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Note 8 (Tables) | 12 Months Ended
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Dec. 31, 2022
Fair value of financial instruments [Abstract] |
Fair value and carrying amount of the financial instruments [Table Text Block] | The fair value of the Group’s financial instruments in the consolidated balance sheets and its corresponding carrying amounts, as of December 31, 2022, 2021 and 2020 are presented below:
Fair value and carrying amount of the financial instruments (Millions of Euros)
|  | 2022 | 2021 | 2020
| Notes | Carrying Amount | Fair Value | Carrying Amount | Fair Value | Carrying Amount | Fair Value
ASSETS |  |  |  |  |  |  |
Cash, cash balances at central banks and other demand deposits | 9 | 79,756 | 79,756 | 67,799 | 67,799 | 65,520 | 65,520
Financial assets held for trading | 10 | 110,671 | 110,671 | 123,493 | 123,493 | 105,878 | 105,878
Non-trading financial assets mandatorily at fair value through profit or loss | 11 | 6,888 | 6,888 | 6,086 | 6,086 | 5,198 | 5,198
Financial assets designated at fair value through profit or loss | 12 | 913 | 913 | 1,092 | 1,092 | 1,117 | 1,117
Financial assets at fair value through other comprehensive income | 13 | 58,980 | 58,980 | 60,421 | 60,421 | 69,440 | 69,440
Financial assets at amortized cost | 14 | 422,061 | 419,060 | 372,676 | 377,451 | 367,668 | 374,267
Derivatives – Hedge accounting | 15 | 1,891 | 1,891 | 1,805 | 1,805 | 1,991 | 1,991
LIABILITIES |  |  |  |  |  |  |
Financial liabilities held for trading | 10 | 95,611 | 95,611 | 91,135 | 91,135 | 84,109 | 84,109
Financial liabilities designated at fair value through profit or loss | 12 | 10,580 | 10,580 | 9,683 | 9,683 | 10,050 | 10,050
Financial liabilities at amortized cost | 22 | 528,629 | 525,052 | 487,893 | 488,733 | 490,606 | 491,006
Derivatives – Hedge accounting | 15 | 3,303 | 3,303 | 2,626 | 2,626 | 2,318 | 2,318
Fair value of financial instruments by levels [Table Text Block] | The following table shows the financial instruments carried at fair value in the consolidated balance sheets, broken down by level used to determine their fair value as of December 31, 2022, 2021 and 2020:
Fair Value of Financial Instruments by Levels (Millions of Euros)
| 2022 | 2021 | 2020
| Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3
ASSETS |  |  |  |  |  |  |  |  |
Financial assets held for trading | 22,710 | 85,636 | 2,325 | 32,371 | 87,736 | 3,386 | 32,555 | 71,938 | 1,386
Equity instruments | 4,369 | — | 34 | 15,925 | — | 37 | 11,367 | 31 | 60
Debt securities | 16,284 | 7,934 | 148 | 11,877 | 13,725 | 189 | 12,790 | 11,123 | 57
Loans and advances | 1,262 | 39,562 | 1,169 | 615 | 47,279 | 2,913 | 2,379 | 26,741 | 1,148
Derivatives | 795 | 38,140 | 974 | 3,954 | 26,732 | 247 | 6,019 | 34,043 | 121
Non-trading financial assets mandatorily at fair value through profit or loss | 5,720 | 151 | 1,017 | 4,378 | 522 | 1,186 | 3,826 | 381 | 992
Equity instruments | 5,457 | 40 | 1,014 | 4,158 | 394 | 751 | 3,612 | 57 | 465
Debt securities | 19 | 111 | — | — | 128 | — | 4 | 324 | 28
Loans and advances | 245 | — | 3 | 220 | — | 435 | 210 | — | 499
Financial assets designated at fair value through profit or loss | 913 | — | — | 916 | 176 | — | 939 | 178 | —
Equity instruments | — | — | — | — | — | — | — | — | —
Debt securities | 913 | — | — | 916 | 176 | — | 939 | 178 | —
Loans and advances | — | — | — | — | — | — | — | — | —
Financial assets at fair value through other comprehensive income | 48,235 | 10,237 | 508 | 52,157 | 7,545 | 719 | 60,976 | 7,866 | 598
Equity instruments | 1,040 | 58 | 100 | 1,178 | 36 | 106 | 961 | 34 | 105
Debt securities | 47,169 | 10,179 | 408 | 50,952 | 7,509 | 613 | 59,982 | 7,832 | 493
Loans and advances | 26 | — | — | 27 | — | — | 33 | — | —
Derivatives – Hedge accounting | 4 | 1,887 | — | 63 | 1,733 | 9 | 120 | 1,862 | 8
LIABILITIES |  |  |  |  |  |  |  |  |
Financial liabilities held for trading | 20,611 | 73,871 | 1,129 | 26,215 | 64,305 | 615 | 27,587 | 56,127 | 395
Trading derivatives | 746 | 36,161 | 1,002 | 4,755 | 26,560 | 389 | 7,402 | 34,046 | 232
