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Note 14 - Financial assets at amortised cost | 12 Months Ended
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Dec. 31, 2018
Disclosure Of Financial Assets At Amortised Cost Abstract |
Disclosure Of Financial Assets at amortized cost | 14. Financial assets at amortized cost 14.1 Balance details The breakdown of the balance under this heading in the accompanying consolidated balance sheets, according to the nature of the financial instrument, is as follows:
Financial assets at amortized cost (Millions of Euros)
| December 2018 | December 2017 | December 2016
Debt securities | 32,530 | 24,093 | 28,905
Loans and advances to central banks | 3,941 | 7,300 | 8,894
Loans and advances to credit institutions | 9,163 | 26,261 | 31,373
Loans and advances to customers | 374,027 | 387,621 | 414,500
Government | 28,114 | 31,645 |
Other financial corporations | 9,468 | 18,173 |
Non-financial corporations | 163,922 | 164,510 |
Other | 172,522 | 173,293 |
Total | 419,660 | 445,275 | 483,672
During financial year 2018, there have been no significant reclassifications neither from “Financial assets at amortized cost” to other headings or from other headings to “Financial assets at amortized cost”. 14.2 Loans and advances to central banks and credit institutions The breakdown of the balance under this heading in the accompanying consolidated balance sheets, according to their nature, is as follows:
Loans and Advances to Central Banks and Credit Institutions (Millions of euros)
| Notes | 2018 | 2017 | 2016
Loans and advances to central banks | 7.3.2 | 3,941 | 7,300 | 8,894
Loans and advances to credit institutions | 7.3.2 | 9,163 | 26,261 | 31,373
Reverse repurchase agreements | 35 | 478 | 13,861 | 15,561
Other loans |  | 8,685 | 12,400 | 15,812
Total |  | 13,104 | 33,561 | 40,267
Impairment losses | 7.3.5 / 7.3.2 | (18) | (36) | (43)
14.3 Loans and advances to customers The breakdown of the balance under this heading in the accompanying consolidated balance sheets, according to their nature, is as follows:
Loans and Advances to Customers (Millions of euros)
| Notes | 2018 | 2017 | 2016
On demand and short notice |  | 3,641 | 10,560 | 11,251
Credit card debt |  | 15,445 | 15,835 | 16,596
Trade receivables |  | 17,436 | 22,705 | 23,753
Finance leases |  | 8,650 | 8,642 | 9,442
Reverse repurchase loans | 35 | 294 | 11,554 | 7,291
Other term loans |  | 324,767 | 313,336 | 339,862
Advances that are not loans |  | 3,794 | 4,989 | 6,306
Total | 7.3.2 | 374,027 | 387,621 | 414,500
Impaired assets | 7.3.5 | 16,349 | 19,390 | 22,915
Impairment losses | 7.3.5 / 7.3.2 | (12,199) | (12,748) | (15,974)
As of December 31, 2018, 2017 and 2016, 38%, 38% and 34%, respectively, of "Loans and advances to customers" with maturity greater than one year have fixed-interest rates and 62%, 62% and 66%, respectively, have variable interest rates. The heading “Financ ial assets at amortized cost – Loans and advances to customers” in the accompanying consolidated balance sheets also includes certain secured loans that, as pursuant to the Mortgage Market Act, are linked to long-term mortgage-covered bonds. This heading also includes some loans that have been securitized. The balances recognized in the accompanying consolidated balance sheets corresponding to these securitized loans are as follows:
Securitized Loans (Millions of euros)
| 2018 | 2017 | 2016
Securitized mortgage assets | 26,556 | 28,950 | 29,512
Other securitized assets | 3,221 | 4,143 | 3,731
Total | 29,777 | 33,093 | 33,243
