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Note 10 - Financial assets and liabilities held for trading | 12 Months Ended
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Dec. 31, 2018
Financial assets and liabilities held for trading |
Financial Assets and Liabilities held for trading | 10. Financial assets and liabilities held for trading 10.1 Breakdown of the balance The breakdown of the balance under these headings in the accompanying consolidated balance sheets is as follows:
Financial Assets and Liabilities Held-for-Trading (Millions of euros)
| Notes | 2018 | 2017 | 2016
ASSETS |  |  |  |
Derivatives |  | 30,536 | 35,265 | 42,955
Debt securities | 7.3.2 | 25,577 | 22,573 | 27,166
Loans and advances | 7.3.2 | 28,750 | 56 | 154
Equity instruments | 7.3.2 | 5,254 | 6,801 | 4,675
Total Assets |  | 90,117 | 64,695 | 74,950
LIABILITIES |  |  |  |
Derivatives |  | 31,815 | 36,169 | 43,118
Short positions |  | 11,025 | 10,013 | 11,556
Deposits |  | 37,934 |  |
Total Liabilities |  | 80,774 | 46,182 | 54,675
As of December 31, 2018 “Short positions” include €10,255 million held with General governments. 10.2 Debt securities The breakdown by type of issuer of the balance under this heading in the accompanying consolidated balance sheets is as follows:
Financial Assets Held-for-Trading. Debt securities by issuer (Millions of euros)
| 2018 | 2017 | 2016
Issued by Central Banks | 1,001 | 1,371 | 544
Issued by public administrations | 22,950 | 19,344 | 23,621
Issued by financial institutions | 790 | 816 | 1,652
Other debt securities | 836 | 1,041 | 1,349
Total | 25,577 | 22,573 | 27,166
10.3 Loans and advances The breakdown of the balance under this heading in the accompanying consolidated balance sheets is as follows: The breakdown of the balance under this heading in the accompanying consolidated balance sheets is as follows:
Financial Assets Held-for-Trading. Loans and advances (Millions of euros)
| Notes | 2018 | 2017 | 2016
Loans and advances to central banks |  | 2,163 | - | -
Reverse repurchase agreements | 35 | 2,163 | - | -
Loans and advances to credit institutions |  | 14,566 | - | -
Reverse repurchase agreements | 35 | 13,305 | - | -
Loans and advances to customers |  | 12,021 | 56 | 154
Reverse repurchase agreements | 35 | 11,794 | - | -
Total |  | 28,750 | 56 | 154
10.4 Equity instruments The breakdown of the balance under this heading in the accompanying consolidated balance sheets is as follows:
Financial Assets Held-for-Trading. Equity instruments by Issuer (Millions of euros)
| 2018 | 2017 | 2016
Shares of Spanish companies |  |  |
Credit institutions | 576 | 617 | 781
Other sectors | 536 | 603 | 956
Subtotal | 1,112 | 1,220 | 1,737
Shares of foreign companies |  |  |
Credit institutions | 304 | 345 | 220
Other sectors | 3,838 | 5,236 | 2,718
Subtotal | 4,142 | 5,581 | 2,939
Total | 5,254 | 6,801 | 4,675
10.5 Deposits The breakdown of the balance under this heading in the accompanying consolidated balance sheets is as follows:
Financial Liabilities Held-for-Trading. Deposits (Millions of euros)
| Notes | 2018 | 2017 | 2016
Deposits from central banks (*) |  | 10,511 |  |
Repurchase agreement | 35 | 10,511 |  |
Deposits from credit institutions (*) |  | 15,687 |  |
Repurchase agreement | 35 | 14,839 |  |
Deposits from customers (*) |  | 11,736 |  |
Repurchase agreement | 35 | 11,466 |  |
Total |  | 37,934 |  |
10.6 Derivatives The derivati ves portfolio arises from the Group’s need to manage the risks it is exposed to in the normal course of business and also to market products amongst the Group’s customers. As of December 31, 2018, 2017 and 2016, trading derivatives were mainly contracted i n over-the-counter (OTC) markets, with counterparties, consisting primarily of foreign credit institutions, and are related to foreign-exchange, interest-rate and equity risk. Below is a breakdown of the net positions by transaction type of the fair value and notional amounts of derivatives recognized in the accompanying consolidated balance sheets, divided into organized and OTC markets:
