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Note 37 - Interest Income and Expense | 12 Months Ended
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Dec. 31, 2018
Interest Income And Expense |
Disclosure of Interest Income Expense | 37. Net interest income 37.1 Interest income and other income The breakdown of the interest income and other income recognized in the accompanying consolidated income statement is as follows:
Interest income and other income. Breakdown by Origin (Millions of euros)
| Notes | 2018 | 2017 | 2016
Central Banks |  | 482 | 406 | 229
Loans and advances to credit institutions |  | 458 | 410 | 217
Loans and advances to customers |  | 22.831 | 22.699 | 21.608
Debt securities |  | 4.395 | 3.809 | 4.128
Held for trading |  | 1.552 | 1.263 | 1.014
Other portfolios |  | 2.843 | 2.546 | 3.114
Adjustments of income as a result of hedging transactions |  | (201) | 427 | (385)
Cash flow hedges (effective portion) |  | (3) | 15 | 12
Fair value hedges |  | (198) | 412 | (397)
Insurance activity |  | 1.142 | 1.058 | 1.219
Other income |  | 722 | 487 | 692
Total | 55.2 | 29.831 | 29.296 | 27.708
Of which: |  |  |  |
Financial assets at fair value through other comprehensive income |  | 2.306 | 1.962 | -
Financial assets at amortized cost |  | 24.668 | 23.803 | 24.578
Other |  | 2.856 | 3.531 | 3.130
The amounts recognized in consolidated equity in connection with hedging derivatives and the amounts derecognized from consolidated equity and taken to the consolidated income statement during the years are given in the accompanying “Consolidated statements of recognized income and expenses”. 37.2 Interest expense The breakdown of the balance under this heading in the accompanying consolidated income statements is as follows:
Interest Expenses. Breakdown by Origin (Millions of euros)
| 2018 | 2017 | 2016
Central banks | 80 | 123 | 192
Deposits from credit institutions | 2.023 | 1.880 | 1.367
Customers deposits | 6.523 | 5.814 | 5.766
Debt certificates | 1.936 | 1.930 | 2.323
Adjustments of expenses as a result of hedging transactions | (323) | 665 | (574)
Cash flow hedges (effective portion) | 46 | 38 | 42
Fair value hedges | (368) | 627 | (616)
Cost attributable to pension funds | 119 | 125 | 96
Insurance activity | 607 | 682 | 846
Other expenses | 1.274 | 316 | 634
Total | 12.239 | 11.537 | 10.648
37.3 Average return on investments and average borrowing cost The detail of the average return on investments in the years ended December 31, 2018, 2017 and 2016 is as follows:
Assets (Millions of euros)
|  | 2018 |  |  | 2017 |  |  | 2016 |
| Average Balances | Interest income | Average Interest Rates (%) | Average Balances | Interest income | Average Interest Rates (%) | Average Balances | Interest income | Average Interest Rates (%)
Cash and balances with central banks and other demand deposits | 42.730 | 135 | 0,32 | 33.917 | 83 | 0,25 | 26.209 | 10 | 0,04
Securities portfolio and derivatives | 179.672 | 5.707 | 3,18 | 177.164 | 4.724 | 2,67 | 202.388 | 5.072 | 2,51
Loans and advances to central banks | 5.518 | 258 | 4,67 | 10.945 | 258 | 2,36 | 15.326 | 229 | 1,50
Loans and advances to credit institutions | 25.634 | 657 | 2,56 | 26.420 | 485 | 1,83 | 28.078 | 218 | 0,78
Loans and advances to customers | 378.996 | 22.804 | 6,02 | 407.153 | 23.261 | 5,71 | 410.895 | 21.853 | 5,32
