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Note 13 - Financial assets at fair value through other comprehensive income | 12 Months Ended
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Dec. 31, 2018
Financial Assets At Fair Value Through Other Comprehensive Income Abstract |
Financial assets at fair value through other comprehensive income | 13. Financial assets at fair value through other comprehensive income 13.1 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 | 2018 | 2017 | 2016
Debt securities | 7.3.2 | 53.737 | 66.273 | 74.739
Impairment losses |  | (28) | (21) | (159)
Subtotal |  | 53.709 | 66.251 | 74.580
Equity instruments | 7.3.2 | 2.595 | 4.488 | 4.814
Impairment losses |  | - | (1.264) | (174)
Subtotal |  | 2.595 | 3.224 | 4.641
Loans and advances to credit entities |  | 33 | - | -
Total |  | 56.337 | 69.476 | 79.221
13.2 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 other comprehensive income: Debt Securities. December 2018 (Millions of euros)
| Amortized Cost (*) | Unrealized Gains | Unrealized Losses | Book Value
Domestic Debt Securities |  |  |  |
Spanish Government and other general governments agencies debt securities | 17.205 | 661 | (9) | 17.857
Other debt securities | 1.597 | 100 | (1) | 1.696
Issued by credit institutions | 793 | 63 | - | 855
Issued by other issuers | 804 | 37 | (1) | 841
Subtotal | 18.802 | 761 | (10) | 19.553
Foreign Debt Securities |  |  |  |
Mexico | 6.299 | 6 | (142) | 6.163
Mexican Government and other general governments agencies debt securities | 5.286 | 4 | (121) | 5.169
Other debt securities | 1.013 | 2 | (21) | 994
Issued by credit institutions | 35 | - | (1) | 34
Issued by other issuers | 978 | 2 | (20) | 961
The United States | 14.507 | 47 | (217) | 14.338
Government securities | 11.227 | 37 | (135) | 11.130
US Treasury and other US Government agencies | 7.285 | 29 | (56) | 7.258
States and political subdivisions | 3.942 | 8 | (79) | 3.872
Other debt securities | 3.280 | 10 | (82) | 3.208
Issued by credit institutions | 49 | 1 | - | 50
Issued by other issuers | 3.231 | 9 | (82) | 3.158
Turkey | 4.164 | 20 | (269) | 3.916
Turkey Government and other general governments agencies debt securities | 4.007 | 20 | (256) | 3.771
Other debt securities | 157 | - | (13) | 145
Issued by credit institutions | 157 | - | (13) | 145
Other countries | 9.551 | 319 | (130) | 9.740
Other foreign governments and other general governments agencies debt securities | 4.510 | 173 | (82) | 4.601
Other debt securities | 5.041 | 146 | (48) | 5.139
Issued by Central Banks | 987 | 2 | (4) | 986
Issued by credit institutions | 1.856 | 111 | (20) | 1.947
Issued by other issuers | 2.197 | 33 | (25) | 2.206
Subtotal | 34.521 | 392 | (758) | 34.157
Total | 53.323 | 1.153 | (768) | 53.709
(*) The amortized co st 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.
