Note 12 - Financial Instruments designated at fair value through profit or loss

12 Months Ended

Dec. 31, 2020

Financial assets and liabilities designated at fair value through profit or loss

Disclosure of Financial Instruments designated at fair value through profit or loss

12. Financial assets and liabilities designated at fair value through profit or loss

The breakdown of the balance under these headings in the accompanying consolidated balance sheets is as follows:

Financial assets and liabilities designated at fair value through profit or loss (Millions of Euros)
	Notes	2020	2019	2018
ASSETS
Debt securities	7.2.2	1.117	1.214	1.313
LIABILITIES
Customer deposits		902	944	976
Debt certificates		4.531	4.656	2.858
Other financial liabilities: Unit-linked products		4.617	4.410	3.159
Total liabilities	8.1	10.050	10.010	6.993

Within “Financial liabilities designated at fair value through profit or loss”, liabilities linked to insurance products where the policyholder bears the risk ("Unit-Link") are recorded. Since the liabilities linked to insurance products in which the policyholder assumes the risk are valued the same way as the assets associated to these insurance products, there is no credit risk component borne by the Group in relation to these liabilities.

In addition, the assets and liabilities are included in these headings to reduce inconsistencies (asymmetries) in the valuation of those operations and those used to manage their risk.