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Note 7 - Fair Value of financial instruments | 6 Months Ended
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Jun. 30, 2019
Fair Value Abstract |
Fair Value Measurement | 7. Fair v alue of financial instruments The criteria and valuation methods used to calculate the fair value of financial assets as of June 30, 2019 do not differ significantly from those included in Note 8 from the Consolidated Financial Statements for the year ended December 31, 2018. The techniques and unobservable inputs used for the valuation of the financial instruments classified in the fair value hierarchy as Level 3, do not significantly differ from those detailed in Note 8 of the Consolidated Fi nancial Statements for the year 2018. Nonetheless, certain interest rate curves have been adapted to those observable in the market, which mainly affects the valuation of certain deposit classes recorded under “Financial liabilities at amortized cost” and certain insurance products recorded under “Financial liabilities designated at fair value through profit or loss - Other financial liabilities”, and, a result thereof, their classification as instruments of Level 2 from Level 3 previously. The effect on th e consolidated income statements and on the consolidated equity, resulting from changing the main assumptions used in the valuation of Level 3 financial instruments for other reasonably possible assumptions, does not differ significantly from that detailed in Note 8 of the Consolidated Financial Statements for the year 2018. Below is a comparison of the carrying amount of the Group’s financial instruments in the accompanying consolidated balance sheets and their respective fair values as of June 30, 2019 an d December 31, 2018:
Fair Value and Carrying Amount (Millions of Euros)
|  | June 2019 | December 2018
| Notes | Carrying Amount | Fair Value | Carrying Amount | Fair Value
ASSETS |  |  |  |  |
Cash, cash balances at central banks and other demand deposits | 8 | 44.565 | 44.565 | 58.196 | 58.196
Financial assets held for trading | 9 | 105.369 | 105.369 | 90.117 | 90.117
Non-trading financial assets mandatorily at fair value through profit or loss | 10 | 4.918 | 4.918 | 5.135 | 5.135
Financial assets designated at fair value through profit or loss | 11 | 1.403 | 1.403 | 1.313 | 1.313
Financial assets at fair value through other comprehensive income | 12 | 63.364 | 63.364 | 56.337 | 56.337
Financial assets at amortized cost | 13 | 430.930 | 431.066 | 419.660 | 419.857
Hedging derivatives | 14 | 3.105 | 3.105 | 2.892 | 2.892
LIABILITIES |  |  |  |  |
Financial liabilities held for trading | 9 | 91.358 | 91.358 | 80.774 | 80.774
Financial liabilities designated at fair value through profit or loss | 11 | 8.922 | 8.922 | 6.993 | 6.993
Financial liabilities at amortized cost | 21 | 513.937 | 510.526 | 509.185 | 510.300
Hedging derivatives | 14 | 3.281 | 3.281 | 2.680 | 2.680
The following table shows the financial instruments in the accompanying consolidated balance sheets, broken down by the measurement technique used to determine their fair value as of June 30, 2019 and December 31, 2018:
Fair value of financial instruments by levels (Millions of Euros)
|  |  | June 2019 |  |  | December 2018 |
| Notes | Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3
ASSETS |  |  |  |  |  |  |
Cash, cash balances at central banks and other demand deposits | 8 | 44.333 | - | 233 | 58.024 | - | 172
Financial assets held for trading | 9 | 31.594 | 72.726 | 1.048 | 26.730 | 62.983 | 404
Loans and advances |  | 1.341 | 35.704 | 80 | 47 | 28.642 | 60
Debt securities |  | 21.295 | 10.229 | 750 | 17.884 | 7.494 | 199
Equity instruments |  | 5.499 | - | 56 | 5.194 | - | 60
Derivatives |  | 3.459 | 26.793 | 163 | 3.605 | 26.846 | 85
Non-trading financial assets mandatorily at fair value through profit or loss | 10 | 3.707 | 40 | 1.171 | 3.127 | 78 | 1.929
Loans and advances |  | 59 | - | 993 | 25 | - | 1.778
Debt securities |  | 43 | 38 | 75 | 90 | 71 | 76
Equity instruments |  | 3.606 | 2 | 102 | 3.012 | 8 | 75
Financial assets designated at fair value through profit or loss | 11 | 1.403 | - | - | 1.313 | - | -
Debt securities |  | 1.403 | - | - | 1.313 | - | -
Financial assets at fair value through other comprehensive income | 12 | 52.768 | 9.626 | 969 | 45.824 | 9.323 | 1.190
Loans and advances |  | 33 | - | - | 33 | - | -
Debt securities |  | 50.733 | 9.505 | 481 | 43.788 | 9.211 | 711
Equity instruments |  | 2.003 | 121 | 489 | 2.003 | 113 | 479
Financial assets at amortized cost | 13 | 25.582 | 218.460 | 187.024 | 21.419 | 204.619 | 193.819
Hedging derivatives | 14 | 40 | 3.061 | 3 | 7 | 2.882 | 3
LIABILITIES |  |  |  |  |  |  |
Financial liabilities held for trading | 9 | 26.373 | 64.748 | 237 | 22.932 | 57.573 | 269
Deposits |  | 9.682 | 36.995 | - | 7.989 | 29.945 | -
Trading derivatives |  | 3.828 | 27.753 | 236 | 3.919 | 27.628 | 267
Other financial liabilities |  | 12.862 | - | 1 | 11.024 | - | 1
Financial liabilities designated at fair value through profit or loss | 11 | - | 8.915 | 7 | - | 4.478 | 2.515
Customer deposits |  | - | 999 | - | - | 976 | -
Debt certificates |  | - | 3.985 | 7 | - | 2.858 | -
Other financial liabilities |  | - | 3.930 | - | - | 643 | 2.515
Financial liabilities at amortized cost | 21 | 61.062 | 282.829 | 166.635 | 58.225 | 269.128 | 182.948
Derivatives – Hedge accounting | 14 | 233 | 3.039 | 10 | 223 | 2.454 | 3

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