CaixaBank

27.1

Operations for the account of third parties

The breakdown of off-balance sheet funds managed for the account of third parties is as follows:

Breakdown of customer funds (Millions of euros)
	31-12-2019	31-12-2018	31-12-2017
Assets under management	102,316	93,951	96,552
Mutual funds, portfolios and SICAVs	68,584	64,541	66,883
Pension funds	33,732	29,410	29,669
Other (*)	4,698	5,108	5,363
Total	107,014	99,059	101,915

(*) Includes temporary funds associated with transfers and collections, in addition to other funds distributed by CaixaBank and Banco BPI.

27.2

Transferred financial assets

The Group converted a portion of their homogeneous loan and credits into fixed-income securities by transferring the assets to various securitisation special purpose vehicles set up for this purpose. In accordance with current regulations, securitisations in which substantially all the risk is retained may not be derecognised.

The balances classified in “Financial assets at amortised cost” corresponding to the outstanding amounts of securitised loans are as follows:

Breakdown of securitised loans (Millions of euros)
	31-12-2019	31-12-2018	31-12-2017
Securitised mortgage loans	24,054	26,738	29,366
Other securitised loans	7,687	10,753	9,450
Loans to companies	4,648	7,772	7,018
Leasing arrangements	1,535	241	307
Consumer financing	1,503	2,738	2,123
Other	1	2	2
Total	31,741	37,491	38,816

Details of securitisations arranged, with the amounts outstanding and the amounts corresponding to credit enhancements granted to the securitisation funds are provided below:

Loan securisation issues on derecognised loans (Millions of euros)
				Securitised loan			Repo segurisation bonds			Credit enhancements
Date of issue		Acquired by:	Initial exposure securitised	2019	2018	2017	2019	2018	2017	2019	2018	2017
June	2001	TDA 14 Mixto, FTA	122	2	3	4	0	0	0	1	1	1
June	2002	AyT 7 Promociones Inmobiliarias 1, FTA	269	1	1	2	0	0	0	4	4	4
October	2002	AyT 11, FTH (*)	120	0	0	13	0	0	0	0	0	1
May	2003	TDA 16 Mixto, FTA (*)	152	0	0	19	0	0	0	0	0	3
May	2003	TDA 16 Mixto, FTA (*)	100	0	0	5	0	0	0	0	0	1
June	2003	AyT Hipotecario III, FTH	130	0	0	10	0	0	5	0	0	1
November	2004	TDA 22 Mixto, FTH (*)	150	21	24	26	0	0	0	1	1	1
April	2005	AyT Hipotecario Mixto III, FTH	170	0	0	39	0	0	0	0	0	0
November	2005	TDA 24, FTA (*)	144	33	36	40	0	0	0	1	1	1
November	2005	TDA 24, FTA (*)	51	6	6	7	0	0	0	0	0	0
July	2006	TDA 25, FTA (*)	205	66	72	77	0	0	0	1	1	1
Dicember	2006	TDA 27, FTA (*)	187	61	65	71	0	0	0	2	2	2
July	2007	TDA 28, FTA (*)	200	85	90	97	0	0	0	2	2	2
Total			2,000	275	297	410	0	0	5	12	12	18

(*) In accordance with the regulations in force at the time of issue, the securitised loans were derecognised when the bonds were issued, given that circumstances arose that substantially allowed all risks and rewards relating to the underlying securitised financial asset to be transferred. They mainly relate to the securitisation funds of Credifimo, acquired in a business combination with Banca Cívica.

Currently, the Group does not have any continued involvement in the derecognised assets, and only as an agreement with the securitisation fund to manage the loans in market conditions.

