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Note 22 - Financial liabilities at amortized cost | 12 Months Ended
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Dec. 31, 2018
Financial liabilities at amortized cost Abstract |
Financial liabiltiies measured at amortized cost | 22. Financial liabilities at amortized cost 22.1 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)
| 2018 | 2017 | 2016
Deposits | 435,229 | 467,949 | 499,706
Deposits from Central Banks (*) | 27,281 | 37,054 | 34,740
Deposits from Credit Institutions | 31,978 | 54,516 | 63,501
Customer deposits | 375,970 | 376,379 | 401,465
Debt certificates | 61,112 | 63,915 | 76,375
Other financial liabilities | 12,844 | 11,850 | 13,129
Total | 509,185 | 543,713 | 589,210
(*) As of December 31, 2018, balance relating to repurchase agreements in Central Banks is €375 million (see Note 35). 22.2 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 | 2018 | 2017 | 2016
Term deposits |  | 19,015 | 25,941 | 30,429
Demand deposits |  | 8,370 | 3,731 | 4,651
Repurchase agreements | 35 | 4,593 | 24,843 | 28,420
Total |  | 31,978 | 54,516 | 63,501
The breakdown by geographical area and the nature of the related instruments of this heading in the accompanying consolidated balance sheets is as follows:
Deposits from Credit Institutions. December 2018 (Millions of euros)
| Demand Deposits & Reciprocal Accounts | Term Deposits | Repurchase Agreements | Total
Spain | 1,981 | 2,527 | 55 | 4,563
The United States | 1,701 | 2,677 | - | 4,379
Mexico | 280 | 286 | - | 566
Turkey | 651 | 669 | 4 | 1,323
South America | 442 | 1,892 | - | 2,335
Rest of Europe | 3,108 | 6,903 | 4,534 | 14,545
Rest of the world | 207 | 4,061 | - | 4,268
Total | 8,370 | 19,015 | 4,593 | 31,978
Deposits from Credit Institutions. December 2017 (Millions of euros)
| Demand Deposits & Reciprocal Accounts | Term Deposits | 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 | Term Deposits | 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
22.3 Customer deposits The breakdown of this heading in the accompanying consolidated balance sheets, by type of financial instrument, is as follows:
Customer deposits (Millions of euros)
|  | 2018 | 2017 | 2016
General Governments |  | 26,459 | 23,210 | 21,396
Current accounts |  | 238,907 | 223,497 | 212,604
Time deposits |  | 105,257 | 116,538 | 153,388
Repurchase agreements |  | 1,207 | 9,076 | 13,514
Subordinated deposits |  | 220 | 194 | 233
Other accounts |  | 3,920 | 3,864 | 330
Total |  | 375,970 | 376,379 | 401,465
Of which: |  |  |  |
In Euros |  | 184,934 | 184,150 | 189,438
In foreign currency |  | 191,036 | 192,229 | 212,027
The breakdown by geographical area of this heading in the accompanying consolidated balance sheets, by type of instrument is as follows:
Customer Deposits. December 2018 (Millions of euros)
| Demand Deposits | Term Deposits | Repurchase Agreements | Total
Spain | 138,236 | 28,165 | 3 | 166,403
The United States | 41,222 | 21,317 | - | 62,539
Mexico | 38,383 | 11,837 | 770 | 50,991
Turkey | 10,856 | 22,564 | 7 | 33,427
South America | 23,811 | 14,159 | - | 37,970
Rest of Europe | 7,233 | 14,415 | 429 | 22,077
Rest of the world | 831 | 1,731 | - | 2,563
Total | 260,573 | 114,188 | 1,209 | 375,970
Customer Deposits. December 2017 (Millions of euros)
| Demand Deposits | Term Deposits | 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 | Term Deposits | 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
22.4 Debt certificates The breakdown of the balance under this heading, by currency, is as follows:
Debt certificates (Millions of euros)
| 2018 | 2017 | 2016
In Euros | 37,436 | 38,735 | 45,619
Promissory bills and notes | 267 | 1,309 | 875
Non-convertible bonds and debentures | 9,638 | 9,418 | 8,766
Covered bonds (*) | 15,809 | 16,425 | 24,845
Hybrid financial instruments | 814 | 807 | 468
Securitization bonds | 1,630 | 2,295 | 3,693
Wholesale funding | 142 | - | -
Subordinated liabilities | 9,136 | 8,481 | 6,972
Convertible | 5,490 | 4,500 | 4,070
Convertible perpetual securities | 5,490 | 4,500 | 4,070
Non-convertible | 3,647 | 3,981 | 2,902
Preferred Stock | 107 | 107 | 359
Other subordinated liabilities | 3,540 | 3,875 | 2,543
In Foreign Currencies | 23,676 | 25,180 | 30,759
Promissory bills and notes | 3,237 | 3,157 | 382
