Financial liabilities

The breakdown of this heading is as follows:

• 22.1

  Deposits from credit institutions

• The breakdown of the gross balances of this heading is as follows:

  Breakdown of deposits from credit institutions (Millions of euros)
  	31-12-2019	31-12-2018	31-12-2017
  Demand	1,272	1,445	1,402
  Reciprocal accounts	2		0
  Other accounts	1,270	1,445	1,402
  Term or at notice	4,958	6,578	10,099
  Deposits with agreed maturity	4,039	4,182	5,826
  Hybrid financial liabilities	1	3	3
  Repurchase agreement	918	2,393	4,270
  Total	6,230	8,023	11,501

• 22.2

  Customer deposits

• The breakdown of the gross balances of this heading is as follows:

  Breakdown of customer deposits (Millions of euros)
  	31-12-2019	31-12-2018	31-12-2017
  By type	221,319	210,465	204,031
  Current accounts and other demand deposits	123,410	113,062	102,238
  Savings accounts	66,143	61,193	56,534
  Deposits with agreed maturity	29,632	31,945	37,858
  Hybrid financial liabilities	655	1,039	1,418
  Repurchase agreements (*)	1,479	3,226	5,983
  By sector	221,319	210,465	204,031
  Public administrations	11,030	11,211	10,868
  Private sector (*)	210,289	199,254	193,163

  (*) Includes repurchase agreements in money market transactions through counterparty entities of EUR 247 million and EUR 5,076 million at 31 December 2019 and 31 December 2018, respectively.

• 22.3

  Debt securities issued

• The breakdown of the gross balances of this heading is as follows:

  Breakdown of debt securities issued (Millions of euros)
  	31-12-2019	31-12-2018	31-12-2017
  Mortgage covered bonds	15,539	16,573	17,555
  Public sector covered bonds			50
  Plain vanilla bonds	8,734	4,393	3,077
  Securitised bonds	1,387	1,820	2,443
  Structured notes	1,619	696	448
  Promissory notes	703	29	14
  Preference shares	2,250	2,250	1,000
  Subordinated debt	3,150	3,150	4,998
  Total	33,382	28,911	29,585

  The changes in the balances of each type of securities issued is as follows:

  Changes in debt securities issued - 2019 (Millions of euros)
  	Mortgage covered bonds	Public sector covered bonds	Plain vanilla bonds	Asset-backed securities	Structured notes	Subordinated debt	Preference shares
  Gross balance
  Opening balance	56,543	5,900	4,684	37,595	741	3,459	2,250
  Issuances	2,415		4,382	4,032	1,092
  Depreciation and amortisation	(4,700)		(295)	(9,720)	(51)
  Exchange differences and other	2
  Closing balance	54,260	5,900	8,771	31,907	1,782	3,459	2,250
  Repo securities
  Opening balance	(39,970)	(5,900)	(291)	(35,775)	(45)	(309)
  Buy-backs				(3,308)
  Repayments and other	1,249		254	8,563	(118)
  Closing balance	(38,721)	(5,900)	(37)	(30,520)	(163)	(309)
  Closing net balance	15,539		8,734	1,387	1,619	3,150	2,250

  Chances in debt securities issued - 2018 (Millions of euros)
  	Mortgaga covered bonds	Public sector covered bonds	Plain vanilla Bonds	Asset-backed securities	Structured notes	Subordinated debt	Preference shares
  Gross balance
  Opening balance	53,920	7,400	4,023	38,871	554	5,361	1,000
  Issuances	7,423	2,300	2,000	4,819	318	1,000	1,250
  Depreciation and amortisation	(4,800)	(3,800)	(1,339)	(6,095)	(131)	(2,902)
  Exchange differences and other
  Closing balance	56,543	5,900	4,684	37,595	741	3,459	2,250
  Repo securities
  Opening balance	(36,365)	(7,350)	(946)	(36,428)	(106)	(363)
  Buy-backs	(4,858)	(2,300)		(4,819)	(32)
  Repayments and other	1,253	3,750	655	5,472	93	54
  Closing balance	(39,970)	(5,900)	(291)	(35,775)	(45)	(309)
  Closing net balance	16,573		4,393	1,820	696	3,150	2,250

