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Note 13 - Financial assets at fair value through other comprehensive income | 12 Months Ended
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Dec. 31, 2020
Financial Assets At Fair Value Through Other Comprehensive Income Abstract |
Financial assets at fair value through other comprehensive income | 13. Financial assets at fair value through other comprehensive income 13.1. B reakdown of the balance The breakdown of the balance by the main financial instruments in the accompanying consolidated balance sheets is as follows:
Financial assets at fair value through other comprehensive income (Millions of Euros)
| Notes | 2020 | 2019 | 2018
Equity instruments | 7.2.2 | 1.100 | 2.420 | 2.595
Debt securities (*) |  | 68.308 | 58.731 | 53.709
Loans and advances to credit institutions | 7.2.2 | 33 | 33 | 33
Total | 8.1 | 69.440 | 61.183 | 56.337
Of which: loss allowances of debt securities |  | (97) | (110) | (28)
(*) The variation corresponds mainly to the increase in financial assets issued by governments in BBVA, S.A. During financial years 2020 and 2019, there have been no significant reclassifications from “Financial assets at fair value through other comprehensive income” to other headings or from other headings to “Financial assets at fair value through other comprehensive income”. 13.2. Equity instruments The breakdown of the balance under the heading "Equity instruments" of the accompanying consoli dated financial statements as of December 31, 2020, 2019 and 2018 is as follows:
Financial assets at fair value through other comprehensive income. Equity instruments. (Millions of Euros)
| 2020 | 2019 | 2018
| Amortized cost | Unrealized gains | Unrealized losses | Fair value | Amortized cost | Unrealized gains | Unrealized losses | Fair value | Amortized cost | Unrealized gains | Unrealized losses | Fair value
Equity instruments |  |  |  |  |  |  |  |  |  |  |  |
Spanish companies shares | 2.182 | - | (1.309) | 873 | 2.181 | - | (507) | 1.674 | 2.172 | - | (210) | 1.962
Foreign companies shares | 100 | 38 | (17) | 121 | 136 | 87 | (11) | 213 | 90 | 43 | (12) | 121
The United States | 27 | - | - | 27 | 30 | 47 | - | 78 | 20 | 17 | - | 37
Mexico | 1 | 33 | - | 34 | 1 | 33 | - | 34 | 1 | 25 | - | 26
Turkey | 2 | 4 | - | 6 | 3 | 2 | - | 5 | 3 | - | (1) | 2
Other countries | 70 | 1 | (17) | 54 | 102 | 5 | (11) | 96 | 66 | 1 | (11) | 56
Subtotal equity instruments listed | 2.282 | 38 | (1.326) | 995 | 2.317 | 87 | (518) | 1.886 | 2.262 | 43 | (222) | 2.083
Equity instruments |  |  |  |  |  |  |  |  |  |  |  |
Spanish companies shares | 5 | 1 | - | 5 | 5 | 1 | - | 5 | 6 | 1 | - | 7
Foreign companies shares | 58 | 43 | (1) | 100 | 450 | 79 | (1) | 528 | 453 | 54 | (1) | 506
The United States | - | - | - | - | 387 | 32 | - | 419 | 388 | 23 | - | 411
Turkey | 5 | - | - | 5 | 5 | 4 | - | 9 | 6 | 4 | - | 10
Other countries | 52 | 43 | (1) | 94 | 57 | 43 | (1) | 99 | 59 | 27 | (1) | 85
Subtotal unlisted equity instruments | 62 | 44 | (1) | 105 | 454 | 80 | (1) | 533 | 459 | 55 | (1) | 513
Total | 2.344 | 82 | (1.327) | 1.100 | 2.772 | 167 | (519) | 2.420 | 2.721 | 98 | (223) | 2.595
13.3. Debt securities The breakdown of the balance under the heading “Debt securities” of the accompanying consolidated financial statements as of December 31, 2020, 2019 and 2018, broken down by issuers, is as follows:
Financial assets at fair value through other comprehensive income. Debt securities (Millions of Euros)
