The breakdown of this item in the accompanying statement of profit or loss is as follows:
| 2020 | 2019 | 2018 | |
| Central banks | (15) | (48) | (39) |
| Credit institutions | (49) | (98) | (70) |
| Customer deposits and other finance costs | (262) | (303) | (350) |
| Debt securities issued (excluding subordinated liabilities) * | (571) | (616) | (686) |
| Adjustments to expenses as a consequence of hedging transactions | 471 | 511 | 552 |
| Finance cost of insurance products | (1,280) | (1,426) | (1,319) |
| Asset interest expense | (133) | (97) | (91) |
| Lease liability interest (Note 1.4 and 22.4) | (19) | (20) | |
| Other | (6) | (7) | (36) |
| TOTAL | (1,864) | (2,104) | (2,039) |
(*) 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:
| 2020 | 2019 | 2018 | ||
| Deposits from central banks | 0.04% | 0.21% | 0.13% | |
| Deposits from credit institutions | 0.37% | 0.86% | 0.54% | |
| Customer deposits | 0.10% | 0.13% | 0.16% | |
| Debt securities issued (excluding subordinated liabilities) | 1.62% | 1.93% | 2.26% | |
| Subordinated liabilities | 1.71% | 1.75% | 2.45% | |
