2,429
Turkey | 73 | 836 | 44 | 953
South America | 448 | 2,538 | 13 | 2,999
Rest of Europe | 526 | 12,592 | 21,732 | 34,849
Rest of the world | 77 | 3,369 | 360 | 3,806
Total | 3,731 | 25,941 | 24,843 | 54,516
Deposits from Credit Institutions. December 2016 (Millions of euros)
| Demand Deposits & Reciprocal Accounts | Deposits with Agreed Maturity | Repurchase Agreements | Total
Spain | 956 | 4,995 | 817 | 6,768
The United States | 1,812 | 3,225 | 3 | 5,040
Mexico | 306 | 426 | 2,931 | 3,663
Turkey | 317 | 1,140 | 5 | 1,463
South America | 275 | 3,294 | 465 | 4,035
Rest of Europe | 896 | 13,751 | 23,691 | 38,338
Rest of the world | 88 | 3,597 | 509 | 4,194
Total | 4,651 | 30,429 | 28,420 | 63,501
Deposits from Credit Institutions. December 2015 (Millions of euros)
| Demand Deposits & Reciprocal Accounts | Deposits with Agreed Maturity | Repurchase Agreements | Total
Spain | 951 | 6,718 | 593 | 8,262
The United States | 1,892 | 5,497 | 2 | 7,391
Mexico | 54 | 673 | 916 | 1,643
Turkey | 355 | 1,423 | 8 | 1,786
South America | 212 | 3,779 | 432 | 4,423
Rest of Europe | 801 | 15,955 | 23,140 | 39,896
Rest of the world | 53 | 4,108 | 981 | 5,142
Total | 4,318 | 38,153 | 26,072 | 68,543
Customer deposits The breakdown of this heading in the accompan ying consolidated balance sheets, by type of financial instrument, is as follows:
Customer deposits (Millions of euros)
| Notes | 2017 | 2016 | 2015
General Governments |  | 23,210 | 21,396 | 25,396
Current accounts |  | 223,497 | 212,604 | 195,655
Time deposits |  | 116,538 | 153,388 | 165,469
Repurchase agreements | 35 | 9,076 | 13,514 | 15,744
Subordinated deposits |  | 194 | 233 | 285
Other accounts |  | 3,864 | 330 | 814
Total |  | 376,379 | 401,465 | 403,362
Of which: |  |  |  |
In Euros |  | 184,150 | 189,438 | 203,053
In foreign currency |  | 192,229 | 212,027 | 200,309
The breakdown by geographical area of this heading in the accompanying consolidated balance sheets, by type of instrument is as follows:
Customer Deposits. December 2017 (Millions of euros)
| Demand Deposits | Deposits with Agreed Maturity | Repurchase Agreements | Total
Spain | 123,382 | 39,513 | 2,664 | 165,559
The United States | 36,728 | 21,436 | - | 58,164
Mexico | 36,492 | 11,622 | 4,272 | 52,387
Turkey | 12,427 | 24,237 | 152 | 36,815
South America | 23,710 | 15,053 | 2 | 38,764
Rest of Europe | 6,816 | 13,372 | 1,989 | 22,177
Rest of the world | 1,028 | 1,484 | - | 2,511
Total | 240,583 | 126,716 | 9,079 | 376,379
Customer Deposits. December 2016 (Millions of euros)
| Demand Deposits | Deposits with Agreed Maturity | Repurchase Agreements | Total
Spain | 102,730 | 56,391 | 1,901 | 161,022
The United States | 26,997 | 23,023 | 263 | 50,282
Mexico | 36,468 | 10,647 | 7,002 | 54,117
Turkey | 47,340 | 14,971 | - | 62,311
South America | 9,862 | 28,328 | 21 | 38,211
Rest of Europe | 6,959 | 19,683 | 4,306 | 30,949
Rest of the world | 1,190 | 3,382 | - | 4,572
Total | 231,547 | 156,425 | 13,493 | 401,465
Customer Deposits. December 2015 (Millions of euros)
| Demand Deposits | Deposits with Agreed Maturity | Repurchase Agreements | Total
Spain | 86,564 | 70,816 | 11,309 | 168,689
The United States | 47,071 | 15,893 | 24 | 62,988
Mexico | 36,907 | 10,320 | 4,195 | 51,422
Turkey | 9,277 | 26,744 | 15 | 36,036
South America | 24,574 | 19,591 | 304 | 44,469
Rest of Europe | 5,514 | 22,833 | 7,423 | 35,770
Rest of the world | 357 | 3,631 | - | 3,988
Total | 210,264 | 169,828 | 23,270 | 403,362
Debt securities issued (including bonds and debentures) The breakdown of the balance under this heading, by currency, is as follows:
Debt securities issued (Millions of euros)
| 2017 | 2016 | 2015
In Euros | 38,735 | 45,619 | 51,449
Promissory bills and notes | 1,309 | 875 | 471
Non-convertible bonds and debentures | 9,418 | 8,766 | 10,081
Covered bonds | 16,425 | 24,845 | 29,672
Hybrid financial instruments | 807 | 468 | 396
Securitization bonds | 2,295 | 3,693 | 4,729
Subordinated liabilities | 8,481 | 6,972 | 6,100
Convertible | 4,500 | 4,070 | 3,030
Convertible perpetual securities | 4,500 | 4,070 | 3,030
Non-convertible | 3,981 | 2,902 | 3,071
Preferred Stock | 107 | 359 | 357
Other subordinated liabilities | 3,875 | 2,543 | 2,714
In Foreign Currencies | 25,180 | 30,759 | 30,531
Promissory bills and notes | 3,157 | 382 | 194
Non-convertible bonds and debentures | 11,109 | 15,134 | 14,976
Covered bonds | 650 | 149 | 148
Hybrid financial instruments | 1,809 | 2,059 | 2,422
Securitization bonds | 47 | 3,019 | 3,077
Subordinated liabilities | 8,407 | 10,016 | 9,715
Convertible | 2,085 | 1,548 | 1,511
Convertible perpetual securities | 2,085 | 1,548 | 1,511
Non-convertible | 6,323 | 8,467 | 8,204
Preferred Stock | 55 | 620 | 616
Other subordinated liabilities | 6,268 | 7,846 | 7,589
Total | 63,915 | 76,375 | 81,980