Short positions | 13,354 | 133 | — | 15,124 | 11 | — | 11,805 | 504 | 3
Deposits | 6,511 | 37,577 | 127 | 6,335 | 37,733 | 226 | 8,381 | 21,577 | 159
Financial liabilities designated at fair value through profit or loss | — | 8,990 | 1,590 | 1 | 8,243 | 1,439 | — | 8,558 | 1,492
Customer deposits | — | 700 | — | — | 809 | — | — | 902 | —
Debt certificates | — | 1,698 | 1,590 | 1 | 1,956 | 1,439 | — | 3,038 | 1,492
Other financial liabilities | — | 6,592 | — | — | 5,479 | — | — | 4,617 | —
Derivatives – Hedge accounting | 100 | 3,179 | 25 | 53 | 2,573 | — | 53 | 2,250 | 15
Fair value of financial assets by levels, valuation techniques and inputs [Table Text Block] |
Fair value of Financial Instruments by levels. (Millions of Euros)
| 2022 | 2021 | 2020 | Valuation techniques | Observable inputs | Unobservable inputs
| Level 2 | Level 3 | Level 2 | Level 3 | Level 2 | Level 3
ASSETS |  |  |  |  |  |  |  |  |
Financial assets held for trading | 85,636 | 2,325 | 87,736 | 3,386 | 71,938 | 1,386 |  |  |
Equity instruments | — | 34 | — | 37 | 31 | 60 | Comparable pricing (Observable price in a similar market) Net asset value | - Brokers quotes - Market operations - NAVs published | -NAV provided by the administrator of the fund
Debt securities | 7,934 | 148 | 13,725 | 189 | 11,123 | 57 | Present-value method (Discounted future cash flows) Observed prices in non-active markets | - Issuer´s credit risk - Current market interest rates - Non active markets prices | - Prepayment rates - Issuer´s credit risk - Recovery rates
Loans and advances | 39,562 | 1,169 | 47,279 | 2,913 | 26,741 | 1,148 | Present-value method (Discounted future cash flows) | - Issuer´s credit risk - Current market interest rates - Funding interest rates observed in the market or in consensus services - Exchange rates | - Prepayment rates - Issuer´s credit risk - Recovery rates - Funding interest rates not observed in the market or in consensus services
Derivatives | 38,140 | 974 | 26,732 | 247 | 34,043 | 121 |  |  |
Interest rate |  |  |  |  |  |  | Interest rate products (Interest rate Swaps, Call money Swaps and FRA): Discounted cash flows Caps/Floors: Black 76, Hull-White and SABR Bond options: Black 76 Swaptions: Black, Hull-White and LGM Other Interest rate Options: Black 76, Hull-White and LGM Constant Maturity Swaps: SABR | - Exchange rates - Market quoted future prices - Market interest rates - Underlying assets prices: shares, funds, commodities - Market observable volatilities - Issuer credit spread levels - Quoted dividends - Market listed correlations | - Beta - Implicit correlations between tenors - interest rates volatility
Equity |  |  |  |  |  |  | Future and Equity Forward: Discounted future cash flows Equity Options: Local Volatility, Momentum adjustment and Heston | - Volatility of volatility - Implicit assets correlations - Long term implicit correlations - Implicit dividends and long term repos
Foreign exchange and gold |  |  |  |  |  |  | Future and Equity Forward: Discounted future cash flows Foreign exchange Options: Local volatility, momentum adjustment | - Volatility of volatility - Implicit assets correlations - Long term implicit correlations
Credit |  |  |  |  |  |  | Credit Derivatives: Default model and Gaussian copula | - Correlation default - Credit spread - Recovery rates - Interest rate yield - Default volatility
Commodities |  |  |  |  |  |  | Commodities: Momentum adjustment and discounted cash flows |
Non-trading financial assets mandatorily at fair value through profit or loss | 151 | 1,017 | 522 | 1,186 | 381 | 992 |  |  |
Equity instruments | 40 | 1,014 | 394 | 751 | 57 | 465 | Comparable pricing (Observable price in a similar market) Net asset value | - Brokers quotes - Market operations - NAVs published | - NAV provided by the administrator of the fund
Debt securities | 111 | — | 128 | — | 324 | 28 | Present-value method (Discounted future cash flows) | - Issuer credit risk - Current market interest rates | - Prepayment rates - Issuer credit risk - Recovery rates
