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Note 22 - Financial liabilities at amortized cost | 12 Months Ended
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Dec. 31, 2019
Financial liabilities at amortized cost Abstract |
Financial liabiltiies measured at amortized cost | 22. Financial liabilities at amortized cost 22.1 Breakdown of the balance The breakdown of the balance under these headings in the accompanying consolidated balance sheets is as follows:
Financial liabilities measured at amortized cost (Millions of Euros)
| 2019 | 2018 | 2017
Deposits | 438,919 | 435,229 | 467,949
Deposits from central banks | 25,950 | 27,281 | 37,054
Demand deposits | 23 | 20 | 2,588
Time deposits | 25,101 | 26,885 | 28,311
Repurchase agreements | 826 | 375 | 6,155
Deposits from credit institutions | 28,751 | 31,978 | 54,516
Demand deposits | 7,161 | 8,370 | 3,731
Time deposits | 18,896 | 19,015 | 25,941
Repurchase agreements | 2,693 | 4,593 | 24,843
Customer deposits | 384,219 | 375,970 | 376,379
Demand deposits | 280,391 | 260,573 | 240,583
Time deposits | 103,293 | 114,188 | 126,716
Repurchase agreements | 535 | 1,209 | 9,079
Debt certificates | 63,963 | 61,112 | 63,915
Other financial liabilities | 13,758 | 12,844 | 11,850
Total | 516,641 | 509,185 | 543,713
22.2 Deposits from credit institutions The breakdown by geographical area and the nature of the related instruments of this heading in the accompanying consolidated balance sheets is as follows:
Deposits from credit institutions. December 2019 (Millions of Euros)
| Demand deposits | Time deposits & other (*) | Repurchase agreements | Total
Spain | 2,104 | 1,113 | 1 | 3,218
The United States | 2,082 | 4,295 | - | 6,377
Mexico | 432 | 1,033 | 168 | 1,634
Turkey | 302 | 617 | 4 | 924
South America | 394 | 2,285 | 161 | 2,840
Rest of Europe | 1,652 | 5,180 | 2,358 | 9,190
Rest of the world | 194 | 4,374 | - | 4,568
Total | 7,161 | 18,896 | 2,693 | 28,751
(*) Subordinated depo sits are included amounting €195 million.
Deposits from credit institutions. December 2018 (Millions of Euros)
| Demand deposits | Time deposits & other (*) | Repurchase agreements | Total
Spain | 1,981 | 2,527 | 55 | 4,563
The United States | 1,701 | 2,677 | - | 4,379
Mexico | 280 | 286 | - | 566
Turkey | 651 | 669 | 4 | 1,323
South America | 442 | 1,892 | - | 2,335
Rest of Europe | 3,108 | 6,903 | 4,534 | 14,545
Rest of the world | 207 | 4,061 | - | 4,268
Total | 8,370 | 19,015 | 4,593 | 31,978
Deposits from credit institutions. December 2017 (Millions of Euros)
| Demand deposits | Time deposits & other (*) | Repurchase agreements | Total
Spain | 762 | 3,879 | 878 | 5,518
The United States | 1,563 | 2,398 | - | 3,961
Mexico | 282 | 330 | 1,817 | 2,429
Turkey | 73 | 836 | 44 | 953
South America | 448 | 2,538 | 13 | 2,999
Rest of Europe | 526 | 12,592 | 21,732 | 34,849
Rest of the world | 77 | 3,369 | 360 | 3,806
Total | 3,731 | 25,941 | 24,843 | 54,516
(*) Subordinated deposits are included amounting €191 million. 22.3 Customer deposits The breakdown by geographical area of this heading in the accompanying consolidated balance sheets, by type of instrument is as follows:
Customer deposits. December 2019 (Millions of Euros)
| Demand deposits | Time deposits & other (*) | Repurchase agreements | Total
Spain | 146,651 | 24,958 | 2 | 171,611
The United States | 46,372 | 19,810 | - | 66,181
Mexico | 43,326 | 12,714 | 523 | 56,564
Turkey | 13,775 | 22,257 | 10 | 36,042
South America | 22,748 | 13,913 | - | 36,661
Rest of Europe | 6,610 | 8,749 | - | 15,360
Rest of the world | 909 | 892 | - | 1,801
Total | 280,391 | 103,293 | 535 | 384,219
(*) Subordinated deposits are included amounting to €189 million.
Customer deposits. December 2018 (Millions of Euros)
| Demand deposits | Time deposits and other (*) | Repurchase agreements | Total
Spain | 138,236 | 28,165 | 3 | 166,403
The United States | 41,222 | 21,317 | - | 62,539
Mexico | 38,383 | 11,837 | 770 | 50,991
Turkey | 10,856 | 22,564 | 7 | 33,427
South America | 23,811 | 14,159 | - | 37,970
Rest of Europe | 7,233 | 14,415 | 429 | 22,077
Rest of the world | 831 | 1,731 | - | 2,563
Total | 260,573 | 114,188 | 1,209 | 375,970
(*) Subordinated deposits are included amounting to €220 million.
