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Note 14 - Financial assets at amortised cost | 12 Months Ended
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Dec. 31, 2020
Financial Assets At Amortised Cost |
Disclosure Of Financial Assets at amortized cost | 14. Financial assets at amortized cost 14.1. Breakdown of the balance The breakdown of the balance under this heading in the accompanying consolidated balance sheets, according to the nature of the financial instrument, is as follows:
Financial assets at amortized cost (Millions of Euros)
| Notes | 2020 | 2019 | 2018
Debt securities |  | 35.737 | 38.877 | 32.530
Government |  | 28.727 | 31.526 | 25.014
Credit institutions |  | 783 | 719 | 644
Other financial corporations |  | 5.027 | 5.254 | 5.421
Non-financial corporations |  | 1.200 | 1.379 | 1.451
Loans and advances to central banks |  | 6.209 | 4.275 | 3.941
Loans and advances to credit institutions |  | 14.575 | 13.649 | 9.163
Reverse repurchase agreements (**) |  | 1.914 | 1.817 | 478
Other loans and advances |  | 12.661 | 11.832 | 8.685
Loans and advances to customers (***) |  | 311.147 | 382.360 | 374.027
Government |  | 19.391 | 28.222 | 28.114
Other financial corporations |  | 9.817 | 11.207 | 9.468
Non-financial corporations |  | 136.424 | 166.789 | 163.922
Other |  | 145.515 | 176.142 | 172.522
Total | 8.1 | 367.668 | 439.162 | 419.660
Of which: impaired assets of loans and advances to customers (*) |  | 14.672 | 15.954 | 16.349
Of which: loss allowances of loans and advances (*) |  | (12.141) | (12.427) | (12.217)
Of which: loss allowances of debt securities |  | (48) | (52) | (51)
(*) See Note 7.2 (**) See Note 35. (***) Amount in 2020 is mainly due to the stake in BBVA USA (see Note 21). During financial years 2020, 2019 and 2018, there have been no significant reclassifications neither from “Financial assets at amortized cost” to other headings or from other headings to “Financial assets at amortized cost”. 14.2. Debt securities The breakdown of the balance under the heading “Debt securities” in the accompanying consolidated bala nce sheets, according to the issuer of the debt securities, is as follows:
Financial assets at amortized cost: 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 agencies | 13.656 | 1.212 | - | 14.868 | 12.755 | 630 | (21) | 13.363 | 10.953 | 458 | (265) | 11.146
Credit institutions | - | - | - | - | 26 | - | - | 26 | 53 | - | - | 53
Other issuers | 4.835 | 59 | (7) | 4.887 | 4.903 | 38 | (10) | 4.931 | 5.014 | 41 | (25) | 5.030
Subtotal | 18.492 | 1.271 | (7) | 19.756 | 17.684 | 668 | (31) | 18.320 | 16.019 | 499 | (290) | 16.228
Foreign debt securities |  |  |  |  |  |  |  |  |  |  |  |
Mexico | 7.771 | 534 | (16) | 8.289 | 6.374 | 168 | (18) | 6.525 | 5.148 | 10 | - | 5.157
Government and other government agencies debt securities | 6.963 | 479 | - | 7.442 | 5.576 | 166 | - | 5.742 | 4.571 | 9 | - | 4.579
Credit institutions | 632 | 55 | - | 687 | 526 | 2 | - | 529 | 350 | 1 | - | 351
Other issuers | 176 | - | (16) | 160 | 272 | - | (18) | 254 | 227 | - | - | 227
The United States | 52 | - | (26) | 26 | 6.125 | 111 | (20) | 6.217 | 2.559 | 15 | (3) | 2.570
Government securities | 14 | - | - | 14 | 5.690 | 111 | (18) | 5.783 | 2.070 | - | - | 2.070
Treasury and other government agencies | 14 | - | - | 14 | 1.161 | 50 | (17) | 1.193 | 118 | - | - | 118
States and political subdivisions | - | - | - | - | 4.530 | 61 | (1) | 4.590 | 1.952 | - | - | 1.952
Credit institutions | 23 | - | (16) | 7 | 25 | - | (1) | 25 | 23 | 9 | (2) | 30
Other issuers | 15 | - | (10) | 5 | 410 | - | (1) | 409 | 466 | 6 | (1) | 470
Turkey | 3.628 | 95 | (25) | 3.698 | 4.113 | 48 | (65) | 4.097 | 4.062 | - | (261) | 3.801
Government and other government agencies debt securities | 3.621 | 95 | (25) | 3.691 | 4.105 | 47 | (65) | 4.088 | 4.054 | - | (261) | 3.793