Loan securisation issues on on-balance-sheet securitised loans (Millions of euros)
				Securitised loan			Repo securisation bonds			Credit enhancements
Date issue		Adquired by:	Initial exposure securitised	2019	2018	2017	2019	2018	2017	2019	2018	2017
June	2003	AyT Génova Hipotecario II, FTH	800	82	98	115	29	34	40	8	8	8
July	2003	AyT Génova Hipotecario III, FTH	800	91	108	127	35	42	40	8	8	8
February	2004	AyT Hipotecario Mixto, FTA	140	16	18	20				8	8	8
March	2004	AyT Génova Hipotecario IV, FTH	800	106	125	146	13	20	24	8	8	8
April	2004	Valencia Hipotecario 1, FTA	472			50			1			5
June	2004	AyT Hipotecario Mixto II, FTA	160			1	1	1	1	2	2	2
November	2004	TDA 22 Mixto, FTH	120	28	31	34	14	17	18	2	2	2
June	2005	AyT Hipotecario Mixto IV, FTA	200	28	34	39	18	15	18	1	1	1
June	2005	AyT Génova Hipotecario VI, FTH	700	124	144	166	78	91	105	5	5	5
November	2005	FonCaixa FTGENCAT 3, FTA	650			62			27			7
November	2005	AyT Génova Hipotecario VII, FTH	1,400	294	339	390	119	137	136	8	9	10
November	2005	Douro Mortgages nº 1	1,500		257	292		148	135
Dicember	2005	Valencia Hipotecario 2, FTH	940	135	159	186	41	31	40	5	5	10
June	2006	AyT Génova Hipotecario VIII, FTH	2,100	428	493	568	232	267	309	9	9	11
July	2006	FonCaixa FTGENCAT 4, FTA	600	61	72	86	19	20	20	5	5	6
July	2006	AyT Hipotecario Mixto V, FTA	318	64	72	82	46	55	64	2	2	2
September	2006	Douro Mortgages nº 2	1,500		367	416		283	315
November	2006	Valencia Hipotecario 3, FTA	901	201	230	262	70	81	91	5	5	6
November	2006	AyT Génova Hipotecario IX, FTH	1,000	279	317	357	107	121	125	6	7	8
June	2007	AyT Génova Hipotecario X, FTH	1,050	314	356	401	316	357	403	10	11	12
July	2007	Douro Mortgages nº 3	1,500		568	636		516	416
November	2007	FonCaixa FTGENCAT 5, FTA	1,000	181	211	243	38	38	38	27	27	27
Dicember	2007	AyT Génova Hipotecario XI, FTH	1,200	383	429	479	388	435	485	37	39	40
July	2008	FonCaixa FTGENCAT 6, FTA	750	134	155	179	23	23	23	19	19	19
July	2008	AyT Génova Hipotecario XII, FTH	800	273	307	345	273	306	346	30	30	30
March	2009	AyT ICO-FTVPO I, FTA	129			20			41			3
April	2009	Bancaja BVA-VPO 1, FTA	55	12	16	34	16	19	23	3	3	5
Dicember	2010	AyT Goya Hipotecario III, FTA	4,000	1,787	1,984	2,196	1,781	1,980	2,192	178	200	208
February	2011	Douro SME Series 2	3,472		3,348	3,392		3,348	3,392
April	2011	AyT Goya Hipotecario IV, FTA	1,300	583	648	718	596	662	735	66	66	67
Dicember	2011	AyT Goya Hipotecario V, FTA	1,400	649	728	811	670	748	833	72	76	77
March	2013	FonCaixa Leasings 2, FTA	1,217		241	307		243	313		112	112
October	2015	FonCaixa PYMES 6, FTA	1,119			583			623			45
November	2015	FonCaixa PYMES 7, FTA	2,529			942			973			88
February	2016	CaixaBank RMBS 1, FT	14,200	10,919	11,800	12,678	10,944	11,846	12,742	568	568	568
June	2016	CaixaBank Consumo 2, FT	1,300	324	488	738	350	534	812	52	52	53
November	2016	CaixaBank Pymes 8, FT	2,250	899	1,242	1,680	973	1,343	1,796	84	93	93
March	2017	CaixaBank RMBS 2, FT	2,720	2,256	2,419	2,598	2,294	2,459	2,639	129	130	130
July	2017	CaixaBank Consumo 3, FT	2,450	911	1,408	2,099	931	1,457	2,162	42	99	99
November	2017	CaixaBank Pymes 9, FT	1,850	977	1,375	1,806	1,007	1,413	1,850	44	85	85
Dicember	2017	CaixaBank RMBS 3, FT	2,550	2,122	2,325	2,532	2,135	2,344	2,550	88	115	116
May	2018	CaixaBank Consumo 4, FT	1,700	835	1,347		944	1,494		43	69
November	2018	CaixaBank Pymes 10, FT	3,325	2,322	3,232		2,525	3,325		159	159
June	2019	CaixaBank Leasings 3, FT	1,830	1,535			1,581			90
November	2019	CaixaBank Pymes 11, FT	2,450	2,388			2,451			116
Total			73,247	31,741	37,491	38,816	31,058	36,253	36,896	1,939	2,037	1,984

