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Note 7 - Fair Value | 6 Months Ended
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Jun. 30, 2020
Fair Value Abstract |
Fair Value Measurement | 7. Fair value of financial instruments The criteria and valuation methods used to calculate the fair value of financial assets as of June 30, 2020 do not differ significantly from those included in Note 8 from the consolidated financial s tatements for the year ended December 31, 2019. 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 det ailed in Note 8 of the consolidated financial statements for the year 2019 Nevertheless, the level of significance of the unobservable inputs used to determine the hierarchy of the fair value of loans and advances to customers at amortized cost has been re vised, resulting in greater exposure classified as level 3. The effect on the 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 reaso nably possible assumptions, does not differ significantly from that detailed in Note 8 of the consolidated financial s tatements for the year 2019. Below is a comparison of the carrying amount of the Group’s financial instruments in the accompanying consoli dated balance sheets and their respective fair values as of June 30, 2020 and December 31, 2019:
Fair value and carrying amount (Millions of Euros)
|  | June 2020 | December 2019
| Notes | Carrying Amount | Fair Value | Carrying Amount | Fair Value
ASSETS |  |  |  |  |
Cash, cash balances at central banks and other demand deposits | 8 | 65,877 | 65,877 | 44,303 | 44,303
Financial assets held for trading | 9 | 119,332 | 119,332 | 102,688 | 102,688
Non-trading financial assets mandatorily at fair value through profit or loss | 10 | 4,998 | 4,998 | 5,557 | 5,557
Financial assets designated at fair value through profit or loss | 11 | 1,098 | 1,098 | 1,214 | 1,214
Financial assets at fair value through other comprehensive income | 12 | 70,045 | 70,045 | 61,183 | 61,183
Financial assets at amortized cost | 13 | 450,222 | 452,719 | 439,162 | 442,788
Derivatives - Hedge accounting | 14 | 2,531 | 2,531 | 1,729 | 1,729
LIABILITIES |  |  |  |  |
Financial liabilities held for trading | 9 | 108,624 | 108,624 | 89,633 | 89,633
Financial liabilities designated at fair value through profit or loss | 11 | 9,203 | 9,203 | 10,010 | 10,010
Financial liabilities at amortized cost | 21 | 559,713 | 557,678 | 516,641 | 515,910
Derivatives - Hedge accounting | 14 | 2,368 | 2,368 | 2,233 | 2,233
The following table shows the financial instruments in the accompanying consolidated balance sheets, broken down by the measurement tec hnique used to determine their fair value as of June 30, 2020 and December 31, 2019:
Fair value of financial instruments by levels (Millions of Euros)
| June 2020 | December 2019
| Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3
ASSETS |  |  |  |  |  |
Cash, cash balances at central banks and other demand deposits | 65,686 | - | 191 | 44,111 | - | 192
Financial assets held for trading | 30,604 | 86,964 | 1,763 | 31,135 | 70,045 | 1,508
Loans and advances | 2,483 | 33,848 | 1,261 | 697 | 32,321 | 1,285
Debt securities | 15,246 | 11,304 | 89 | 18,076 | 8,178 | 55
Equity instruments | 5,751 | 28 | 82 | 8,832 | - | 59
Derivatives | 7,124 | 41,785 | 331 | 3,530 | 29,546 | 109
Non-trading financial assets mandatorily at fair value through profit or loss | 1,629 | 2,224 | 1,145 | 4,305 | 92 | 1,160
Loans and advances | 152 | - | 538 | 82 | - | 1,038
Debt securities | - | 205 | 45 | - | 91 | 19
Equity instruments | 1,477 | 2,019 | 562 | 4,223 | 1 | 103
Financial assets designated at fair value through profit or loss | 925 | 172 | - | 1,214 | - | -
Debt securities | 925 | 172 | - | 1,214 | - | -
Financial assets at fair value through other comprehensive income | 57,066 | 12,129 | 849 | 50,896 | 9,203 | 1,084
Loans and advances | 33 | - | - | 33 | - | -
Debt securities | 55,780 | 11,990 | 452 | 49,070 | 9,057 | 604
Equity instruments | 1,254 | 139 | 397 | 1,794 | 146 | 480
Financial assets at amortized cost | 32,880 | 26,566 | 393,273 | 29,391 | 217,279 | 196,119
Derivatives – Hedge accounting | 153 | 2,370 | 8 | 44 | 1,685 | -
LIABILITIES |  |  |  |  |  |
Financial liabilities held for trading | 26,953 | 80,095 | 1,576 | 26,266 | 62,541 | 827
Deposits | 7,727 | 37,828 | 1,082 | 9,595 | 32,121 | 649
Trading derivatives | 8,612 | 41,048 | 494 | 4,425 | 30,419 | 175
Short positions | 10,614 | 1,219 | - | 12,246 | 1 | 2
Financial liabilities designated at fair value through profit or loss | - | 8,120 | 1,083 | - | 9,984 | 27
Customer deposits | - | 914 | - | - | 944 | -
Debt certificates | - | 3,119 | 1,083 | - | 4,629 | 27
Other financial liabilities | - | 4,087 | - | - | 4,410 | -
Financial liabilities at amortized cost | 92,354 | 314,925 | 150,399 | 67,229 | 289,599 | 159,082
Derivatives – Hedge accounting | 48 | 2,287 | 34 | 30 | 2,192 | 11

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