14.4 Debt securities The breakdown of the balanc e under this heading in the accompanying consolidated balance sheets, according to the issuer of the debt securities, is as follows:
Debt securities (Millions of euros)
| Notes | 2018 | 2017 | 2016
Government |  | 25,014 | 17,030 | 20,736
Credit institutions |  | 644 | 1,152 | 1,688
Other sectors |  | 6,872 | 5,911 | 6,481
Total gross | 7.3.2 | 32,530 | 24,093 | 28,905
Impairment losses |  | (51) | (15) | (17)
As of December 31, 2018, 2017 and 2016, the credit ratings of the issuers of debt securities classified as follows:
Financial assets at amortized cost. Debt Securities by Rating
| December 2018 |  | December 2017 |  | December 2016 |
| Carrying amount(Millions of Euros) | % | Carrying amount(Millions of Euros) | % | Carrying amount(Millions of Euros) | %
AAA | 49 | 0.2% | - | - | - | -
AA+ | 1,969 | 6.1% | - | - | - | -
AA | 62 | 0.2% | 41 | 0.3% | 43 | 0.2%
AA- | - | 0.0% | - | - | 134 | 0.8%
A+ | 607 | 1.9% | 55 | 0.4% | - | -
A | 21 | 0.1% | - | - | - | -
A- | 6,117 | 18.8% | - | - | - | -
BBB+ | 13,894 | 42.7% | 5,667 | 41.2% | 10,472 | 59.2%
BBB | 1,623 | 5.0% | 2,412 | 17.5% | 591 | 3.3%
BBB- | 2,694 | 8.3% | 2,818 | 20.5% | 5,187 | 29.3%
BB+ or below | 4,371 | 13.4% | 1,696 | 12.3% | - | -
Without rating | 1,123 | 3.5% | 1,064 | 7.7% | 1,270 | 7.2%
Total | 32,530 | 100.0% | 13,754 | 100.0% | 17,696 | 100.0%
In 2016, according to the applicable accounting policy, some debt securities were reclassified between existing accounts from such policy (from “Available for sale financial assets” to “Loans and receivables” and “Held-to-maturity investments” of the consolidated balance sheet. As mentioned in Note 1.3, on January 1, 2018, IFRS 9 became effective, therefore, the debt securities previously reclassified are recorded under “Financial assets at amortized cost” in the consolidated balance sheet as of December 31, 2018. The following table shows the fair value and carrying amounts of these reclassified financial assets:
Debt Securities reclassified (Millions of euros)
| As of Reclassification date | As of December 31, 2018 | As of December 31, 2017 | As of December 31, 2016
| Carrying Amount | Fair Value | Carrying Amount | Fair Value | Carrying Amount | Fair Value | Carrying Amount | Fair Value
BBVA, S.A. | 12,024 | 12,024 | 1,467 | 1,486 | 7,236 | 7,286 | 10,433 | 10,498
TURKIYE GARANTI BANKASI, A.S | 6,488 | 6,488 | 2,859 | 2,668 | 5,381 | 5,392 | 6,230 | 6,083
Total | 18,512 | 18,512 | 4,326 | 4,154 | 12,617 | 12,678 | 16,663 | 16,581
As of December 31, 2018, 2017 and 2016, the amount recognized in the inco me statement from the valuation at amortized cost of the reclassified financial assets, as well as the impact recognized on the income statement and under the heading “Total Equity - Accumulated other comprehensive income”, if the reclassification was not performed is included in the following table.
Effect on Income Statement and Other Comprehensive Income (Millions of euros)
| 2018 | 2017 | 2016
| Recognized in | Effect of not Reclassifying in | Recognized in | Effect of not Reclassifying in | Recognized in | Effect of not Reclassifying in
| Income Statement | Income Statement | Equity"Accumulated other comprehensive income" | Income Statement | Income Statement | Equity"Accumulated other comprehensive income" | Income Statement | Income Statement | Equity"Accumulated other comprehensive income"
BBVA, S.A. | 41 | 41 | (2) | 198 | 198 | (14) | 252 | 252 | (91)
TURKIYE GARANTI BANKASI, A.S | 414 | 414 | (172) | 545 | 545 | (16) | 326 | 326 | (225)
Total | 456 | 456 | (173) | 743 | 743 | (30) | 578 | 578 | (316)

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