| 2020 | 2019 | 2018
| Amortized cost | Unrealized gains | Unrealized losses | Fair value | Amortized cost | Unrealized gains | Unrealized losses | Fair value | Amortized cost | Unrealized gains | Unrealized losses | Fair value
Domestic debt securities |  |  |  |  |  |  |  |  |  |  |  |
Government and other government agency debt securities | 28.582 | 801 | (16) | 29.367 | 20.740 | 830 | (20) | 21.550 | 17.205 | 661 | (9) | 17.857
Credit institutions | 1.363 | 76 | - | 1.439 | 959 | 65 | - | 1.024 | 793 | 63 | - | 855
Other issuers | 867 | 40 | (1) | 906 | 907 | 40 | - | 947 | 804 | 37 | (1) | 841
Subtotal | 30.811 | 917 | (17) | 31.712 | 22.607 | 935 | (21) | 23.521 | 18.802 | 761 | (10) | 19.553
Foreign debt securities |  |  |  |  |  |  |  |  |  |  |  |
Mexico | 9.107 | 291 | (3) | 9.395 | 7.790 | 22 | (26) | 7.786 | 6.299 | 6 | (142) | 6.163
Government and other government agency debt securities | 8.309 | 271 | (1) | 8.579 | 6.869 | 18 | (19) | 6.868 | 5.286 | 4 | (121) | 5.169
Credit institutions | 113 | 5 | - | 118 | 77 | 2 | - | 78 | 35 | - | (1) | 34
Other issuers | 685 | 15 | (2) | 698 | 843 | 2 | (6) | 840 | 978 | 2 | (20) | 961
The United States | 4.642 | 52 | (3) | 4.691 | 11.376 | 68 | (51) | 11.393 | 14.507 | 47 | (217) | 14.338
Government securities | 2.307 | 9 | (1) | 2.315 | 8.570 | 42 | (12) | 8.599 | 11.227 | 37 | (135) | 11.130
Treasury and other government agencies | 2.307 | 9 | (1) | 2.315 | 5.595 | 32 | (2) | 5.624 | 7.285 | 29 | (56) | 7.258
States and political subdivisions | - | - | - | - | 2.975 | 10 | (10) | 2.975 | 3.942 | 8 | (79) | 3.872
Credit institutions | 186 | 3 | - | 188 | 122 | 2 | - | 124 | 49 | 1 | - | 50
Other issuers | 2.149 | 40 | (2) | 2.187 | 2.684 | 24 | (39) | 2.670 | 3.231 | 9 | (82) | 3.158
Turkey | 3.456 | 90 | (73) | 3.473 | 3.752 | 38 | (76) | 3.713 | 4.164 | 20 | (269) | 3.916
Government and other government agency debt securities | 3.456 | 90 | (73) | 3.473 | 3.752 | 38 | (76) | 3.713 | 4.007 | 20 | (256) | 3.771
Credit institutions | - | - | - | - | - | - | - | - | 157 | - | (13) | 145
Other countries | 18.340 | 739 | (42) | 19.037 | 11.870 | 554 | (106) | 12.318 | 9.551 | 319 | (130) | 9.740
Other foreign governments and other government agency debt securities | 10.458 | 502 | (17) | 10.943 | 6.963 | 383 | (78) | 7.269 | 4.510 | 173 | (82) | 4.601
Central banks | 1.599 | 21 | (8) | 1.611 | 1.005 | 9 | (4) | 1.010 | 987 | 2 | (4) | 986
Credit institutions | 2.521 | 116 | (8) | 2.629 | 1.795 | 109 | (12) | 1.892 | 1.856 | 111 | (20) | 1.947
Other issuers | 3.762 | 100 | (8) | 3.854 | 2.106 | 53 | (12) | 2.147 | 2.197 | 33 | (25) | 2.206
Subtotal | 35.545 | 1.172 | (120) | 36.596 | 34.788 | 681 | (259) | 35.210 | 34.521 | 392 | (758) | 34.157
Total | 66.356 | 2.089 | (137) | 68.308 | 57.395 | 1.617 | (280) | 58.731 | 53.323 | 1.153 | (768) | 53.709
The credit ratings of the issuers of debt securities as of December 31, 2020, 2019 an d 2018 are as follows:
Debt securities by rating
| 2020 | 2019 | 2018
| Fair value(Millions of Euros) | % | Fair value(Millions of Euros) | % | Fair value(Millions of Euros) | %
AAA | 4.345 | 6,4% | 3.669 | 6,2% | 531 | 1,0%
AA+ | 595 | 0,9% | 7.279 | 12,4% | 13.100 | 24,4%
AA | 449 | 0,7% | 317 | 0,5% | 222 | 0,4%
AA- | 406 | 0,6% | 265 | 0,5% | 409 | 0,8%
A+ | 5.912 | 8,7% | 3.367 | 5,7% | 632 | 1,2%
A | 2.112 | 3,1% | 12.895 | 22,0% | 687 | 1,3%
A- | 31.614 | 46,3% | 10.947 | 18,6% | 18.426 | 34,3%
BBB+ | 8.629 | 12,6% | 9.946 | 16,9% | 9.195 | 17,1%