Credit institutions | 6 | - | - | 6 | 7 | 1 | - | 8 | 7 | - | - | 7
Other issuers | 1 | - | - | 1 | 1 | - | - | 1 | 1 | - | - | 1
Other countries | 5.795 | 505 | (1) | 6.299 | 4.581 | 82 | (26) | 4.637 | 4.741 | 32 | (152) | 4.622
Other foreign governments and other government agency debt securities | 4.473 | 467 | (1) | 4.939 | 3.400 | 82 | (22) | 3.459 | 3.366 | 27 | (152) | 3.242
Central banks | - | - | - | - | - | - | - | - | 64 | - | - | 64
Credit institutions | 122 | - | - | 122 | 135 | - | - | 135 | 147 | - | - | 147
Other issuers | 1.200 | 38 | - | 1.238 | 1.047 | - | (4) | 1.043 | 1.164 | 5 | - | 1.169
Subtotal | 17.245 | 1.134 | (68) | 18.311 | 21.194 | 409 | (129) | 21.476 | 16.510 | 57 | (416) | 16.150
Total | 35.737 | 2.405 | (75) | 38.067 | 38.877 | 1.077 | (160) | 39.796 | 32.530 | 556 | (706) | 32.378
As of December 31, 2020, 2019 and 2018, the credit ratings of the issuers of debt securities classified as follows:
Debt securities by rating
| 2020 | 2019 | 2018
| Carrying amount(Millions of Euros) | % | Carrying amount(Millions of Euros) | % | Carrying amount(Millions of Euros) | %
AAA | 151 | 0,4% | 39 | 0,1% | 49 | 0,2%
AA+ | 74 | 0,2% | 6.481 | 16,7% | 1.969 | 6,1%
AA | 64 | 0,2% | 14 | - | 62 | 0,2%
AA- | 48 | 0,1% | 713 | 1,8% | - | -
A+ | 42 | - | - | - | 607 | 1,9%
A | 590 | 1,7% | 16.806 | 43,2% | 21 | 0,1%
A- | 16.736 | 46,8% | 607 | 1,6% | 6.117 | 18,8%
BBB+ | 7.919 | 22,2% | 3.715 | 9,6% | 13.894 | 42,7%
BBB | 942 | 2,6% | 551 | 1,4% | 1.623 | 5,0%
BBB- | 4.499 | 12,6% | 3.745 | 9,6% | 2.694 | 8,3%
BB+ or below | 3.928 | 11,0% | 5.123 | 13,2% | 4.371 | 13,4%
Unclassified | 743 | 2,1% | 1.083 | 2,8% | 1.123 | 3,5%
Total | 35.737 | 100,0% | 38.877 | 100,0% | 32.530 | 100,0%
14.3. Loans and advances to customers The breakdown of the balance under this heading in the accompanying consolidated balance sheets, according to their nature, is as follows:
Loans and advances to customers (Millions of Euros)
| 2020 | 2019 | 2018
On demand and short notice | 2.835 | 3.050 | 3.641
Credit card debt | 13.093 | 16.354 | 15.445
Trade receivables | 15.544 | 17.276 | 17.436
Finance leases | 7.650 | 8.711 | 8.650
Reverse repurchase agreements | 71 | 26 | 294
Other term loans | 267.031 | 332.160 | 324.767
Advances that are not loans | 4.924 | 4.784 | 3.794
Total | 311.147 | 382.360 | 374.027
The heading “Financial assets at amortized cost – Loans an d advances to customers” in the accompanying consolidated balance sheets also includes certain secured loans that, as pursuant to the Mortgage Market Act, are linked to long-term mortgage covered bonds. The following table sets forth a breakdown of the gross carrying amount "Loans and advances to customers" with maturity greater than one year by fixed and variable rate as of December 31, 2020:
Interest sensitivity of outstanding loans and advances maturing in more than one year (Millions of Euros)
| 2020 | 2019
| Domestic | Foreign | Total | Domestic | Foreign | Total
Fixed rate | 46.104 | 66.444 | 112.548 | 55.920 | 68.915 | 124.835
Variable rate | 86.710 | 41.452 | 128.162 | 79.329 | 97.765 | 177.095
Total | 132.814 | 107.895 | 240.710 | 135.249 | 166.680 | 301.929
As of December 31, 2020, 2019 and 2018, 47%, 41% and 38%, respectively, of "Loans and a dvances to customers" with maturity greater than one year have fixed-interest rates and 53%, 59% and 62%, respectively, have variable interest rates. This heading also includes some loans that have been securitized. The balances recognized in the accompany ing consolidated balance sheets corresponding to these securitized loans are as follows:
Securitized loans (Millions of Euros)
| 2020 | 2019 | 2018
Securitized mortgage assets | 23.953 | 26.169 | 26.556
Other securitized assets | 6.144 | 4.249 | 3.221
Total | 30.098 | 30.418 | 29.777

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