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Note 12 - Financial assets at fair value through other comprehensive income | 6 Months Ended
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Jun. 30, 2019
Financial Assets At Fair Value Through Other Comprehensive Income Abstract |
Financial assets at fair value through other comprehensive income | 12. Financial assets at fair value through other comprehensive income 12.1 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 | June 2019 | December 2018
Debt securities | 6.2.1 | 60.750 | 53.737
Impairment losses |  | (32) | (28)
Subtotal |  | 60.718 | 53.709
Equity instruments | 6.2.1 | 2.613 | 2.595
Loans and advances to credit institutions | 6.2.1 | 33 | 33
Total |  | 63.364 | 56.337
12.2 Debt securities The breakdown of the balance under the heading “Debt securities at fair value through other comprehensive income” of the accompanying condensed interim consolidated financial statements, broken down by issuers, is as follows:
Financial assets designated at fair value through other comprehensive income: Debt Securities. June 2019 (Millions of Euros)
|  | Amortized Cost (*) | Unrealized Gains | Unrealized Losses | Fair Value
Domestic Debt Securities |  | 26.138 | 1.085 | (10) | 27.213
Spanish Government and other Spanish government agency debt securities |  | 24.304 | 967 | (10) | 25.261
Securities issued by credit institutions |  | 894 | 73 | - | 967
Securities issued by other issuers |  | 940 | 45 | - | 984
Foreign Debt Securities |  | 33.529 | 523 | (548) | 33.506
Mexico |  | 6.209 | 17 | (77) | 6.150
Mexican Government and other Mexican government agency debt securities |  | 5.249 | 15 | (54) | 5.210
Securities issued by credit institutions |  | 68 | - | (1) | 68
Securities issued by other issuers |  | 892 | 2 | (22) | 872
The United States |  | 11.442 | 87 | (80) | 11.449
Government securities |  | 8.220 | 61 | (32) | 8.248
US Treasury and other US Government agencies |  | 4.831 | 52 | (8) | 4.874
States and political subdivisions |  | 3.389 | 9 | (24) | 3.374
Securities issued by credit institutions |  | 98 | 2 | - | 100
Securities issued by other issuers |  | 3.124 | 24 | (48) | 3.100
Turkey |  | 4.033 | 17 | (293) | 3.756
Turkey Government and other Turkish government agency debt securities |  | 3.893 | 17 | (290) | 3.620
Securities issued by credit institutions |  | 140 | - | (4) | 136
Other countries |  | 11.845 | 403 | (98) | 12.150
Other foreign governments and other government agency debt securities |  | 6.659 | 237 | (56) | 6.840
Securities issued by Central Banks |  | 1.278 | 3 | (7) | 1.273
Securities issued by credit institutions |  | 1.715 | 117 | (18) | 1.814
Securities issued by other issuers |  | 2.194 | 46 | (16) | 2.224
Total |  | 59.667 | 1.608 | (558) | 60.718
(*) The amortized cost includes portfolio gains/losses linked to insurance contracts in which the policyholder assumes the risk in case of redemption.