BBB | 4.054 | 5,9% | 2.966 | 5,1% | 4.607 | 8,6%
BBB- | 5.116 | 7,5% | 1.927 | 3,3% | 1.003 | 1,9%
BB+ or below | 4.731 | 6,9% | 4.712 | 8,0% | 4.453 | 8,3%
Unclassified | 345 | 0,5% | 441 | 0,8% | 445 | 0,8%
Total | 68.308 | 100,0% | 58.731 | 100,0% | 53.709 | 100,0%
13.4. Gains/losses The changes in the gains/losses (net of taxes) in December 31, 2020, 2019 and 2018 of debt securities recognized under the equity heading “Accumulated other comprehensive income (loss) – Items that may be reclassified to profit or loss – Fair value changes of debt instruments measured at fair value through other comprehensive income” and equity instruments recognized under the equity heading “Accumulated other comprehensive income (loss) – Items that will not be reclassified to profit or loss –F air value ch anges of equity instruments measur ed at fair value through other comprehensive income” in the accompanying consolidated balance sheets are as follows:
Other comprehensive income - Changes in gains / losses (Millions of Euros)
|  | Debt securities | Equity instruments
| Notes | 2020 | 2019 | 2018 | 2020 | 2019 | 2018
Balance at the beginning |  | 1.760 | 943 | 1.557 | (403) | (155) | 84
Effect of changes in accounting policies (IFRS 9) |  |  |  | (58) |  |  | (40)
Valuation gains and losses |  | 489 | 1.267 | (640) | (876) | (238) | (174)
Amounts transferred to income |  | (72) | (119) | (137) |  |  |
Income tax and other |  | (107) | (331) | 221 | 23 | (10) | (25)
Balance at the end | 30 | 2.069 | 1.760 | 943 | (1.256) | (403) | (155)
In 2020, the debt securities impaired recognized in the heading “Impairment or reversal of impairment on financial assets not measured at fair value through profit or loss or net gains by modification– Financial assets at fair value through other comprehensive income” in the accompanying consolidated income statement amounted to €19 million (see Note 47). In 2019, the debt securities impaired recognized in the heading “Impairment or reversal of impairment on financial assets not measured at fair value through profit or loss or net gains by modification– Financial assets at fair value through other comprehensive income” in the accompanying consolidated income statement amounted to €82 million (see Note 47) as a result of the decrease in the rating of debt securities in Argentina during the last quarter of 2019. In 2018, the debt securit ies impaired recognized in the heading “Impairment or reversal of impairment on financial assets not measured at fair value through profit or loss or net gains by modification– Financial assets at fair value through other comprehensive income” in the accompanying consolidated income statement amounted to €1 million (see Note 47). In 2020, equity securities presented a decrease of 876 million euros in the heading “Gains and losses from valuation - Accumulated other comprehensive income - Items that will not be reclassified to profit and loss - Fair value changes of equity instruments measured at fair value through other comprehensive income”, mainly due to the Telefónica quotation. During 2020, 2019 and 2018 there has been no significant impairment recor ded in equity instruments under the heading “Impairment or reversal of impairment on financial assets not measured at fair value through profit or loss or net gains by modification- Financial assets at fair value through other comprehensive income” (see No te 47).

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