Loans and advances | — | 3 | — | 435 | — | 499 | Specific liquidation criteria regarding losses of the EPA proceedings PD and LGD of the internal models, valuations and specific criteria of the EPA proceedings Discounted future cash flows |  | - Prepayment rates - Business plan of the underlying asset, WACC, macro scenario - Property valuation
Financial assets designated at fair value through profit or loss | — | — | 176 | — | 178 | — | Present-value method (Discounted future cash flows) | - Issuer credit risk - Current market interest rates |
Debt securities | — | — | 176 | — | 178 | — |
Financial assets at fair value through other comprehensive income | 10,237 | 508 | 7,545 | 719 | 7,866 | 598 |  |  |
Equity instruments | 58 | 100 | 36 | 106 | 34 | 105 | Comparable pricing (Observable price in a similar market) Net asset value | - Brokers quotes - Market operations - NAVs published | - NAV provided by the administrator of the fund
Debt securities | 10,179 | 408 | 7,509 | 613 | 7,832 | 493 | Present-value method (Discounted future cash flows) Observed prices in non-active markets | - Issuer´s credit risk - Current market interest rates - Non active market prices | - Prepayment rates - Issuer credit risk - Recovery rates
Hedging derivatives | 1,887 | — | 1,733 | 9 | 1,862 | 8 |  |  |
Interest rate |  |  |  |  |  |  | Interest rate products (Interest rate Swaps, Call money Swaps and FRA): Discounted cash flows Caps/Floors: Black, Hull-White and SABR Bond options: Black 76 Swaptions: Black 76, Hull-White and LGM Other Interest rate Options: Black 76, Hull-White and LGM Constant maturity Swaps: SABR | - Exchange rates - Market quoted future prices - Market interest rates - Underlying assets prices: shares, funds, commodities - Market observable volatilities - Issuer credit spread levels - Quoted dividends - Market listed correlations | - Beta - Implicit correlations between tenors - interest rates volatility
Equity |  |  |  |  |  |  | Future and Equity Forward: Discounted future cash flows Equity Options: Local volatility, Black 76, Momentum adjustment and Heston | - Volatility of volatility - Implicit assets correlations - Long term implicit correlations - Implicit dividends and long term repos
Foreign exchange and gold |  |  |  |  |  |  | Future and Equity Forward: Discounted future cash flows Foreign exchange Options: Local volatility, momentum adjustment | - Volatility of volatility - Implicit assets correlations - Long term implicit correlations
Credit |  |  |  |  |  |  | Credit Derivatives: Default model and Gaussian copula | - Correlation default - Credit spread - Recovery rates - Interest rate yield - Default volatility
Commodities |  |  |  |  |  |  | Commodities: Momentum adjustment and Discounted cash flows |
Fair value of financial liabilities by levels, valuation techniques and inputs [Table Text Block] |
Fair Value of Financial Instruments by Levels.(Millions of Euros)
| 2022 | 2021 | 2020 |  |  |
| Level 2 | Level 3 | Level 2 | Level 3 | Level 2 | Level 3 | Valuation techniques | Observable inputs | Unobservable inputs
LIABILITIES |  |  |  |  |  |  |  |  |
Financial liabilities held for trading | 73,871 | 1,129 | 64,305 | 615 | 56,127 | 395 |  |  |
Deposits | 37,577 | 127 | 37,733 | 226 | 21,577 | 159 | Present-value method (Discounted future cash flows) | - Interest rate yield - Funding interest rates observed in the market or in consensus services - Exchange rates | - Funding interest rates not observed in the market or in consensus services
Derivatives | 36,161 | 1,002 | 26,560 | 389 | 34,046 | 232 |  |  |
Interest rate |  |  |  |  |  |  | Interest rate products (Interest rate Swaps, call money Swaps and FRA): Discounted cash flows Caps/Floors: Black 76, Hull-White and SABR Bond options: Black 76 Swaptions: Black 76, Hull-White and LGM Other Interest rate Options: Black 76, Hull-White, SABR and LGM Constant Maturity Swaps: SABR | - Exchange rates - Market quoted future prices - Market interest rates - Underlying assets prices: shares, funds, commodities - Market observable volatilities - Issuer credit spread levels - Quoted dividends - Market listed correlations | - Beta - Correlation between tenors - Interest rates volatility