Financial assets designated at fair value through other comprehensive income: Debt Securities. December 2018 (Millions of Euros)
|  | Amortized Cost (*) | Unrealized Gains | Unrealized Losses | Fair Value
Domestic Debt Securities |  | 18.802 | 761 | (10) | 19.553
Spanish Government and other Spanish government agency debt securities |  | 17.205 | 661 | (9) | 17.857
Securities issued by credit institutions |  | 793 | 63 | - | 855
Securities issued by other issuers |  | 804 | 37 | (1) | 841
Foreign Debt Securities |  | 34.521 | 392 | (758) | 34.157
Mexico |  | 6.299 | 6 | (142) | 6.163
Mexican Government and other Mexican government agency debt securities |  | 5.286 | 4 | (121) | 5.169
Securities issued by credit institutions |  | 35 | - | (1) | 34
Securities 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
Securities issued by credit institutions |  | 49 | 1 | - | 50
Securities issued by other issuers |  | 3.231 | 9 | (82) | 3.158
Turkey |  | 4.164 | 20 | (269) | 3.916
Turkey Government and other Turkish government agency debt securities |  | 4.007 | 20 | (256) | 3.771
Securities issued by credit institutions |  | 157 | - | (13) | 145
Other countries |  | 9.551 | 319 | (130) | 9.740
Other foreign governments and other government agency debt securities |  | 4.510 | 173 | (82) | 4.601
Securities issued by Central Banks |  | 987 | 2 | (4) | 986
Securities issued by credit institutions |  | 1.856 | 111 | (20) | 1.947
Securities issued by other issuers |  | 2.197 | 33 | (25) | 2.206
Total |  | 53.323 | 1.153 | (768) | 53.709
(*) 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 June 30, 2019 and December 31, 2018, are as follows:
Debt Securities by Rating
| June 2019 | December 2018
| Fair Value(Millions of Euros) | % | Fair Value(Millions of Euros) | %
AAA | 1.785 | 2,9% | 531 | 1,0%
AA+ | 8.848 | 14,6% | 13.100 | 24,4%
AA | 257 | 0,4% | 222 | 0,4%
AA- | 307 | 0,5% | 409 | 0,8%
A+ | 2.453 | 4,0% | 632 | 1,2%
A | 578 | 1,0% | 687 | 1,3%
A- | 11.389 | 18,8% | 18.426 | 34,3%
BBB+ | 22.439 | 37,0% | 9.195 | 17,1%
BBB | 3.947 | 6,5% | 4.607 | 8,6%
BBB- | 1.868 | 3,1% | 1.003 | 1,9%
BB+ or below | 4.706 | 7,8% | 4.453 | 8,3%
Without rating | 2.140 | 3,5% | 445 | 0,8%
Total | 60.718 | 100% | 53.709 | 100%
12.3 Equity instruments The bre akdown of the balance under the heading "Equity instruments at fair value through other comprehensive income" of the accompanying condensed interim consolidated financial statements as of June 30, 2019 and December 31, 2018, is as follows:
Financial assets designated at fair value through other comprehensive income: Equity instruments. June 2019 (Millions of Euros)
| Amortized Cost | Unrealized Gains | Unrealized Losses | Fair Value
Equity instruments listed | 2.274 | 71 | (254) | 2.091
Listed Spanish company shares | 2.172 | - | (242) | 1.930
Listed foreign company shares | 102 | 71 | (13) | 161
United States | 30 | 40 | - | 70
Mexico | 1 | 28 | - | 29
Turkey | 3 | - | (1) | 2
Other countries | 68 | 2 | (12) | 59
Unlisted equity instruments | 459 | 63 | (1) | 521
Unlisted Spanish company shares | 6 | 1 | - | 6
Unlisted foreign companies shares | 454 | 62 | (1) | 515
United States | 389 | 28 | - | 416
Turkey | 5 | 4 | - | 9
Other countries | 59 | 31 | (1) | 89
Total | 2.734 | 134 | (255) | 2.613
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 | 2.262 | 43 | (222) | 2.083
Listed Spanish company shares | 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
Unlisted equity instruments | 459 | 55 | (1) | 513
Unlisted Spanish company shares | 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
Total | 2.721 | 98 | (223) | 2.595
12.4 Gains/losses Debt securities The changes in the gains/losses (net of taxes) recognized during the six months ended June 30, 2019 and in the year ended December 31, 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 | June 2019 | December 2018
Balance at the beginning |  | 943 | 1.557
Effect of changes in accounting policies (IFRS 9) |  |  | (58)
Valuation gains and losses |  | 1.007 | (640)
Amounts transferred to income |  | (27) | (137)
Income tax |  | (284) | 221
Balance at the end | 27 | 1.639 | 943
Equity instruments The changes in the gains/losses (net of taxes) recognized during the six months ended June 30, 2019 and in the year ended December 31, 2018 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 accompan ying 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 | June 2019 | December 2018
Balance at the beginning |  | (155) | 84
Effect of changes in accounting policies (IFRS 9) |  |  | (40)
Valuation gains and losses |  | (1) | (174)
Income tax |  | (7) | (25)
Balance at the end | 27 | (164) | (155)

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