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Note 12 - Financial assets at fair value through other comprehensive income | 6 Months Ended
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Jun. 30, 2018
Financial Assets At Fair Value Through Other Comprehensive Income Abstract |
Financial assets at fair value through profit or loss | Financial assets at fair value through other comprehensive income Balance details The breakdown of the balance by the main financial instruments in the accompanying consolidated balance sheets is as follows:
Financial assets designated at fair value through other comprehensive income (Millions of euros)
| Notes | June 2018 | December 2017
Debt securities | 6.2.1 | 60,615 | 66,273
Impairment losses |  | (15) | (21)
Equity instruments | 6.2.1 | 2,579 | 4,488
Impairment losses |  | - | (1,264)
Loans and advances |  | 33 | -
Total |  | 63,212 | 69,476
Debt securities The breakdown of the balance under the heading “Debt securities” of the accompanying consolidated financial statements, broken down by the nature of the financial instruments, is as follows:
Financial assets designated at fair value through profit or loss: Debt Securities. June 2018 (Millions of euros)
| Amortized Cost (*) | Unrealized Gains | Unrealized Losses | Book Value
Domestic Debt Securities |  |  |  |
Spanish Government and other government agency debt securities | 20,478 | 869 | (2) | 21,346
Other debt securities | 1,673 | 105 | (2) | 1,777
Issued by credit institutions | 817 | 67 | - | 884
Issued by other issuers | 856 | 38 | (2) | 893
Subtotal | 22,151 | 975 | (3) | 23,122
Foreign Debt Securities |  |  |  |
Mexico | 6,966 | 17 | (126) | 6,857
Mexican Government and other government agency debt securities | 5,671 | 11 | (111) | 5,572
Other debt securities | 1,294 | 6 | (15) | 1,286
Issued by credit institutions | 30 | - | (1) | 30
Issued by other issuers | 1,265 | 6 | (14) | 1,256
The United States | 14,044 | 27 | (271) | 13,799
Government securities | 10,296 | 13 | (191) | 10,118
US Treasury and other US Government agencies | 5,944 | 6 | (89) | 5,861
States and political subdivisions | 4,351 | 7 | (102) | 4,256
Other debt securities | 3,748 | 14 | (80) | 3,681
Issued by credit institutions | 50 | 1 | - | 51
Issued by other issuers | 3,698 | 13 | (80) | 3,630
Turkey | 4,582 | 33 | (206) | 4,409
Turkey Government and other government agency debt securities | 4,211 | 32 | (191) | 4,052
Other debt securities | 371 | 1 | (15) | 357
Issued by credit institutions | 349 | - | (15) | 334
Issued by other issuers | 22 | 1 | - | 23
Other countries | 12,208 | 331 | (126) | 12,413
Other foreign governments and other government agency debt securities | 6,479 | 165 | (82) | 6,562
Other debt securities | 5,729 | 166 | (43) | 5,852
Issued by Central Banks | 947 | 2 | (2) | 946
Issued by credit institutions | 1,992 | 120 | (23) | 2,089
Issued by other issuers | 2,790 | 44 | (18) | 2,816
Subtotal | 37,799 | 407 | (729) | 37,478
Total | 59,951 | 1,382 | (732) | 60,600
(*) The amortized cost includes portfolio gains/losses linked to insurance contracts in which the policyholder assumes the risk in case of redemption.
Available-for-sale financial assets: Debt Securities. December 2017 (Millions of euros)
| Amortized Cost (*) | Unrealized Gains | Unrealized Losses | Book Value
Domestic Debt Securities |  |  |  |
Spanish Government and other general governments agencies debt securities | 22,765 | 791 | (17) | 23,539
Other debt securities | 1,951 | 114 | - | 2,066
Issued by credit institutions | 891 | 72 | - | 962
Issued by other issuers | 1,061 | 43 | - | 1,103
Subtotal | 24,716 | 906 | (17) | 25,605
Foreign Debt Securities |  |  |  |
Mexico | 9,755 | 45 | (142) | 9,658
Mexican Government and other general governments agencies debt securities | 8,101 | 34 | (120) | 8,015
Other debt securities | 1,654 | 11 | (22) | 1,643
Issued by credit institutions | 212 | 1 | (3) | 209
Issued by other issuers | 1,442 | 10 | (19) | 1,434
The United States | 12,479 | 36 | (198) | 12,317
Government securities | 8,625 | 8 | (133) | 8,500
US Treasury and other US Government agencies | 3,052 | - | (34) | 3,018
States and political subdivisions | 5,573 | 8 | (99) | 5,482
Other debt securities | 3,854 | 28 | (65) | 3,817
Issued by credit institutions | 56 | 1 | - | 57
Issued by other issuers | 3,798 | 26 | (65) | 3,759
Turkey | 5,052 | 48 | (115) | 4,985
