13. Loans and receivables

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:

Download Excel

Loans and Receivables	Notes	Millions of euros
		2015	2014	2013
Loans and advances to credit institutions	13.1	32,962	27,059	22,862
Loans and advances to customers	13.2	414,165	338,657	323,607
Debt securities	13.3	10,516	6,659	4,476
Total		457,644	372,375	350,945

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:

Download Excel

Loans and Advances to Credit Institutions	Notes	Millions of euros
		2015	2014	2013
Reciprocal accounts		241	126	132
Deposits with agreed maturity		6,732	3,679	5,901
Demand deposits		3,405	1,592	1,421
Other accounts		10,820	11,138	8,510
Reverse repurchase agreements	34	11,749	10,440	6,828
Total gross	7.3.1	32,947	26,975	22,792
Valuation adjustments		16	85	70
Impairment losses	7.3.8	(51)	(29)	(40)
Accrued interests and fees		68	114	110
Hedging derivatives and others		(1)	-	-
Total net		32,962	27,059	22,862

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:

Download Excel

Loans and Advances to Customers	Notes	Millions of euros
		2015	2014	2013
Mortgage secured loans	7.3.2	144,203	124,097	125,564
Other loans secured with security interest	7.3.2	57,041	28,419	23,660
Unsecured loans		137,322	119,002	109,600
Credit lines		13,758	12,851	11,166
Commercial credit		13,434	10,015	9,711
Receivable on demand and other		9,226	7,021	8,210
Credit cards		15,360	11,756	11,070
Finance leases		9,032	7,095	6,954
Reverse repurchase agreements	34	5,036	6,990	4,449
Financial paper		1,063	873	930
Impaired assets	7.3.7	25,333	22,703	25,445
Total gross		430,808	350,822	336,759
Valuation adjustments		(16,643)	(12,166)	(13,151)
Impairment losses	7.3.8	(18,691)	(14,244)	(14,950)
Hedging derivatives and others		1,199	1,215	846
Rest of valuation adjustments		849	863	953
Total net		414,165	338,657	323,607

The changes during the year ended December 31, 2015, are mainly as a result of the acquisition of Catalunya Banc.

As of December 31, 2015, 32% of "Loans and advances to customers" with maturity greater than one year have fixed-interest rates and 68% 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 acquisitions of goods, both properties and fixtures. The breakdown of financial lease agreements as of December 31, 2015, 2014 and 2013 was the following:

Download Excel

Financial Lease Arrangements	Millions of euros
	2015	2014	2013
Movable property	6,181	4,413	4,095
Real Estate	2,851	2,682	2,859
Fixed rate	74%	73%	69%
Floating rate	26%	27%	31%

The heading “Loans and receivables – Loans 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:

Download Excel

Securitized Loans	Millions of euros
	2015	2014	2013
Securitized mortgage assets	28,955	25,099	22,407
Other securitized assets	3,666	2,225	4,224
Commercial and industrial loans	751	735	2,330
Finance leases	154	219	301
Loans to individuals	2,067	1,213	1,518
Other	694	58	75
Total	32,621	27,324	26,631
Of which:
Liabilities associated to assets retained on the balance sheet (*)	7,619	5,215	6,348

(*) These liabilities are recognized under "Financial liabilities at amortized cost - Debt securities" in the accompanying consolidated balance sheets (Note 21.3.2).

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:

Download Excel

Debt securities	Notes	Millions of euros
		2015	2014	2013
Government		3,275	5,608	3,175
Credit institutions		125	81	297
Other sectors (*)		7,126	975	1,009
Total gross	7.3.1	10,526	6,663	4,481
Valuation adjustments	7.3.8	(10)	(4)	(5)
Total net		10,516	6,659	4,476

(*) The increase recorded in “Other sectors” is mainly due to the bonds issued by the Sociedad de Gestión de Activos Procedentes de la Reestructuración Bancaria (SAREB) held in portfolio by Catalunya Banc.

During the year ended 31, 2015, the change in this heading is mainly due to the incorporation of Catalunya Banc Group and Garanti Group (see Note 3).