Available-for-sale financial assets: Debt Securities. December 2016 (Millions of euros)
| Amortized Cost (*) | Unrealized Gains | Unrealized Losses | Book Value
Domestic Debt Securities |  |  |  |
Spanish Government and other general governments agencies debt securities | 22.427 | 711 | (18) | 23.119
Other debt securities | 2.305 | 117 | (1) | 2.421
Issued by credit institutions | 986 | 82 | - | 1.067
Issued by other issuers | 1.319 | 36 | (1) | 1.354
Subtotal | 24.731 | 828 | (19) | 25.540
Foreign Debt Securities |  |  |  |
Mexico | 11.525 | 19 | (343) | 11.200
Mexican Government and other general governments agencies debt securities | 9.728 | 11 | (301) | 9.438
Other debt securities | 1.797 | 8 | (42) | 1.763
Issued by credit institutions | 86 | 2 | (1) | 87
Issued by other issuers | 1.710 | 6 | (41) | 1.675
The United States | 14.256 | 48 | (261) | 14.043
Government securities | 8.460 | 9 | (131) | 8.337
US Treasury and other US Government agencies | 1.702 | 1 | (19) | 1.683
States and political subdivisions | 6.758 | 8 | (112) | 6.654
Other debt securities | 5.797 | 39 | (130) | 5.706
Issued by credit institutions | 95 | 2 | - | 97
Issued by other issuers | 5.702 | 37 | (130) | 5.609
Turkey | 5.550 | 73 | (180) | 5.443
Turkey Government and other general governments agencies debt securities | 5.055 | 70 | (164) | 4.961
Other debt securities | 495 | 2 | (16) | 482
Issued by credit institutions | 448 | 2 | (15) | 436
Issued by other issuers | 47 | - | (1) | 46
Other countries | 17.923 | 634 | (203) | 18.354
Other foreign governments and other general government agencies debt securities | 7.882 | 373 | (98) | 8.156
Other debt securities | 10.041 | 261 | (105) | 10.197
Issued by Central Banks | 1.657 | 4 | (2) | 1.659
Issued by credit institutions | 3.269 | 96 | (54) | 3.311
Issued by other issuers | 5.115 | 161 | (49) | 5.227
Subtotal | 49.253 | 773 | (987) | 49.040
Total | 73.985 | 1.601 | (1.006) | 74.580
(*) 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 December 31, 2018, 2017 and 2016, are as follows:
Debt Securities by Rating
| December 2018 | December 2017 | December 2016
| Fair Value(Millions of Euros) | % | Fair Value(Millions of Euros) | % | Fair Value(Millions of Euros) | %
AAA | 531 | 1,0% | 687 | 1,0% | 4.922 | 6,6%
AA+ | 13.100 | 24,4% | 10.738 | 16,2% | 11.172 | 15,0%
AA | 222 | 0,4% | 507 | 0,8% | 594 | 0,8%
AA- | 409 | 0,8% | 291 | 0,4% | 575 | 0,8%
A+ | 632 | 1,2% | 664 | 1,0% | 1.230 | 1,6%
A | 687 | 1,3% | 683 | 1,0% | 7.442 | 10,0%
A- | 18.426 | 34,3% | 1.330 | 2,0% | 1.719 | 2,3%
BBB+ | 9.195 | 17,1% | 35.175 | 53,1% | 29.569 | 39,6%
BBB | 4.607 | 8,6% | 7.958 | 12,0% | 3.233 | 4,3%
BBB- | 1.003 | 1,9% | 5.583 | 8,4% | 6.809 | 9,1%
BB+ or below | 4.453 | 8,3% | 1.564 | 2,4% | 2.055 | 2,8%
Without rating | 445 | 0,8% | 1.071 | 1,6% | 5.261 | 7,1%
Total | 53.709 | 100% | 66.251 | 100,0% | 74.580 | 100,0%
13.3 Equity instruments The breakdown of the balance under the heading "Equity instruments" of the accompanying consolidated financial state ments as of December 31, 2018, 2017 and 2016, are as follows:
Financial assets designated at fair value through other comprehensive income: Equity Instruments. December 2018 (Millions of euros)
| Amortized Cost | Unrealized Gains | Unrealized Losses | Fair Value
Equity instruments listed |  |  |  |
Listed Spanish company shares | 2.172 | - | (210) | 1.962
Other entities | 2.172 | - | (210) | 1.962
Listed foreign company shares | 90 | 43 | (12) | 121
United States | 20 | 17 | - | 37
Mexico | 1 | 25 | - | 26
Turkey | 3 | - | (1) | 2
Other countries | 66 | 1 | (11) | 56
Subtotal | 2.262 | 43 | (222) | 2.083
Unlisted Spanish company shares | 6 | 1 | - | 7
Other entities | 6 | 1 | - | 7
Unlisted foreign companies shares | 453 | 54 | (1) | 506
