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)

  			31/12/2020	31/12/2019	31/12/2018
  Demand			1,138	1,272	1,445
  	Reciprocal accounts		7	2
  	Other accounts		1,131	1,270	1,445
  Term or at notice			4,130	4,958	6,578
  	Deposits with agreed maturity		3,371	4,039	4,182
  	Hybrid financial liabilities		0	1	3
  	Repurchase agreement		759	918	2,393
  TOTAL			5,268	6,230	8,023

• 22.2

  Customer deposits

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

  Breakdown of customer deposits (Millions of euros)

  			31/12/2020	31/12/2019	31/12/2018
  By type			245,356	221,319	210,465
  	Current accounts and other demand deposits		143,020	123,410	113,062
  	Savings accounts		77,305	66,143	61,193
  	Deposits with agreed maturity		22,729	29,632	31,945
  	Hybrid financial liabilities		298	655	1,039
  	Repurchase agreements		2,004	1,479	3,226
  By sector			245,356	221,319	210,465
  	Public administrations		13,136	11,030	11,211
  	Private sector		232,220	210,289	199,254

• 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)

  		31/12/2020	31/12/2019	31/12/2018
  Mortgage covered bonds		14,497	15,539	16,573
  Plain vanilla bonds *		11,729	8,734	4,393
  Securitised bonds		1,077	1,387	1,820
  Structured notes		1,436	1,619	696
  Promissory notes		653	703	29
  Preference shares		3,000	2,250	2,250
  Subordinated debt		3,150	3,150	3,150
  TOTAL		35,542	33,382	28,911

  (*) Includes plain vanilla bonds or ordinary bonds and non-preference plain vanilla bonds or ordinary bonds

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

  Changes in debt securities issued (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 2018		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 2018		56,543	5,900	4,684	37,595	741	3,459	2,250
  Repo securities
  Opening balance 2018		(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 2018		(39,970)	(5,900)	(291)	(35,775)	(45)	(309)
  CLOSING NET BALANCE 2018		16,573		4,393	1,820	696	3,150	2,250
  Gross balance
  Opening balance 2019		56,543	5,900	4,684	37,595	741	3,459	2,250
  	Issuances	2,415		4,382	4,032	1,092		275
  	Depreciation and amortisation	(4,700)		(295)	(9,720)	(51)
  	Exchange differences and other	2
  CLOSING BALANCE 2019		54,260	5,900	8,771	31,907	1,782	3,459	2,525
  Repo securities
  Opening balance 2019		(39,970)	(5,900)	(291)	(35,775)	(45)	(309)
  	Buy-backs				(3,308)			(275)
  	Repayments and other	1,249		254	8,563	(118)
  CLOSING BALANCE 2019		(38,721)	(5,900)	(37)	(30,520)	(163)	(309)	(275)
  CLOSING NET BALANCE 2019		15,539		8,734	1,387	1,619	3,150	2,250
  Gross balance
  Opening balance 2020		54,260	5,900	8,771	31,907	1,782	3,459	2,525
  	Issuances			3,000	425			750
  	Depreciation and amortisation	(1,244)	(1,500)	(40)	(14)	(193)
  	Exchange differences and other
  CLOSING BALANCE 2020		53,016	4,400	11,731	32,318	1,589	3,459	3,275
  Repo securities
  Opening balance 2020		(38,721)	(5,900)	(41)	(30,520)	(163)	(309)	(275)
  	Buy-backs
  	Repayments and other	202	1,500	39	(721)	10
  CLOSING BALANCE 2020		(38,519)	(4,400)	(2)	(31,241)	(153)	(309)	(275)
  CLOSING NET BALANCE 2020		14,497		11,729	1,077	1,436	3,150	3,000

  The breakdown of preference share issues are as follows:

  Breakdown of preference share issues (Millions of euros)

  DATE OF ISSUE	MATURITY	NOMINAL AMOUNT	NOMINAL INTEREST RATE	OUTSTANDING AMOUNT
  				31/12/2020	31/12/2019	31/12/2018
  June 2017 *	Perpetual	1,000	6.75%	1,000	1,000	1,000
  March 2018 *	Perpetual	1,250	5.25%	1,250	1,250	1,250
  September 2019	Perpetual	275	6.50%	275	275
  October 2020 *	Perpetual	750	5.88%	750
  PREFERENCE SHARES				3,275	2,525	2,250
  Own securities purchased				(275)	(275)
  TOTAL				3,000	2,250	2,250

  (*) In the case of preference shares that are perpetual, although they may be redeemed under specific circumstances at the option of CaixaBank and, in all cases, are convertible into ordinary newly-issued shares of the entity if CaixaBank or CaixaBank Group has a Common Equity Tier 1 ratio (CET1) of less than 5.125%, calculated in accordance with European Regulation 575/2013, of 26 June, of the European Parliament and Council, on prudential requirements of credit institutions and investment firms ("CRR"). The conversion price of the preference shares shall be the highest of i) the volume-weighted daily average price of CaixaBank’s shares in the five trading days prior to the day the corresponding conversion is announced, ii) the corresponding floor price (EUR 1,209 for the issue conducted in October 2020, EUR 2,583 for the issue conducted in March 2018 and EUR 2,803 for the issue conducted in June 2017) and iii) the nominal value of CaixaBank’s shares at the time of conversion.

  The breakdown of subordinated debt issues is as follows:

  Breakdown of subordinated debt issues (Millions of euros)

  DATE OF ISSUE	MATURITY	NOMINAL AMOUNT	NOMINAL INTEREST RATE	OUTSTANDING AMOUNT
  				31/12/2020	31/12/2019	31/12/2018
  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
  17/04/2018	17/04/2030	1,000	2.25%	1,000	1,000	1,000
  SUBORDINATED DEBT				3,150	3,150	3,150
  Own securities purchased
  TOTAL				3,150	3,150	3,150

• 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)

  		31/12/2020	31/12/2019	31/12/2018
  Payment obligations		1,215	1,475	1,970
  Guarantees received		24	1,491	52
  Clearing houses		1,169	1,308	906
  Tax collection accounts		1,271	1,195	1,262
  Special accounts		426	683	475
  Liabilities associated with right-of-use assets (Note 18)		1,468	1,509
  Other items		494	931	911
  TOTAL		6,067	8,592	5,576

  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	NET REGISTRATION	FINANCIAL UPDATE	PAYMENTS	31/12/2020
  Linked to the sales contract and subsequent lease Soinmob Inmobilaria		591	29	10	(40)	590	12	11	(60)	553
  Linked to other operational leases		818	209	10	(118)	919	66	8	(78)	915
  TOTAL		1,409	238	20	(158)	1,509	78	19	(138)	1,468
  Discount rate applied (according to the term) **
  Spain		[0.10%-1.66%]				[0.10%-1.66%]				[0.10%-1.66%]
  Portugal		[0.20%-0.90%]				[0.20%-0.90%]				[0.20%-0.90%]

  (*) See Note 1.4.

  (**) 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.