Euros | 181.668 | 3.381 | 1,86 | 196.893 | 3.449 | 1,75 | 201.967 | 3.750 | 1,86
Foreign currency | 197.328 | 19.423 | 9,84 | 210.261 | 19.812 | 9,42 | 208.928 | 18.104 | 8,67
Other assets | 46.343 | 270 | 0,58 | 48.872 | 485 | 0,99 | 52.748 | 325 | 0,62
Total | 678.893 | 29.831 | 4,39 | 704.471 | 29.296 | 4,16 | 735.645 | 27.708 | 3,77
The average borrowing cost in the years ended December 31, 2018, 2017 and 2016 is as follows:
Liabilities (Millions of euros)
|  | 2018 |  |  | 2017 |  |  | 2016 |
| Average Balances | Interest expenses | Average Interest Rates (%) | Average Balances | Interest expenses | Average Interest Rates (%) | Average Balances | Interest expenses | Average Interest Rates (%)
Deposits from central banks and credit institutions | 65.044 | 2.192 | 3,37 | 90.619 | 2.212 | 2,44 | 101.975 | 1.866 | 1,83
Customer deposits | 370.078 | 6.559 | 1,77 | 392.057 | 7.007 | 1,79 | 398.851 | 5.944 | 1,49
Euros | 178.370 | 337 | 0,19 | 186.261 | 461 | 0,25 | 195.310 | 766 | 0,39
Foreign currency | 191.709 | 6.222 | 3,25 | 205.796 | 6.546 | 3,18 | 203.541 | 5.178 | 2,54
Debt certificates | 75.927 | 1.753 | 2,31 | 84.221 | 1.631 | 1,94 | 89.876 | 1.738 | 1,93
Other liabilities | 115.638 | 1.735 | 1,50 | 82.699 | 687 | 0,83 | 89.328 | 1.101 | 1,23
Equity | 52.206 | - | - | 54.874 | - | - | 55.616 | - | -
Total | 678.893 | 12.239 | 1,80 | 704.471 | 11.537 | 1,64 | 735.645 | 10.648 | 1,45
The change in the balance under the headings “Interest income and other income” and “Interest expense” in the accompanying consolidated income statements is the result of exchange rate effect, changing prices (price effect) and changing volume of activity (volume effect), as can be seen below:
Interest Income and Expenses : Change in the Balance (Millions of euros)
| 2018 / 2017 | 2017 / 2016
| Volume Effect (1) | Price Effect (2) | Total Effect | Volume Effect (1) | Price Effect (2) | Total Effect
Cash and balances with central banks and other demand deposits | 22 | 30 | 51 | 3 | 71 | 74
Securities portfolio and derivatives | 67 | 916 | 983 | (632) | 285 | (347)
Loans and advances to Central Banks | (128) | 128 | - | (66) | 94 | 29
Loans and advances to credit institutions | (14) | 187 | 172 | (13) | 279 | 266
Loans and advances to customers | (1.609) | 1.152 | (456) | (199) | 1.606 | 1.408
Euros | (267) | 199 | (68) | (94) | (206) | (301)
Foreign currencies | (1.219) | 830 | (389) | 115 | 1.593 | 1.708
Other assets | (25) | (190) | (215) | (24) | 184 | 160
Interest income | - | - | 535 | - | - | 1.588
Deposits from central banks and credit institutions | (624) | 604 | (20) | (208) | 554 | 346
Customer deposits | (393) | (55) | (448) | (101) | 1.164 | 1.063
Euros | (20) | (104) | (124) | (35) | (269) | (305)
Foreign currencies | (448) | 124 | (324) | 57 | 1.311 | 1.368
Debt securities issued | (161) | 282 | 122 | (109) | 3 | (106)
Other liabilities | 274 | 774 | 1.048 | (82) | (332) | (414)
Interest expenses | - | - | 702 | - | - | 889
Net Interest Income | - | - | (167) | - | - | 699
(1) T he volume effect is calculated as the result of the interest rate of the initial period multiplied by the difference between the average balances of both periods. (2) The price effect is calculated as the result of the average balance of the last period multiplied by the difference between the interest rates of both periods.

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