  Changes in debt securities issued - 2017 (Millions of euros)
  	Motgage covered bonds	Public sector covered bonds	Plain vanilla bonds	Asset-backed securities	Structured notes	Subordinated debt	Preference shares
  Gross balance
  Opening balance	42,054	7,050	2,731	29,882	566	4,124	30
  Additions due to business combinations (Note 7)	5,200	500	73	4,737	0	397	0
  Issuances	11,468	350	2,253	5,214	109	2,450	1,000
  Depreciation and amortisation	(4,802)	(500)	(1,034)	(962)	(121)	(1,610)	(30)
  Exchange differences and other
  Closing balance	53,920	7,400	4,023	38,871	554	5,361	1,000
  Repo securities
  Opening balance	(23,499)	(7,000)	(1,078)	(27,538)	(36)	(34)	(20)
  Additions due to business combinations (Note 7)	(5,950)	(400)	(5)	(4,258)	0	(327)	0
  Buy-backs	(8,277)	(350)	(12)	(5,214)	(78)	(300)	0
  Repayments and other	1,361	400	149	582	8	298	20
  Closing balance	(36,365)	(7,350)	(946)	(36,428)	(106)	(363)	0
  Closing net balance	17,555	50	3,077	2,443	448	4,998	1,000

  The breakdown of preference share issues are as follows:

  Breakdown of preference share issues (Millions of euros)
  				Outstanding amount
  Date of issue	Maturity	Nominal aumount	Nominal interest rate	31-12-2019	31-12-2018	31-12-2017
  June 2017 *	Perpetual	1,000	6.75%	1,000	1,000	1,000
  March 2018 *	Perpetual	1,250	5.25%	1,250	1,250
  Preference shares				2,250	2,250	1,000
  Own securities purchased				0	0
  Total				2,250	2,250	1,000

  (*) Perpetual issuance placed for institutional investors on organised markets, with a discretionary coupon, which may be redeemed under specific circumstances at the option of the Group and, in any case, they will be converted into new-issue common shares of the Group if it reports a Common Equity Tier 1 ratio (CET1) below the ratio set in each issuance.

  The breakdown of subordinated debt issues is as follows:

  Breakdown of subordinated debt issues (Millions of euros)
  				Outstanding amount
  Date of issue	Maturity	Nominal amount	Nominal intere	31-12-2019	31-12-2018	31-12-2017
  06-09-2007	PERPETUAL	60	E3M + 1.65%			60
  09-02-2012	09-02-2022	2,072	4.00%			2,072
  14-11-2013	14-11-2023	750	5.00%			750
  15-02-2017	15-02-2027	1,000	3.50%	1,000	1,000	1,000
  07-07-2017	07-07-2042	150	4.00%	150	150	150
  14-07-2017	14-07-2028	1,000	2.75%	1,000	1,000	1,000
  17-04-20187	17-04-2030	1,000	2.25%	1,000	1,000
  Subordinated debt				3,150	3,150	5,032
  Own securities purchased						(34)
  Total				3,150	3,150	4,998

• 22.4

  Other financial liabilities

• The detail of the balance of this heading in the balance sheet is as follows:

  Breakdown of other financial liabilities (Millions of euros)
  	31-12-2019	31-12-2018	31-12-2017
  Payment obligations	1,475	1,970	1,710
  Guarantees received	1,491	52	60
  Clearing houses	1,308	906	466
  Tax collection accounts	1,195	1,262	848
  Special accounts	683	475	620
  Liabilities associated with right-of-use assets (Note 1 y Note 18)	1,509
  Other items	931	911	471
  Total	8,592	5,576	4,175

  The heading "Other financial liabilities - Liabilities associated with right-of-use assets" (see Note 18) presents the current value of future lease payments during the mandatory period of the contract. The movement corresponding to the financial year is as follows:

  Future payments of operational lease contracts (Millions of euros)
  	01-01-2019 *	Net registration	Financial update	Payments	31-12-2019
  Linked to the sales contract and subsequent lease Soinmob Inmobilaria	591	29	10	(40)	590
  Linked to other operational leases	818	209	10	(118)	919
  Total	1,409	238	20	(158)	1,509
  Discount rate applied (according to the term) **
  Spain	[0.10%-1.66%]				[0.10%-1.66%]
  Portugal	[0.20%-0.90%]				[0.20%-0.90%]

  (*) See Note 1.4. "Comparison of information"

  (**) The difference in the discount rate applied for businesses in Spain and Portugal is mainly due to the term of the lease agreements in each of them.