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financial statements 2014

13. Loans and receivables

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The breakdown of the balance under this heading in the accompanying consolidated balance sheets, according to the nature of the financial instrument, is as follows:

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Loans and Receivables Notes Millions of Euros
2014 2013 2012
Loans and advances to credit institutions 13.1 27,059 22,862 25,448
Loans and advances to customers 13.2 338,657 323,607 342,163
Debt securities 13.3 6,659 4,476 3,736
Total
372,375 350,945 371,347

13.1 Loans and advances to credit institutions

The breakdown of the balance under this heading in the accompanying consolidated balance sheets, according to the nature of the financial instrument, is as follows:

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Loans and Advances to Credit Institutions Notes Millions of Euros
2014 2013 2012
Reciprocal accounts
126 132 265
Deposits with agreed maturity
3,679 5,901 5,987
Demand deposits
1,592 1,421 1,794
Other accounts
11,138 8,510 10,543
Reverse repurchase agreements 34 10,440 6,828 6,783
Total gross 7.3.1 26,975 22,792 25,372
Valuation adjustments
85 70 76
Impairment losses 7.3.8 (29) (40) (29)
Accrued interests and fees
114 110 106
Hedging derivatives and others
- - (1)
Total net
27,059 22,862 25,448

13.2 Loans and advances to customers

The breakdown of the balance under this heading in the accompanying consolidated balance sheets, according to the nature of the financial instrument, is as follows:

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Loans and Advances to Customers Notes Millions of Euros
2014 2013 2012
Mortgage secured loans 7.3.2 124,097 125,564 137,870
Other loans secured with security interest 7.3.2 28,419 23,660 23,125
Unsecured loans
119,002 109,600 115,667
Credit lines
12,851 11,166 13,854
Commercial credit
10,015 9,711 11,165
Receivable on demand and other
7,021 8,210 10,731
Credit cards
11,756 11,070 10,934
Finance leases
7,095 6,954 7,546
Reverse repurchase agreements 34 6,990 4,449 3,118
Financial paper
873 930 1,003
Impaired assets 7.3.7 22,703 25,445 19,960
Total gross 7.3.1 350,822 336,759 354,973
Valuation adjustments
(12,166) (13,151) (12,810)
Impairment losses 7.3.8 (14,244) (14,950) (14,115)
Accrued interests and fees
863 953 227
Hedging derivatives and others
1,215 846 1,077
Total net
338,657 323,607 342,163

As of December 31, 2014, 27% of "Loans and advances to customers" with maturity greater than one year have fixed-interest rates and 73% have variable interest rates.

The heading “Loans and advances to customers” includes financial leases that several Group entities sign with customers to assist them in the acquisition of goods, both properties and fixtures. The breakdown of financial lease agreements as of December 31, 2014, 2013 and 2012 was the following:

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Financial Lease Arrangements Millions of Euros
2014 2013 2012
Movable property 4,413 4,095 4,273
Real Estate 2,682 2,859 3,273
Fixed rate 73% 69% 64%
Floating rate 27% 31% 36%

The heading “Loans and receivablesLoans and advances to customers” in the accompanying consolidated balance sheets also includes certain secured loans that, as mentioned in Note 7.6 and pursuant to the Mortgage Market Act, are linked to long-term mortgage-covered bonds. This heading also includes some loans that have been securitized. The balances recognized in the accompanying consolidated balance sheets corresponding to these securitized loans are as follows:

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Securitized Loans Millions of Euros
2014 2013 2012
Securitized mortgage assets 25,099 22,407 20,077
Other securitized assets 2,225 4,224 5,647
Commercial and industrial loans 735 2,330 3,241
Finance leases 219 301 433
Loans to individuals 1,213 1,518 1,877
Rest 58 75 96
Total 27,324 26,631 25,724
Of which:


Liabilities associated to assets retained on the balance sheet (*) 5,215 6,348 6,180
(*) These liabilities are recognized under "Financial liabilities at amortized cost - Debt securities" in the accompanying consolidated balance sheets (Note 21.3).

13.3 Debt securities

The breakdown of the balance under this heading in the accompanying consolidated balance sheets, according to the issuer of the debt security, is as follows:

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Debt securities Notes Millions of Euros
2014 2013 2012
Government
5,608 3,175 2,375
Credit institutions
81 297 453
Other sectors
975 1,009 923
Total gross 7.3.4 6,663 4,481 3,751
Valuation adjustments 7.3.8 (4) (5) (15)
Total net
6,659 4,476 3,736
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