CaixaBank

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

Breakdown of customer funds (Millions of euros)

		31/12/2020	31/12/2019	31/12/2018
Assets under management		106,643	102,316	93,951
	Mutual funds, portfolios and SICAVs	71,315	68,584	64,541
	Pension funds	35,328	33,732	29,410
Other *		5,115	4,698	5,108
TOTAL		111,758	107,014	99,059

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

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)

		31/12/2020	31/12/2019	31/12/2018
Securitised mortgage loans		21,929	24,054	26,738
Other securitised loans		10,151	7,687	10,753
	Loans to companies	5,372	4,648	7,772
	Leasing arrangements	1,045	1,535	241
	Consumer financing	3,733	1,503	2,738
	Other	1	1	2
TOTAL		32,080	31,741	37,491

The breakdown of securitisations arranged, with the amounts outstanding and the amounts corresponding to credit enhancements granted to the securitisation funds is provided below:

Loan securisation - issues on on-balance-sheet securitised loans (Millions of euros)

				SECURITISED LOAN			REPO SECURISATION BONDS			CREDIT ENHANCEMENTS
DATE OF ISSUE		ACQUIRED BY:	INITIAL EXPOSURE SECURITISED	2020	2019	2018	2020	2019	2018	2020	2019	2018
June	2003	AyT Génova Hipotecario II, FTH	800	0	82	98	0	29	34	0	8	8
July	2003	AyT Génova Hipotecario III, FTH	800	75	91	108	29	35	42	8	8	8
February	2004	AyT Hipotecario Mixto, FTA	140	0	16	18	0	0	0	0	8	8
March	2004	AyT Génova Hipotecario IV, FTH	800	87	106	125	15	13	20	8	8	8
June	2004	AyT Hipotecario Mixto II, FTA	160	0	0	0	0	1	1	0	2	2
November	2004	TDA 22 Mixto, FTH	120	25	28	31	12	14	17	2	2	2
June	2005	AyT Hipotecario Mixto IV, FTA	200	23	28	34	11	18	15	1	1	1
June	2005	AyT Génova Hipotecario VI, FTH	700	104	124	144	66	78	91	5	5	5
November	2005	AyT Génova Hipotecario VII, FTH	1,400	250	294	339	101	119	137	8	8	9
November	2005	Douro Mortgages no. 1	1,500	0	0	257	0	0	148	0	0	0
December	2005	Valencia Hipotecario 2, FTH	940	114	135	159	35	41	31	5	5	5
June	2006	AyT Génova Hipotecario VIII, FTH	2,100	365	428	493	198	232	267	9	9	9
July	2006	FonCaixa FTGENCAT 4, FTA	600	0	61	72	0	19	20	0	5	5
July	2006	AyT Hipotecario Mixto V, FTA	318	55	64	72	39	46	55	2	2	2
September	2006	Douro Mortgages no. 2	1,500	0	0	367	0	0	283	0	0	0
November	2006	Valencia Hipotecario 3, FTA	901	176	201	230	62	70	81	5	5	5
November	2006	AyT Génova Hipotecario IX, FTH	1,000	242	279	317	93	107	121	5	6	7
June	2007	AyT Génova Hipotecario X, FTH	1,050	270	314	356	272	316	357	10	10	11
July	2007	Douro Mortgages no. 3	1,500	0	0	568	0	0	516	0	0	0
November	2007	FonCaixa FTGENCAT 5, FTA	1,000	158	181	211	38	38	38	27	27	27
December	2007	AyT Génova Hipotecario XI, FTH	1,200	330	383	429	335	388	435	34	37	39
July	2008	FonCaixa FTGENCAT 6, FTA	750	117	134	155	23	23	23	19	19	19
July	2008	AyT Génova Hipotecario XII, FTH	800	243	273	307	243	273	306	30	30	30
April	2009	Bancaja BVA-VPO 1, FTA	55	0	12	16	0	16	19	0	3	3
December	2010	AyT Goya Hipotecario III, FTA	4,000	1,608	1,787	1,984	1,605	1,781	1,980	160	178	200
February	2011	Douro SME Series 2	3,472	0	0	3,348	0	0	3,348	0	0	0
April	2011	AyT Goya Hipotecario IV, FTA	1,300	526	583	648	539	596	662	62	66	66
December	2011	AyT Goya Hipotecario V, FTA	1,400	578	649	728	599	670	748	63	72	76
March	2013	FonCaixa Leasings 2, FTA	1,217	0	0	241	0	0	243	0	0	112
February	2016	CaixaBank RMBS 1, FT	14,200	10,126	10,919	11,800	10,121	10,944	11,846	568	568	568
June	2016	CaixaBank Consumo 2, FT	1,300	228	324	488	239	350	534	52	52	52
November	2016	CaixaBank Pymes 8, FT	2,250	656	899	1,242	700	973	1,343	71	84	93
March	2017	CaixaBank RMBS 2, FT	2,720	2,088	2,256	2,419	2,121	2,294	2,459	129	129	130
July	2017	CaixaBank Consumo 3, FT	2,450	609	911	1,408	613	931	1,457	27	42	99
November	2017	CaixaBank Pymes 9, FT	1,850	675	977	1,375	690	1,007	1,413	31	44	85
December	2017	CaixaBank RMBS 3, FT	2,550	1,946	2,122	2,325	1,950	2,135	2,344	80	88	115
May	2018	CaixaBank Consumo 4, FT	1,700	483	835	1,347	546	944	1,494	25	43	69
November	2018	CaixaBank Pymes 10, FT	3,325	1,682	2,322	3,232	1,826	2,525	3,325	79	159	159
June	2019	CaixaBank Leasings 3, FT	1,830	1,045	1,535	0	1,078	1,581	0	59	90	0
November	2019	CaixaBank Pymes 11, FT	2,450	1,793	2,388	0	1,920	2,451	0	116	116	0
June	2020	CaixaBank Consumo 5, FT	3,550	2,920	0	0	3,550	0	0	178	0	0
November	2020	CaixaBank Pymes 12, FT	2,550	2,483	0	0	2,550	0	0	128	0	0
TOTAL			74,448	32,080	31,741	37,491	32,219	31,058	36,253	2,006	1,939	2,037