Turkey Government and other general governments agencies debt securities | 5,033 | 48 | (114) | 4,967
Other debt securities | 19 | 1 | (1) | 19
Issued by credit institutions | 19 | - | (1) | 19
Other countries | 13,271 | 533 | (117) | 13,687
Other foreign governments and other general governments agencies debt securities | 6,774 | 325 | (77) | 7,022
Other debt securities | 6,497 | 208 | (40) | 6,664
Issued by Central Banks | 1,330 | 2 | (1) | 1,331
Issued by credit institutions | 2,535 | 139 | (19) | 2,654
Issued by other issuers | 2,632 | 66 | (19) | 2,679
Subtotal | 40,557 | 661 | (572) | 40,647
Total | 65,273 | 1,567 | (589) | 66,251
(*) The amortized cost includes portfolio gains/losses linked to insurance contracts in which the policyholder assumes the risk in case of redemption. The credit ratings of the issuers of debt securities as of June 30, 2018 and December 31, 2017, are as follows:
Debt Securities by Rating
| June 2018 | December 2017
| Fair Value(Millions of Euros) | % | Fair Value(Millions of Euros) | %
AAA | 606 | 1.0% | 687 | 1.0%
AA+ | 12,331 | 20.3% | 10,738 | 16.2%
AA | 223 | 0.4% | 507 | 0.8%
AA- | 486 | 0.8% | 291 | 0.4%
A+ | 777 | 1.3% | 664 | 1.0%
A | 786 | 1.3% | 683 | 1.0%
A- | 22,676 | 37.4% | 1,330 | 2.0%
BBB+ | 9,858 | 16.3% | 35,175 | 53.1%
BBB | 6,972 | 11.5% | 7,958 | 12.0%
BBB- | 3,458 | 5.7% | 5,583 | 8.4%
BB+ or below | 836 | 1.4% | 1,564 | 2.4%
Without rating | 1,589 | 2.6% | 1,071 | 1.6%
Total | 60,600 | 100% | 66,251 | 100%
Equity instruments The breakdown of the balance under the heading "Equity instruments" of the accompanying consolidated financial statements as of June 30, 2018 and December 31, 2017, is as follows:
Financial assets designated at fair value through profit or loss: Equity Instruments. June 2018 (Millions of euros)
| Amortized Cost | Unrealized Gains | Unrealized Losses | Book Value
Equity instruments listed |  |  |  |
Listed Spanish company shares | 2,172 | - | (226) | 1,947
Other entities | 2,172 | - | (226) | 1,947
Listed foreign company shares | 120 | 66 | (10) | 176
United States | 48 | 40 | - | 88
Mexico | 1 | 24 | - | 25
Turkey | 4 | - | - | 4
Other countries | 67 | 1 | (10) | 59
Subtotal | 2,292 | 66 | (236) | 2,123
Unlisted equity instruments |  |  |  |
Unlisted Spanish company shares | 6 | 1 | - | 6
Other entities | 6 | 1 | - | 6
Unlisted foreign companies shares | 421 | 31 | (1) | 450
United States | 355 | - | - | 355
Turkey | 7 | 5 | - | 12
Other countries | 59 | 25 | (1) | 84
Subtotal | 426 | 31 | (1) | 457
Total | 2,718 | 97 | (236) | 2,579
Financial assets designated at fair value through other comprehensive income: Equity Instruments. December 2017 (Millions of euros)
| Amortized Cost | Unrealized Gains | Unrealized Losses | Fair Value
Equity instruments listed |  |  |  |
Listed Spanish company shares | 2,189 | - | (1) | 2,188
Other entities | 2,189 | - | (1) | 2,188
Listed foreign company shares | 215 | 33 | (7) | 241
United States | 11 | - | - | 11
Mexico | 8 | 25 | - | 33
Turkey | 4 | 1 | - | 5
Other countries | 192 | 7 | (7) | 192
Subtotal | 2,404 | 33 | (8) | 2,429
Unlisted equity instruments |  |  |  |
Unlisted Spanish company shares | 33 | 29 | - | 62
Credit institutions | 4 | - | - | 4
Other entities | 29 | 29 | - | 58
Unlisted foreign companies shares | 665 | 77 | (8) | 734
United States | 498 | 40 | (6) | 532
Mexico | 1 | - | - | 1
Turkey | 15 | 6 | (2) | 19
Other countries | 151 | 31 | - | 182
Subtotal | 698 | 106 | (8) | 796
Total | 3,102 | 139 | (16) | 3,224
Gains/losses The changes in the gains/losses, net of taxes, recognized during the first semester of 2018 and in 2017 under the equity heading “Accumulated other comprehensive income – Items that may be reclassified to profit or loss- Available-for-sale financial assets” in the accompanying consolidated balance sheets are as follows:
Accumulated other comprehensive income-Items that may be reclassified to profit or loss - Financial assets at fair value through other comprehensive income (Millions of euros)
|  | First semester 2018 | December 2017
Balance at the beginning |  | 1,641 | 947
Effect of changes in accounting policies (IFRS 9) |  | (142) | -
Valuation gains and losses |  | (271) | 321
Amounts transferred to income |  | (84) | 356
Other reclassifications |  | - | (10)
Income tax |  | 89 | 27
Balance at the end |  | 1,233 | 1,641

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