Derivatives by type of risk / by product or by type of market - December 2018 (Millions of Euros)
| Assets | Liabilities | Notional amount - Total
Interest rate | 19,147 | 18,769 | 2,929,371
OTC options | 1,940 | 2,413 | 207,107
OTC other | 17,206 | 16,356 | 2,702,909
Organized market options | - | - | 6,092
Organized market other | - | - | 13,263
Equity | 2,799 | 2,956 | 114,184
OTC options | 400 | 341 | 32,906
OTC other | 230 | 123 | 6,693
Organized market options | 2,168 | 2,492 | 72,062
Organized market other | - | - | 2,524
Foreign exchange and gold | 8,355 | 9,693 | 432,283
OTC options | 226 | 309 | 21,293
OTC other | 8,118 | 9,329 | 405,659
Organized market options | - | 1 | 45
Organized market other | 11 | 54 | 5,286
Credit | 232 | 393 | 25,452
Credit default swap | 228 | 248 | 22,791
Credit spread option | 2 | - | 500
Total return swap | 2 | 145 | 2,161
Commodities | 3 | 3 | 67
DERIVATIVES | 30,536 | 31,815 | 3,501,358
of which: OTC - credit institutions | 16,979 | 18,729 | 897,384
of which: OTC - other financial corporations | 7,372 | 7,758 | 2,355,784
of which: OTC - other | 4,005 | 2,780 | 148,917
Derivatives by type of risk / by product or by type of market - December 2017 (Millions of Euros)
| Assets | Liabilities | Notional amount - Total
Interest rate | 22,606 | 22,546 | 2,152,490
OTC options | 2,429 | 2,581 | 212,554
OTC other | 20,177 | 19,965 | 1,916,920
Organized market options | - | - | 600
Organized market other | - | - | 22,416
Equity | 1,778 | 2,336 | 95,573
OTC options | 495 | 1,118 | 34,140
OTC other | 83 | 90 | 8,158
Organized market options | 1,200 | 1,129 | 48,644
Organized market other | - | - | 4,631
Foreign exchange and gold | 10,371 | 10,729 | 380,404
OTC options | 245 | 258 | 24,447
OTC other | 10,092 | 10,430 | 348,857
Organized market options | - | 3 | 104
Organized market other | 34 | 37 | 6,997
Credit | 489 | 517 | 30,181
Credit default swap | 480 | 507 | 27,942
Credit spread option | - | - | 200
Total return swap | 9 | 9 | 2,039
Commodities | 3 | 3 | 36
Other | 18 | 38 | 561
DERIVATIVES | 35,265 | 36,169 | 2,659,246
of which: OTC - credit institutions | 21,016 | 22,804 | 898,209
of which: OTC - other financial corporations | 8,695 | 9,207 | 1,548,919
of which: OTC - other | 4,316 | 2,986 | 128,722
Derivatives by type of risk / by product or by type of market - December 2016 (Millions of Euros)
| Assets | Liabilities | Notional amount - Total
Interest rate | 25,770 | 25,322 | 1,556,150
OTC options | 3,331 | 3,428 | 217,958
OTC other | 22,339 | 21,792 | 1,296,183
Organized market options | 1 | - | 1,311
Organized market other | 100 | 102 | 40,698
Equity | 2,032 | 2,252 | 90,655
OTC options | 718 | 1,224 | 44,837
OTC other | 109 | 91 | 5,312
Organized market options | 1,205 | 937 | 36,795
Organized market other | - | - | 3,712
Foreign exchange and gold | 14,872 | 15,179 | 425,506
OTC options | 417 | 539 | 27,583
OTC other | 14,436 | 14,624 | 392,240
Organized market options | 3 | - | 175
Organized market other | 16 | 16 | 5,508
Credit | 261 | 338 | 19,399
Credit default swap | 246 | 230 | 15,788
Credit spread option | - | - | 150
Total return swap | 2 | 108 | 1,895
Other | 14 | - | 1,565
Commodities | 6 | 6 | 169
Other | 13 | 22 | 1,065
DERIVATIVES | 42,955 | 43,118 | 2,092,945
of which: OTC - credit institutions | 26,438 | 28,005 | 806,096
of which: OTC - other financial corporations | 8,786 | 9,362 | 1,023,174
of which: OTC - other | 6,404 | 4,694 | 175,473

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