Non-convertible bonds and debentures | 9,335 | 11,109 | 15,134
Covered bonds (*) | 569 | 650 | 149
Hybrid financial instruments | 1,455 | 1,809 | 2,059
Securitization bonds | 38 | 47 | 3,019
Wholesale funding | 544 | - | -
Subordinated liabilities | 8,499 | 8,407 | 10,016
Convertible | 873 | 2,085 | 1,548
Convertible perpetual securities | 873 | 2,085 | 1,548
Non-convertible | 7,626 | 6,323 | 8,467
Preferred Stock | 74 | 55 | 620
Other subordinated liabilities | 7,552 | 6,268 | 7,846
Total | 61,112 | 63,915 | 76,375
(*) Including mortgage-covered bonds (see Appendix III). As of December 31, 2018, 67% of “Debt certificates” have fixed-interest rates and 33% have variable interest rates. Most of the foreign currency issues are denominated in U.S. dollars. 22.4.1 Subordinated liabilities The issuances of BBVA International Preferred, 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. The balance variances are mainly due to the following transactions: Convertible perpetual liabilities On September 24, 2018, BBVA carried out the seventh issuance of perpetual contingent convertible securities (additional tier 1 instrument), with exclusion of pre-empt ive subscription rights of shareholders, for a total nominal amount of €1,000 million. This issuance is listed in the AIAF Fixed Income Securities Market and in any case the issuance shall be offered or sold to any retail clients. The issuance qualifies as additional tier 1 capital of the Bank and the Group in accordance with Regulation EU 575/2013. The additional five issuances of perpetual contingent convertible securities (additional tier 1 instruments) with exclusion of pre-emptive subscription rights of shareholders were carried out in February 2014 and February 2015 for an amount of €1.5 billion each one; in April 2016 for an amount of €1 billion; in May 2017 for an amount of €500 million and in November 2017 for an amount of USD1 billion. These issua nces 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 issuance is listed in the Singapore Exchange Securities Trading Limited and t he other issuances are listed in the Global Exchange Market of the Irish Stock Exchange. Furthermore, these issuances qualify as additional tier 1 capital of the Bank and the Group in accordance with Regulation UE 575/2013. 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 their 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. In particular, on May 9, 2018, the Bank early redeemed the issuan ce of preferred securities contingently convertible (additional tier 1 instrument) carried out by the Bank on May 9, 2013, for an amount of USD1.5 billion on the First Reset Date of the issuance and once the prior consent from the Regulator was obtained. Additionally, on January 15, 2019, the Bank has notified its irrevocable decision to early redeem next February 19, 2019 the issuance of preferred securities contingently convertible (additional tier 1 instrument), carried out by the Bank on February 19, 2 014, for a total amount of €1,5 billion and once the prior consent from the Regulator has been obtained. Preferred securities 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)
| 2018 | 2017 | 2016
BBVA International Preferred, S.A.U. (1) | 35 | 36 | 855
Unnim Group (2) | 98 | 98 | 100
Compass Group | 19 | 19 | 22
BBVA Colombia, S.A. | 19 | 1 | 1
Others | 9 | 9 | 1
Total | 181 | 163 | 979
(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 issue date, depending on the terms of each issue and with prior consent from the Bank of Spain. Redemption of p referred securities On March 20, 2017 BBVA International Preferred, S.A.U. carried out the early redemption in full of its Series B preferred securities 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. 22.5 Other financial liabilities The breakdown of the balance under this heading in the accompanying consolidated balance sheets is as follows:
Other financial liabilities (Millions of euros)
| Notes | 2018 | 2017 | 2016
Creditors for other financial liabilities |  | 2,891 | 2,835 | 3,465
Collection accounts |  | 4,305 | 3,452 | 2,768
Creditors for other payables |  | 5,648 | 5,563 | 6,370
Dividend payable but pending payment | 4 | - | - | 525
Total |  | 12,844 | 11,850 | 13,129

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