Customer deposits. December 2017 (Millions of Euros)
| Demand deposits | Time deposits & other (*) | Repurchase agreements | Total
Spain | 123,382 | 39,513 | 2,664 | 165,559
The United States | 36,728 | 21,436 | - | 58,164
Mexico | 36,492 | 11,622 | 4,272 | 52,387
Turkey | 12,427 | 24,237 | 152 | 36,815
South America | 23,710 | 15,053 | 2 | 38,764
Rest of Europe | 6,816 | 13,372 | 1,989 | 22,177
Rest of the world | 1,028 | 1,484 | - | 2,511
Total | 240,583 | 126,716 | 9,079 | 376,379
(*) Subordinated deposits are included amounting to €194 million. 22.4 Debt certificates The breakdown of the balance under this heading, by financial in struments and by currency, is as follows:
Debt certificates (Millions of Euros)
| 2019 | 2018 | 2017
In Euros | 40,185 | 37,436 | 38,735
Promissory bills and notes | 737 | 267 | 1,309
Non-convertible bonds and debentures | 12,248 | 9,638 | 9,418
Covered bonds (*) | 15,542 | 15,809 | 16,425
Hybrid financial instruments | 518 | 814 | 807
Securitization bonds | 1,354 | 1,630 | 2,295
Wholesale funding | 1,817 | 142 | -
Subordinated liabilities | 7,968 | 9,136 | 8,481
Convertible perpetual certificates | 5,000 | 5,490 | 4,500
Non-convertible preferred stock | 83 | 107 | 107
Other non-convertible subordinated liabilities | 2,885 | 3,540 | 3,875
In foreign currencies | 23,778 | 23,676 | 25,180
Promissory bills and notes | 1,210 | 3,237 | 3,157
Non-convertible bonds and debentures | 10,587 | 9,335 | 11,109
Covered bonds (*) | 362 | 569 | 650
Hybrid financial instruments | 1,156 | 1,455 | 1,809
Securitization bonds | 17 | 38 | 47
Wholesale funding | 780 | 544 | -
Subordinated liabilities | 9,666 | 8,499 | 8,407
Convertible perpetual certificates | 1,782 | 873 | 2,085
Non-convertible preferred stock | 76 | 74 | 55
Other non-convertible subordinated liabilities | 7,808 | 7,552 | 6,268
Total | 63,963 | 61,112 | 63,915
(*) Including mortgag e-covered bonds. As of December 31, 2019, 71% of “Debt certificates” have fixed-interest rates and 29% have variable interest rates. Most of the foreign currency issues are denominated in U.S. dollars. 22.4.1 Subordinated liabilities The breakdown of this heading, is as follows:
Memorandum item: Subordinated liabilities at amortized cost
| 2019 | 2018 | 2017
Subordinated deposits | 384 | 411 | 427
Subordinated certificates | 17,635 | 17,635 | 16,889
Preferred stock | 159 | 181 | 161
Compound convertible financial instruments | 6,782 | 6,363 | 6,585
Other non-convertible subordinated liabilities (*) | 10,693 | 11,092 | 10,143
Total | 18,018 | 18,047 | 17,316
(*) The €40 million subordinated issuances of BBVA Paraguay as of December 2019 are recorded in the heading "Liabilities included in disposal groups classified as held for sale". The issuances of BBVA International Preferred, S.A.U., BBVA Global Finance, Ltd., Caixa Terrassa Societat de Participacions Preferents, S.A.U. and CaixaSabadell Preferents, S.A.U., are jointly, severally and irrevocably guaranteed by the Bank. The balance variances are mainly due to the following transactions: Convertible perpetual liabilities The AGM held on March 17, 2017, resolved, under agenda item five, to confer author ity to the Board of Directors to issue securities convertible into newly issued BBVA shares, on one or several occasions, within the maximum term of five years to be counted from the approval date of the authorization, up to a maximum overall amount of €8 billion or its equivalent in any other currency. Likewise, the AGM resolved to confer to the Board of Directors the authority to totally or partially exclude shareholders’ pre-emptive subscription rights within the framework of a specific issue of converti ble securities, although this power was limited to enable the nominal amount of the capital increases resolved or effectively carried out to cover the conversion of mandatory convertible issuances made under this authority (without prejudice to anti-diluti on adjustments), with exclusion of pre-emptive subscription rights and of those likewise resolved or carried out with exclusion of pre-emptive subscription rights in use of the authority to increase the share capital conferred by the AGM held on March 17, 2017, under agenda item four, do not exceed the maximum nominal amount, overall, of 20% of the share capital of BBVA at the time of the authorization, this limit not being applicable to contingent convertible issues. Under that delegation, BBVA made the fo llowing issuances that qualify as additional tier 1 capital of the Bank and the Group in accordance with Regulation (EU) 575/2013: In May and November 2017, BBVA carried out both issuances of perpetual contingent convertible securities (additional tier 1 i nstrument), with exclusion of pre-emptive subscription rights of shareholders, for a total nominal amount of €500 million and $1,000 million, respectively. These issuances are listed in the Global Exchange Market of Euronext Dublin and were targeted only a t qualified investors and foreign private banking clients, not being offered to, and not being subscribed for, in Spain or by Spanish residents. In September 2018 and March 2019, BBVA carried out both issuances of perpetual