Equity |  |  |  |  |  |  | Future and Equity forward: Discounted future cash flows Equity Options: Local volatility, momentum adjustment and Heston | - Volatility of volatility - Assets correlation
Foreign exchange and gold |  |  |  |  |  |  | Future and Equity Forward: Discounted future cash flows Foreign exchange Options: Black 76, Local volatility, momentum adjustment | - Volatility of volatility - Assets correlation
Credit |  |  |  |  |  |  | Credit Derivatives: Default model and Gaussian copula | - Correlation default - Credit spread - Recovery rates - Interest rate yield - Default volatility
Commodities |  |  |  |  |  |  | Commodities: Momentum adjustment and discounted cash flows |  |
Short positions | 133 | — | 11 | — | 504 | 3 | Present-value method (Discounted future cash flows) |  | - Prepayment rates - Issuer´s credit risk - Current market interest rates
Financial liabilities designated at fair value through profit or loss | 8,990 | 1,590 | 8,243 | 1,439 | 8,558 | 1,492 | Present-value method (Discounted future cash flows) | - Prepayment rates - Issuer´s credit risk - Current market interest rates | - Prepayment rates - Issuer´s credit risk - Current market interest rates
Derivatives – Hedge accounting | 3,179 | 25 | 2,573 | — | 2,250 | 15 |  |  |
Interest rate |  |  |  |  |  |  | Interest rate products (Interest rate Swaps, Call money Swaps and FRA): Discounted cash flows Caps/Floors: Black 76, Hull-White and SABR Bond options: Black 76 Swaptions: Black, Hull-White and LGM Other Interest rate Options: Black 76, Hull-White, SABR and LGM Constant Maturity Swaps: SABR | - Exchange rates - Market quoted future prices - Market interest rates - Underlying assets prices: shares, funds, commodities - Market observable volatilities - Issuer credit spread levels - Quoted dividends - Market listed correlations | - Beta - Implicit correlations between tenors - interest rates volatility
Equity |  |  |  |  |  |  | Future and Equity Forward: Discounted future cash flows Equity Options: Local volatility, momentum adjustment and Heston | - Volatility of volatility - Implicit assets correlations - Long term implicit correlations - Implicit dividends and long term repos
Foreign exchange and gold |  |  |  |  |  |  | Future and Equity Forward: Discounted future cash flows Foreign exchange Options: Black 76, Local Volatility, momentum adjustment | - Volatility of volatility - Implicit assets correlations - Long term implicit correlations
Credit |  |  |  |  |  |  | Credit Derivatives: Default model and Gaussian copula | - Correlation default - Credit spread - Recovery rates - Interest rate yield - Default volatility
Commodities |  |  |  |  |  |  | Commodities: Momentum adjustment and discounted cash flows |
Unobservable inputs [Table Text Block] | Quantitative information of unobservable inputs used to calculate level 3 valuations is presented below as of December 31, 2022, 2021 and 2020.
Unobservable inputs. December 2022
Financial instrument | Valuation technique(s) | Significant unobservable inputs | Min | Average | Max | Units
Debt Securities | Present value method | Credit spread | — | 111 | 1,538 | bp
Recovery rate | 0 % | 39 % | 40 % | %
Comparable Pricing |  | 2 % | 94 % | 139 % | %
Equity/Fund instruments (1) | Net Asset Value |  |
Comparable Pricing |
Loans and advances | Present value method | Repo funding curve | 0.71 % | 3.48 % | 5.52 % | Abs Repo rate
Credit Derivatives | Gaussian Copula | Correlation default | 26 % | 44 % | 58 % | %
Black 76 | Price volatility | — | — | — | Vegas
Equity Derivatives | Option models on equities, baskets of equity, funds | Dividends (2) |
Correlations | (93 %) | 59 % | 99 % | %
Volatility | 7.81 | 32.62 | 98.71 | Vegas
FX Derivatives | Option models on FX underlyings | Volatility | 5.32 | 11.93 | 20.73 | Vegas
IR Derivatives | Option models on IR underlyings | Beta | 0.25 % | 2 % | 18 % | %
Correlation rate/credit | (100 %) |  | 100 % | %
Correlation rate/inflation | 51 % | 66 % | 76 % | %
(1) Due to the diversity of valuation models of equity valuations, we would not include all the unobservable inputs or the quantitative ranges of them. (2) The range of unobservable dividends is too wide range to be relevant.