As of December 31, 2017, 71% of “Debt securities issued” have fixed-interest rates and 29% have variable interest rates. Most of the foreign currency issues are denominated in U.S. dollars. Non-convertible bonds and debentures The senior debt issued by BBVA Senior Finance, S.A.U., are guaranteed jointly, severally and irrevocably by the Bank. Subordinated liabilities The issuances of BBVA International Preferred, S.A.U., BBVA Subordinated Capital, S.A.U., BBVA Global Finance, Ltd., Caixa Terrassa Societat de Participacions Preferents, S.A.U. and CaixaSabadell Preferents, S.A.U., are jointly, severally and irrevocably guaranteed by the Bank. For additional information of the outstanding subordinated debt, see Appendix VI. The balance variances are mainly due to the following transactions: Convertible perpetual securities On May 24, 2017, BBVA carried out the fifth issuance of perpetual contingent convertible securities (additional tier 1 instrument), with exclusion of pre-emptive subs cription rights of shareholders, for a total nominal amount of €500 million. This issuance is listed in the Global Exchange Market of the Irish Stock Exchange and was targeted only at qualified investors, not being offered to, and not being subscribed for, in Spain or by Spanish residents. The issuance qualifies as additional tier 1 capital of the Bank and the Group in accordance with Regulation EU 575/2013 (see Note 22.3). Additionally, on November 14, 2017, BBVA carried out the sixth issuance of perpetua l contingent convertible securities (additional tier 1 instrument), with exclusion of pre-emptive subscription rights of shareholders, for a total nominal amount of $1,000 million. This issuance is listed in the Global Exchange Market of the Irish Stock Ex change and was targeted only at qualified investors, not being offered to, and not being subscribed for, in Spain or by Spanish residents. The qualification of this issuance as additional tier 1 capital has been requested (see Note 22.3). The additional f our issuances of perpetual contingent convertible securities (additional tier 1 instruments) with exclusion of pre-emptive subscription rights of shareholders (in April 2013 for an amount of $1.5 billion, in February 2014 and February 2015 for an amount of €1.5 billion each one, and in April 2016 for an amount of €1 billion). These issuances were targeted only at qualified investors and foreign private banking clients not being offered to, and not being subscribed for, in Spain or by Spanish residents. The first two issuances are listed in the Singapore Exchange Securities Trading Limited and the last two issuances are listed in the Global Exchange Market of the Irish Stock Exchange. Furthermore, these four issuances qualify as additional tier 1 capital of t he Bank and the Group in accordance with Regulation UE 575/2013 (see Note 22.3). These perpetual securities will be converted into newly issued ordinary shares of BBVA if the CET 1 ratio of the Bank or the Group is less than 5.125%, in accordance with thei r respective terms and conditions. These issues may be fully redeemed at BBVA´s option only in the cases contemplated in their respective terms and conditions, and in any case, in accordance with the provisions of the applicable legislation. Preferred sec urities The breakdown by issuer of the balance under this heading in the accompanying consolidated balance sheets is as follows:
Preferred Securities by Issuer (Millions of euros)
| 2017 | 2016 | 2015
BBVA International Preferred, S.A.U. (1) | 36 | 855 | 842
Unnim Group (2) | 98 | 100 | 109
Compass Group | 19 | 22 | 22
BBVA Colombia, S.A. | 1 | 1 | 1
Others | 9 | 1 | -
Total | 163 | 979 | 974
(1) Listed on the London and New York stock exchanges. (2) Unnim Group: Issuances prior to the acquisition by BBVA. These issues were fully subscribed at the moment of the issue by qualified/institutional investors outside the Group and are redeemable at the issuer company’s option after five years from the is sue date, depending on the terms of each issue and with prior consent from the Bank of Spain. Redemption of preferred securities On March 20, 2017 BBVA International Preferred, S.A.U. carried out the early redemption in full of its Series B preferred secur ities for an outstanding amount of €164,350,000. Likewise, on March 22, 2017 BBVA International Preferred, S.A.U. carried out the early redemption in full of its Series A preferred securities for an outstanding amount of €85,550,000. Finally, on April 18, 2017 BBVA International Preferred, S.A.U. carried out the early redemption in full of its Series C preferred securities for an outstanding amount of USD 600,000,000. Other financial liabilities The breakdown of the balance under this heading in the accomp anying consolidated balance sheets is as follows:
Other financial liabilities (Millions of euros)
| Notes | 2017 | 2016 | 2015
Creditors for other financial liabilities |  | 2,835 | 3,465 | 3,303
Collection accounts |  | 3,452 | 2,768 | 2,369
Creditors for other payables |  | 5,563 | 6,370 | 5,960
Dividend payable but pending payment | 4 | - | 525 | 509
Total |  | 11,850 | 13,129 | 12,141

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