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Note 37 - Interest Income and Expense | 12 Months Ended
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Dec. 31, 2017
Interest Income And Expense |
Disclosure of Interest Income Expense | Interest income and expense Interest income The breakdown of the interest and similar income recognized in the accompanying consolidated income statement is as follows
Interest Income. Breakdown by Origin (Millions of euros)
| Notes | 2017 | 2016 | 2015
Central Banks |  | 406 | 229 | 140
Loans and advances to credit institutions |  | 410 | 217 | 260
Loans and advances to customers |  | 22,699 | 21,608 | 19,200
Debt securities |  | 3,809 | 4,128 | 3,792
Held for trading |  | 1,263 | 1,014 | 981
Other portfolios |  | 2,546 | 3,114 | 2,810
Adjustments of income as a result of hedging transactions |  | 427 | (385) | (382)
Cash flow hedges (effective portion) |  | 15 | 12 | 47
Fair value hedges |  | 412 | (397) | (429)
Insurance activity |  | 1,058 | 1,219 | 1,152
Other income |  | 487 | 692 | 621
Total | 55.2 | 29,296 | 27,708 | 24,783
The amounts recognized in consolidated equity in connection with hedging derivatives and the amounts derecognized from consolidated equity and taken to the consolidated income statement during both periods are given in the accompanying “Consolidated statements of recognized income and expenses” Interest expense Th e breakdown of the balance under this heading in the accompanying consolidated income statements is as follows
Interest Expenses. Breakdown by Origin (Millions of euros)
|  | 2017 | 2016 | 2015
Central banks |  | 123 | 192 | 138
Deposits from credit institutions |  | 1,880 | 1,367 | 1,186
Customers deposits |  | 5,814 | 5,766 | 4,340
Debt securities issued |  | 1,930 | 2,323 | 2,548
Adjustments of expenses as a result of hedging transactions |  | 665 | (574) | (859)
Cash flow hedges (effective portion) |  | 38 | 42 | (16)
Fair value hedges |  | 627 | (616) | (844)
Cost attributable to pension funds |  | 125 | 96 | 108
Insurance activity |  | 682 | 846 | 816
Other expenses |  | 316 | 634 | 484
Total |  | 11,537 | 10,648 | 8,761
Average return on investments and average borrowing cost The detail of the average return on investments in the years ended December 31, 2017, 2016 and 2015 is as follows
Assets (Millions of euros)
|  |  | 2017 |  |  | 2016 |  |  | 2015 |
|  | Average Balances | Interest income | Average Interest Rates (%) | Average Balances | Interest income | Average Interest Rates (%) | Average Balances | Interest income | Average Interest Rates (%)
Cash and balances with central banks and other demand deposits |  | 33,917 | 83 | 0.25 | 26,209 | 10 | 0.04 | 23,542 | 2 | 0.01
Securities portfolio and derivatives |  | 177,164 | 4,724 | 2.67 | 202,388 | 5,072 | 2.51 | 211,589 | 4,673 | 2.21
Loans and advances to central banks |  | 10,945 | 258 | 2.36 | 15,326 | 229 | 1.50 | 12,004 | 140 | 1.17
Loans and advances to credit institutions |  | 26,420 | 485 | 1.83 | 28,078 | 218 | 0.78 | 27,171 | 270 | 0.99
Loans and advances to customers |  | 407,153 | 23,261 | 5.71 | 410,895 | 21,853 | 5.32 | 382,125 | 19,471 | 5.10
Euros |  | 196,893 | 3,449 | 1.75 | 201,967 | 3,750 | 1.86 | 196,987 | 4,301 | 2.18
Foreign currency |  | 210,261 | 19,812 | 9.42 | 208,928 | 18,104 | 8.67 | 185,139 | 15,170 | 8.19
Other assets |  | 48,872 | 485 | 0.99 | 52,748 | 325 | 0.62 | 49,128 | 226 | 0.46
Total |  | 704,471 | 29,296 | 4.16 | 735,645 | 27,708 | 3.77 | 705,559 | 24,783 | 3.51
The average borrowing cost in the years ended December 31, 2017, 2016 and 2015 is as follows
Liabilities (Millions of euros)
|  |  | 2017 |  |  | 2016 |  |  | 2015 |
|  | Average Balances | Interest expenses | Average Interest Rates (%) | Average Balances | Interest expenses | Average Interest Rates (%) | Average Balances | Interest expenses | Average Interest Rates (%)
Deposits from central banks and credit institutions |  | 90,619 | 2,212 | 2.44 | 101,975 | 1,866 | 1.83 | 99,289 | 1,559 | 1.57
Customer deposits |  | 392,057 | 7,007 | 1.79 | 398,851 | 5,944 | 1.49 | 366,249 | 4,390 | 1.20
Euros |  | 186,261 | 461 | 0.25 | 195,310 | 766 | 0.39 | 187,721 | 1,024 | 0.55
Foreign currency |  | 205,796 | 6,546 | 3.18 | 203,541 | 5,178 | 2.54 | 178,528 | 3,366 | 1.89
Debt securities issued |  | 84,221 | 1,631 | 1.94 | 89,876 | 1,738 | 1.93 | 89,672 | 1,875 | 2.09
Other liabilities |  | 82,699 | 687 | 0.83 | 89,328 | 1,101 | 1.23 | 96,049 | 936 | 0.97
Equity |  | 54,874 | - | - | 55,616 | - | - | 54,300 | - | -
Total |  | 704,471 | 11,537 | 1.64 | 735,645 | 10,648 | 1.45 | 705,559 | 8,761 | 1.24
The change in the balance under the headings “Interest and similar income” and “Interest and similar expenses” in the accompanying consolidated income statements is the result of exchange rate effect, changing prices (price effect) and changing volume of activity (volume effect), as can be seen below
Interest Income and Expenses : Change in the Balance (Millions of euros)
| 2017 / 2016 | 2016 / 2015
| Volume Effect (1) | Price Effect (2) | Total Effect | Volume Effect (1) | Price Effect (2) | Total Effect
Cash and balances with central banks and other demand deposits | 3 | 71 | 74 | - | 7 | 8
Securities portfolio and derivatives | (632) | 285 | (347) | (203) | 602 | 399
Loans and advances to Central Banks | (66) | 94 | 29 | 39 | 51 | 89
Loans and advances to credit institutions | (13) | 279 | 266 | 9 | (61) | (52)
Loans and advances to customers | (199) | 1,606 | 1,408 | 1,466 | 916 | 2,382
In Euros | (94) | (206) | (301) | 109 | (660) | (552)
In other currencies | 115 | 1,593 | 1,708 | 1,949 | 985 | 2,934
Other assets | (24) | 184 | 160 | 17 | 82 | 99
Interest income |  |  | 1,588 |  |  | 2,925
Deposits from central banks and credit institutions | (208) | 554 | 346 | 42 | 265 | 307
Customer deposits | (101) | 1,164 | 1,063 | 391 | 1,162 | 1,553
Domestic | (35) | (269) | (305) | 41 | (300) | (258)
Foreign | 57 | 1,311 | 1,368 | 472 | 1,340 | 1,812
Debt securities issued | (109) | 3 | (106) | 4 | (142) | (137)
Other liabilities | (82) | (332) | (414) | (66) | 230 | 165
Interest expenses |  |  | 889 |  |  | 1,888
Net Interest Income |  |  | 699 | - |  | 1,037
(1) The volume effect is calculated as the result of the interest rate of the initial period multiplied by the diffe rence between the average balances of both periods. (2) The price effect is calculated as the result of the average balance of the last period multiplied by the difference between the interest rates of both periods

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