contingent convertible securitie s (additional tier 1 instrument), with exclusion of pre-emptive subscription rights of shareholders, for a total nominal amount of €1,000 million each. These issuances are listed in the AIAF Fixed Income Securities Market and were targeted only at professi onal clients and eligible counterparties, and not being offered or sold to any retail clients. On September 5, 2019, BBVA carried out an issuance of perpetual contingent convertible securities (additional tier 1 instrument), with exclusion of pre-emptive s ubscription rights of shareholders, for a total nominal amount of $1,000 million. This issuance is listed in the Global Exchange Market of Euronext Dublin and was targeted only at qualified investors, not being offered to, and not being subscribed for, in Spain or by Spanish residents. Additionally, other issuances: The additional issuances of perpetual contingent convertible securities (additional tier 1 instruments) with exclusion of pre-emptive subscription rights of shareholders were carried out, by vir tue of other delegations conferred by the AGM, in February 2015 for an amount of €1.5 billion and in April 2016 for an amount of €1 billion. These issuances were targeted only at qualified investors and foreign private banking clients not being offered to, and not being subscribed for, in Spain or by Spanish residents. These issuances are listed in the Global Exchange Market of Euronext Dublin and qualify as additional tier 1 capital of the Bank and the Group in accordance with Regulation (EU) 575/2013. The se perpetual securities will be converted into newly issued ordinary shares of BBVA if the CET 1 ratio of the Bank or the Group is less than 5.125%, in accordance with their respective terms and conditions. These issues may be fully redeemed at BBVA´s opti on only in the cases contemplated in their respective terms and conditions, and in any case, in accordance with the provisions of the applicable legislation. In particular: On May 9, 2018, the Bank early redeemed the issuance of preferred securities contin gently convertible (additional tier 1 instrument) carried out by the Bank on May 9, 2013, for an amount of USD1.5 billion on the First Reset Date of the issuance and once the prior consent from the Regulator was obtained. On February 19, 2019 the Bank ear ly redeemed the issuance of preferred securities contingently convertible (additional tier 1 instrument), carried out by the Bank on February 19, 2014, for a total amount of €1,5 billion and once the prior consent from the Regulator has been obtained. Addi tionally, on December 23, 2019, the Bank has notified its irrevocable decision to early redeem next February 18, 2020 the issuance of preferred securities contingently convertible (additional tier 1 instrument), carried out by the Bank on February 18, 2015, for a total amount of €1,5 billion and once the prior consent from the Regulator has been obtained. Preferred securities The breakdown by issuer of the balance under this heading in the accompanying consolidated balance sheets is as follows:
Preferred securities by issuer (Millions of Euros)
| 2019 | 2018 | 2017
BBVA International Preferred, S.A.U. (1) | 37 | 35 | 36
Unnim Group (2) | 83 | 98 | 98
BBVA USA | 19 | 19 | 19
BBVA Colombia | 20 | 19 | 1
Other | - | 9 | 9
Total | 159 | 181 | 163
(1) Listed on the London stock exchange. (2) Unnim Group: Issuances prior to the acquisition by BBVA. These issuances were fully subscribed at the moment of the issue by qualified/institutional investors outside the Group and are redeemable, totally or partially, at the issuer’s option after five years from the issue date, depending on the terms of each issuance and with the prior consent from the Bank of Spain or the relevant authority. Redemption of preferred securities BBVA International Preferred, S.A.U. carried out the early redemption in full of its Series B preferred securities on March 20, 2017, for an outstanding amount of €164,350,000; on March 22, 2017, the early redemption in full of its Series A preferred securitie s for an outstanding amount of €85,550,000; and on April 18, 2017 the early redemption in full of its Series C preferred securities for an outstanding amount of USD 600,000,000, once the prior consent was obtained. 22.5 Other financial liabilities The breakdown of the balance under this heading in the accompanying consolidated balance sheets is as follows:
Other financial liabilities (Millions of Euros)
| 2019 | 2018 | 2017
Lease liabilities (*) | 3,335 |  |
Creditors for other financial liabilities | 2,623 | 2,891 | 2,835
Collection accounts | 3,306 | 4,305 | 3,452
Creditors for other payment obligations | 4,494 | 5,648 | 5,563
Total | 13,758 | 12,844 | 11,850
(*) Lease liabilities are recognized after the implementation of IFRS 16 (see Note 2.1). A breakdown of the maturit y of the lease liabilities, due after December 31, 2019 is provided below:
Maturity of future payment obligations (Millions of Euros)
|  | Up to 1 year | 1 to 3 years | 3 to 5 years | Over 5 years | Total
Leases |  | 269 | 500 | 535 | 2,031 | 3,335

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