United States | 388 | 23 | - | 411
Turkey | 6 | 4 | - | 10
Other countries | 59 | 27 | (1) | 85
Subtotal | 459 | 55 | (1) | 513
Total | 2.721 | 98 | (223) | 2.595
Available-for-sale financial assets: Equity Securities. 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
Available-for-sale financial assets: Equity Securities. December 2016 (Millions of euros)
| Amortized Cost | Unrealized Gains | Unrealized Losses | Fair Value
Equity instruments listed |  |  |  |
Listed Spanish company shares | 3.690 | 17 | (944) | 2.763
Other entities | 3.690 | 17 | (944) | 2.763
Listed foreign company shares | 793 | 289 | (15) | 1.066
United States | 16 | 22 | - | 38
Mexico | 8 | 33 | - | 41
Turkey | 5 | 1 | - | 6
Other countries | 763 | 234 | (15) | 981
Subtotal | 4.483 | 306 | (960) | 3.829
Unlisted equity instruments |  |  |  |
Unlisted Spanish company shares | 57 | 2 | (1) | 59
Credit institutions | 4 | - | - | 4
Other entities | 53 | 2 | (1) | 55
Unlisted foreign companies shares | 708 | 46 | (2) | 752
United States | 537 | 13 | - | 550
Mexico | 1 | - | - | 1
Turkey | 18 | 7 | (2) | 24
Other countries | 152 | 26 | - | 178
Subtotal | 766 | 48 | (3) | 811
Total | 5.248 | 355 | (962) | 4.641
13.4 Gains/losses Debt securities The changes in the gains/losses, net of taxes, recognized in 2018 under the equity heading “Accumulated other comprehensive income – Items that may be reclassified to profit or loss - Financial assets at fair value through other comprehensive income” 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)
| Notes | 2018
Balance at the beginning |  | 1.557
Effect of changes in accounting policies (IFRS 9) |  | (58)
Valuation gains and losses |  | (640)
Amounts transferred to income |  | (137)
Income tax |  | 221
Balance at the end | 30 | 943
In 2018, the debt securities impaired recognized in the heading “Impairment or reversal of impairment on financial assets not measured at fair value through profit or loss - Financial assets at fair value through other comprehensive income” in the accompanying consolidated income statement amounted to €1 million. In 2017 the recovery recognized amounted €4 million; meanwhile, in 2016 the impairment recognized amounted €157 million (see Note 47). Equity instruments The changes in the gains/losses, net of taxes, recognized under the equity heading “Accumulated other comprehensive income – Items that will not be reclassified to profit or loss - Fair value changes of equity instruments measured at fair value through other comprehensive income” 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)
| Notes | 2018
Balance at the beginning |  | 84
Effect of changes in accounting policies (IFRS 9) |  | (40)
Valuation gains and losses |  | (174)
Income tax |  | (25)
Balance at the end | 30 | (155)
In 2018, there has been no impairment recognized under the heading “Impairment or reversal of impairment on financial assets not measured at fair value through profit or lo ss - Financial assets at fair value through other comprehensive income” in the accompanying consolidated income statement. In 2017 and 2016 the impairment recognized were €1,131 and €46 million, respectively (see Note 47). Years 2017 and 2016 2017 and 2016 are presented separately due to the implementation of IFRS 9:
Accumulated other comprehensive income-Items that may be reclassified to profit or loss - Available-for-Sale Financial Assets (Millions of euros)
| Notes | 2017 | 2016
Balance at the beginning |  | 947 | 1.674
Valuation gains and losses |  | 321 | 400
Amounts transferred to income |  | 356 | (1.181)
Other reclassifications |  | (10) | 116
Income tax |  | 27 | (62)
Balance at the end | 30 | 1.641 | 947
Debt securities |  | 1.557 | 1.629
Equity instruments |  | 84 | (682)

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