Securitisation bonds placed in the market are recognised under "Financial liabilities at amortised cost - Debt securities issued" in the accompanying balance sheets, and they are the difference between the carrying amount of securitised bonds and the carrying amount of repo bonds.

Furthermore, the Group maintains the following synthetic securitisation transactions, by means of which it partially transfers the credit risk of a group of borrowers classified under the heading "Financial assets at amortised cost – Loans and advances" of the balance sheet:

Synthetic securitisation transactions (Millions of euros)
				Carrying amount securitised
Issue date		Fund	Initial exposure securitised	31-12-2019	31-12-2018	31-12-2017
February	2016	Gaudí I	2,025	356	920	2,021
August	2018	Gaudí II	2,025	2,019	2,025
April	2019	Gaudí III	1,282	1,281
Total			5,332	3,656	2,945	2,021

The transfer of credit risk takes the form of a financial guarantee and it is not considered a substantial transfer of risk and profit. Therefore, the underlying exposure is maintained on the balance sheet.

27.3

Securities deposits and investment services

The detail, by type, of the securities deposited by customers with the Group and third parties is as follows:

Securities deposited by third parties (Millions of euros)
	31-12-2019	31-12-2018	31-12-2017
Book entries	175,526	159,417	173,267
Securities recorded in the market's central book-entry office	122,890	112,109	129,249
Equity instruments. - quoted	54,355	50,113	65,005
Equity instruments. - unquoted	2,771	2,873	3,454
Debt securities. - quoted	65,764	59,123	60,790
Securities registered at the Entity	0	29	13
Debt securities. - quoted	0	29	13
Securities entrusted to other depositories	52,636	47,279	44,005
Equity instruments. - quoted	20,608	16,728	16,896
Equity instruments. - unquoted	8	32	13
Debt securities. - quoted	30,710	25,902	27,038
Debt securities. - unquoted	1,310	4,617	58
Securities	3,538	3,212	3,691
Held by the Entity	3,018	3,174	3,651
Equity instruments	3,001	3,174	3,651
Debt securities	17	0	0
Entrusted to other entities	520	38	40
Equity instruments	520	38	40
Other financial instruments	72,397	77,940	18,291
Total	251,461	240,569	195,249

27.4

Financial assets derecognised from the balance sheet due to impairment

Changes in the items derecognised from the balance sheet because recovery was deemed remote are summarised below. These financial assets are recognised under “Suspended assets” in the memorandum accounts supplementing the balance sheet:

Changes in written off asset (Millions of euros)
	2019	2018	2017
Opening balance	14,639	15,823	15,457
Additions:	1,937	1,953	3,204
Of which are due to business combinations (Note 7)	0	0	1,284
Disposals:	2,665	3,137	2,838
Cash recovery of principal (Note 36)	784	455	298
Cash recovery of past-due receivables	23	36	75
Disposal of written-off assets **	635	1,843	1,505
Due to expiry of the statute-of-limitations period, forgiveness or any other cause	1.223	803	960
Closing balanceo	13,911	14,639	15,823
Of which: interest accrued on the non-performing loans *	4,112	4,463	4,497

(*) Primarily includes interest on financial assets at the time of derecognition from the consolidated balance sheet.
(**) Corresponds to the sale of non-performing and written-off assets and includes interest related to these portfolios.