Unobservable inputs. December 2021
Financial instrument | Valuation technique(s) | Significant unobservable inputs | Min | Average | Max | Units
Debt Securities | Present value method | Credit spread | 3 | 125 | 2,374 | bp
Recovery rate | 0 % | 37 % | 40 % | %
Comparable Pricing |  | 0.1 % | 97 % | 144 % | %
Equity/Fund instruments (1) | Net Asset Value |  |
Comparable Pricing |
Loans and advances | Present value method | Repo funding curve | (2.71 %) | 1.16 % | 4.99 % | Abs Repo rate
Credit Derivatives | Gaussian Copula | Correlation default | 35 % | 43 % | 53 % | %
Black 76 | Price volatility | — | — | — | Vegas
Equity Derivatives | Option models on equities, baskets of equity, funds | Dividends (2) |
Correlations | (88 %) | 60 % | 99 % | %
Volatility | 5.57 | 26.30 | 62.00 | Vegas
FX Derivatives | Option models on FX underlyings | Volatility | 3.96 | 9.71 | 16.34 | Vegas
IR Derivatives | Option models on IR underlyings | Beta | 0.25 % | 2 % | 18 % | %
Correlation rate/credit | (100 %) |  | 100 % | %
Credit default volatility | — | — | — | Vegas
(1) Due to the diversity of valuation models of equity valuations, we would not include all the unobservable inputs or the quantitative ranges of them. (2) The range of unobservable dividends is too wide range to be relevant.
Unobservable inputs. December 2020
Financial instrument | Valuation technique(s) | Significant unobservable inputs | Min | Average | Max | Units
Debt securities | Present value method | Credit spread | 4 | 47 | 564 | bp
Recovery rate | 0 % | 37 % | 40 % | %
Comparable pricing |  | 0.1 % | 100 % | 144 % | %
Equity/Fund instruments (1) | Net asset value |  |  |  |  |
Comparable pricing |  |  |  |  |
Loans and advances | Present value method | Repo funding curve | (1.18 %) | (0.25 %) | 0.74 % | Abs Repo rate
Credit derivatives | Gaussian Copula | Correlation default | 30 % | 45 % | 61 % | %
Black 76 | Price volatility | — | — | — | Vegas
Equity OTC option | Option models on equities, baskets of equity, funds | Dividends (2) |  |  |  |
Correlations | (77 %) | 51 % | 98 % | %
Volatility | 6.52 | 29.90 | 141.77 | Vegas
FX derivatives | Option models on FX underlyings | Volatility | 4.11 | 10.00 | 16.14 | Vegas
IR derivatives | Option models on IR underlyings | Beta | 0.25 % | 2 % | 18 % | %
Correlation rate/Credit | (100 %) |  | 100 % | %
Credit default Volatility | — | — | — | Vegas
(1) Due to the diversity of valuation models of equity valuations, we would not include all the unobservable inputs or the quantitative ranges of them. (2) The range of unobservable dividends is too wide range to be relevant.
Financial assets level 3 Changes in the year [Table Text Block] | The changes in the balance of level 3 financial assets and liabilities included in the consolidated balance sheets are as follows:
Financial assets level 3: Changes in the year (Millions of Euros)
| 2022 | 2021 | 2020
| Assets | Liabilities | Assets | Liabilities | Assets | Liabilities
Balance at the beginning | 5,301 | 2,054 | 2,984 | 1,902 | 3,316 | 2,103
Changes in fair value recognized in profit and loss (1) | 289 | (131) | 338 | 143 | 611 | 296
Changes in fair value not recognized in profit and loss | (62) | 14 | (47) | (10) | (89) | (4)
Acquisitions, disposals and liquidations (2) | (864) | 782 | 2,531 | 156 | (725) | (652)
Net transfers to level 3 | (750) | 74 | (436) | (80) | 549 | 199
Exchange differences and others | (64) | (50) | (69) | (56) | (160) | (35)
Discontinued operations (3) | — | — | — | — | (518) | (5)
Balance at the end | 3,850 | 2,743 | 5,301 | 2,054 | 2,984 | 1,902
(1) Profit or loss that is attributable to gains or losses relating to those financial assets and liabilities held as of December 31, 2022, 2021 and 2020. Valuation adjustments are recorded under the heading “Gains (losses) on financial assets and liabilities (net)”. (2) Of which, in 2021, the assets roll forward is comprised of €2,742 million of acquisitions and €211 million of disposals. The liabilities roll forward is comprised of €213 million of acquisitions and €57 million of sales. (3)The balance of 2020 corresponds mainly to the companies in the United States included in the USA Sale (see Notes 3 and 21).