The amounts outstanding of derecognised securitisation transactions were not significant.

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)

ISSUE DATE		FUND	INITIAL EXPOSURE SECURITISED	CARRYING AMOUNT SECURITISED
ISSUE DATE		FUND	INITIAL EXPOSURE SECURITISED	31/12/2020	31/12/2019	31/12/2018
February	2016	Gaudí I	2,025	65	356	920
August	2018	Gaudí II	2,025	1,509	2,019	2,025
April	2019	Gaudí III	1,282	1,277	1,281
TOTAL			5,332	2,851	3,656	2,945

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.

The breakdown, 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)

			31/12/2020	31/12/2019	31/12/2018
Book entries			178,841	175,527	159,416
	Securities recorded in the market's central book-entry office		150,013	146,615	130,939
		Equity instruments. Quoted	59,211	60,935	54,137
		Equity instruments. Unquoted	3,289	2,971	3,383
		Debt securities. Quoted	87,468	80,535	67,657
		Debt securities. Unquoted	45	2,174	5,762
	Securities registered at the Entity		0	6	6
		Debt securities. Quoted	0	0	0
		Debt securities. Unquoted		6	6
	Securities entrusted to other depositories		28,828	28,906	28,471
		Equity instruments. Quoted	652	1,268	1,047
		Equity instruments. Unquoted	14,581	12,569	11,178
		Debt securities. Quoted	12,306	13,791	11,643
		Debt securities. Unquoted	1,289	1,278	4,603
Securities			3,396	3,538	3,212
	Held by the Entity		3,072	3,018	3,174
		Equity instruments	3,055	3,001	3,174
		Debt securities	17	17	0
	Entrusted to other entities		324	520	38
		Equity instruments	324	520	38
Other financial instruments			69,350	72,397	77,941
TOTAL			251,587	251,462	240,569

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)

	2020	2019	2018
OPENING BALANCE	13,911	14,639	15,823
Additions:	1,307	1,937	1,953
Disposals:	1,749	2,665	3,137
Cash recovery of principal (Note 36)	450	784	455
Cash recovery of past-due receivables	0	23	36
Disposal of written-off assets *	967	635	1,843
Due to expiry of the statute-of-limitations period, forgiveness or any other cause	332	1,223	803
CLOSING BALANCE	13,469	13,911	14,639
Of which: interest accrued on the non-performing loans *	4,222	4,112	4,463

(*) 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.

Other significant disclosures

Transactions for the account of third parties

Transferred financial assets

Securities deposits and investment services

Financial assets derecognised due to impairment