The breakdown of this item in the accompanying statement of profit or loss is as follows:
2019 |
2018 |
2017 |
|
|---|---|---|---|
Central banks |
(48) |
(39) |
(37) |
Credit institutions |
(98) |
(70) |
(74) |
Customer deposits and other finance costs |
(303) |
(350) |
(409) |
Debt securities issued (excluding subordinated liabilities) * |
(616) |
(686) |
(739) |
Adjustments to expenses as a consequence of hedging transactions |
511 |
552 |
582 |
Finance cost of insurance products |
(1,426) |
(1,319) |
(1,434) |
Asset interest expense |
(97) |
(91) |
(79) |
(20) |
|
|
|
Other |
(7) |
(36) |
(35) |
Total |
(2,104) |
(2,039) |
(2,225) |
(*) Excluding interest from preference shares accountable as Additional Tier 1 capital (recognised in shareholders' equity)
The average effective interest rate of the various financial liabilities categories calculated on average net balances (excluding rectifications) is set out below:
2019 |
2018 |
2017 |
|
|---|---|---|---|
Deposits from central banks |
0.21% |
0.13% |
0.11% |
Deposits from credit institutions |
0.86% |
0.54% |
0.54% |
Customer deposits |
0.13% |
0.16% |
0.20% |
Debt securities issued (excluding subordinated liabilities) |
1.93% |
2.26% |
2.35% |
Subordinated liabilities |
1.75% |
2.45% |
3.68% |