Transfer between levels [Table Text Block] | The financial instruments transferred among the different levels of measurement for the years ended December 31, 2022, 2021 and 2020 are at the following amounts in the consolidated balance sheets as of December 31, 2022, 2021 and 2020:
Transfers among levels. December 2022 (Millions of Euros)
| From: | Level 1 | Level 2 | Level 3
| To: | Level 2 | Level 3 | Level 1 | Level 3 | Level 1 | Level 2
ASSETS |  |  |  |  |  |  |
Financial assets held for trading |  | 683 | 1 | 1,909 | 340 | 24 | 911
Non-trading financial assets mandatorily at fair value through profit or loss |  | — | — | 243 | — | 53 | 2
Financial assets designated at fair value through profit or loss |  | — | — | 123 | — | — | —
Financial assets at fair value through other comprehensive income |  | 1,723 | — | 715 | — | 18 | 83
Derivatives – Hedge accounting |  | — | — | — | — | — | —
Total |  | 2,407 | 1 | 2,990 | 340 | 95 | 996
LIABILITIES |  |  |  |  |  |  |
Financial liabilities held for trading |  | 524 | — | 239 | 141 | — | 258
Financial liabilities designated at fair value through profit or loss |  | — | — | — | 221 | — | 55
Derivatives – Hedge accounting |  | — | — | — | 25 | — | —
Total |  | 524 | — | 239 | 387 | — | 313
Transfer among levels (Millions of Euros)
|  | 2021 | 2020
| From: | Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3
| To: | Level 2 | Level 3 | Level 1 | Level 3 | Level 1 | Level 2 | Level 2 | Level 3 | Level 1 | Level 3 | Level 1 | Level 2
ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |
Financial assets held for trading |  | 924 | 2 | 35 | 184 | 10 | 637 | 1,460 | 11 | 203 | 548 | 4 | 98
Non-trading financial assets mandatorily at fair value through profit or loss |  | 8 | — | — | — | 14 | 23 | 9 | 11 | 4 | — | — | 17
Financial assets designated at fair value through profit or loss |  | — | — | — | — | — | — | 143 | — | — | — | — | —
Financial assets at fair value through other comprehensive income |  | 596 | 17 | 506 | 50 | — | 6 | 484 | — | 135 | 96 | — | 6
Derivatives – Hedge accounting |  | — | — | — | — | — | — | — | — | — | 8 | — | —
Total |  | 1,528 | 19 | 542 | 234 | 24 | 665 | 2,096 | 22 | 342 | 652 | 4 | 121
LIABILITIES |  |  |  |  |  |  |  |  |  |  |  |  |
Financial liabilities held for trading |  | 562 | — | 24 | 57 | 15 | 95 | 8 | 3 | — | 180 | — | 13
Financial liabilities designated at fair value through profit or loss |  | — | — | — | 38 | — | 65 | — | — | — | 56 | — | 27
Derivatives – Hedge accounting |  | — | — | — | — | — | — | — | — | — | — | — | —
Total |  | 562 | — | 24 | 95 | 15 | 160 | 8 | 3 | — | 236 | — | 40
Financial instruments level 3 sensitivity analysis [Table Text Block] | As of December 31, 2022, the effect on profit for the year and total equity of changing the main unobservable inputs used for the measurement of level 3 financial instruments for other reasonably possible unobservable inputs, taking the highest (most favorable input) or lowest (least favorable input) value of the range deemed probable, would be as follows:
Financial instruments level 3: sensitivity analysis (Millions of Euros)
| Potential impact on consolidated income statement | Potential impact on other comprehensive income
| Most favorable hypothesis | Least favorable hypothesis | Most favorable hypothesis | Least favorable hypothesis
| 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021
ASSETS |  |  |  |  |  |  |  |
Financial assets held for trading | 33 | 33 | (33) | (57) | — | — | — | —
Loans and advances | 1 | 4 | (1) | (4) | — | — | — | —
Debt securities | — | 24 | — | (24) | — | — | — | —
Equity instruments | 25 | 1 | (25) | (25) | — | — | — | —
Derivatives | 6 | 5 | (6) | (5) | — | — | — | —
Non-trading financial assets mandatorily at fair value through profit or loss | 135 | 35 | (136) | (36) | — | — | — | —
Loans and advances | — | 16 | — | (5) | — | — | — | —
Debt securities | 17 | 10 | (19) | (10) | — | — | — | —
Equity instruments | 118 | 9 | (118) | (21) | — | — | — | —
Financial assets designated at fair value through profit or loss | — | — | — | — | — | — | — | —
Financial assets at fair value through other comprehensive income | — | — | — | — | 25 | 41 | (25) | (43)
Total | 168 | 68 | (169) | (93) | 25 | 41 | (25) | (43)
LIABILITIES |  |  |  |  |  |  |  |
Financial liabilities held for trading | 7 | 3 | (7) | (3) | — | — | — | —
Total | 7 | 3 | (7) | (3) | — | — | — | —
Fair value of financial instruments at amortized cost by levels [Table Text Block] | The following table presents the fair value of key financial instruments carried at amortized cost in the consolidated balance sheets as of December 31, 2022, 2021 and 2020, broken down according to the method of valuation used for the estimation:
Fair value of financial instruments at amortized cost by Levels (Millions of Euros)
| 2022 | 2021 | 2020
| Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3
ASSETS |  |  |  |  |  |  |  |  |
Cash, cash balances at central banks and other demand deposits | 79,463 | — | 293 | 67,581 | — | 218 | 65,355 | — | 165
Financial assets at amortized cost | 34,555 | 13,393 | 371,112 | 33,213 | 13,033 | 331,205 | 35,196 | 15,066 | 324,005
LIABILITIES |  |  |  |  |  |  |  |  |
Financial liabilities at amortized cost | 77,112 | 266,194 | 181,746 | 91,870 | 243,847 | 153,016 | 90,839 | 255,278 | 144,889
Fair value of financial instruments at amortized cost by valuation technique [Table Text Block] | The main valuation techniques and inputs used to estimate the fair value of financial instruments accounted for at amortized cost and classified in levels 2 and 3 is shown below. These are broken down by type of financial instrument and the balances correspond to those as of December 31, 2022, 2021 and 2020:
Fair Value of financial Instruments at amortized cost by valuation technique (Millions of Euros)
| 2022 | 2021 | 2020 | Valuation technique(s) | Main inputs used
| Level 2 | Level 3 | Level 2 | Level 3 | Level 2 | Level 3
ASSETS |  |  |  |  |  |  |  |
Financial assets at amortized cost | 13,393 | 371,112 | 13,033 | 331,205 | 15,066 | 324,005 | Present-value method (Discounted future cash flows) |
Loans and advances to central banks | — | 142 | — | — | — | — | - Credit spread - Prepayment rates - Interest rate yield
Loans and advances to credit institutions | 1,289 | 14,711 | 863 | 12,329 | 1,883 | 12,641 | - Credit spread - Prepayment rates - Interest rate yield
Loans and advances to customers | 1,571 | 355,247 | 3,416 | 318,059 | 3,904 | 310,924 | - Credit spread - Prepayment rates - Interest rate yield
Debt securities | 10,533 | 1,012 | 8,755 | 817 | 9,279 | 440 | - Credit spread - Interest rate yield
LIABILITIES |  |  |  |  |  |  |  |
Financial liabilities at amortized cost | 266,194 | 181,746 | 243,847 | 153,016 | 255,278 | 144,889 |  |
Deposits from central banks | — | 300 | — | 300 | — | 207 | Present-value method (Discounted future cash flows) | - Issuer´s credit risk - Prepayment rates - Interest rate yield
Deposits from credit institutions | 20,546 | 6,231 | 14,853 | 4,916 | 22,914 | 4,633
Deposits from customers | 230,821 | 160,278 | 209,345 | 137,803 | 210,097 | 129,525
Debt certificates | 7,240 | 8,368 | 10,014 | 4,391 | 14,413 | 4,848
Other financial liabilities | 7,587 | 6,568 | 9,636 | 5,606 | 7,854 | 5,676

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