21. Financial liabilities at amortized cost

The breakdown of the balance under these headings in the accompanying consolidated balance sheets is as follows:

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		Millions of euros
Financial Liabilities at Amortized Cost	Notes	2015	2014	2013
Deposits from Central Banks	9	40,087	28,193	30,893
Deposits from Credit Institutions	21.1	69,404	65,168	52,423
Customer deposits	21.2	403,078	319,060	300,490
Debt certificates	21.3	66,165	58,096	64,120
Subordinated liabilities	21.4	16,109	14,095	10,556
Other financial liabilities	21.5	12,131	7,288	6,067
Total		606,973	491,899	464,549

21.1 Deposits from credit institutions

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

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		Millions of euros
Deposits from credit institutions	Notes	2015	2014	2013
Reciprocal accounts		160	218	333
Deposits with agreed maturity		37,859	26,731	27,088
Demand deposits		4,981	5,082	2,485
Other accounts		149	51	342
Repurchase agreements	34	26,069	32,935	22,007
Subtotal		69,219	65,017	52,255
Accrued interest until expiration		185	151	168
Total		69,403	65,168	52,423

The breakdown by geographical area and the nature of the related instruments of this heading in the accompanying consolidated balance sheets, is as follows:

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Deposits from Credit Institutions 2015	Millions of euros
	Demand Deposits & Reciprocal Accounts	Deposits with Agreed Maturity	Repurchase Agreements	Total
Spain	951	6,718	593	8,262
Rest of Europe	801	15,955	23,140	39,896
Mexico	54	673	916	1,643
South America	212	3,779	432	4,423
The United States	1,892	5,497	2	7,391
Turkey	355	1,423	8	1,786
Rest of the world	53	4,108	981	5,142
Total	4,318	38,153	26,072	68,543

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Deposits from Credit Institutions December 2014	Millions of euros
	Demand Deposits & Reciprocal Accounts	Deposits with Agreed Maturity	Repurchase Agreements	Total
Spain	1,327	6,504	2,442	10,273
Rest of Europe	1,191	9,925	27,940	39,056
Mexico	125	1,066	1,875	3,065
South America	961	3,221	456	4,638
The United States	1,669	4,743	-	6,411
Rest of the world	33	1,461	231	1,725
Total	5,306	26,920	32,944	65,168

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Deposits from Credit Institutions 2013	Millions of euros
	Demand Deposits & Reciprocal Accounts	Deposits with Agreed Maturity	Repurchase Agreements	Total
Spain	806	7,781	562	9,149
Rest of Europe	291	9,222	17,313	26,826
Mexico	166	2,071	3,594	5,831
South America	546	2,816	388	3,750
The United States	990	4,726	-	5,716
Rest of the world	19	982	150	1,151
Total	2,818	27,598	22,007	52,423

21.2 Customer deposits

The breakdown of this heading in the accompanying consolidated balance sheets, by type of financial instrument, is as follows:

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Customer deposits	Notes	Millions of euros
		2015	2014	2013
Government and other government agencies		25,343	22,121	25,058
Of which:
Repurchase agreements	34	7,556	3,022	8,512
Current accounts		112,273	96,414	89,932
Savings accounts		82,975	65,555	54,373
Fixed-term deposits		165,125	111,796	109,757
Repurchase agreements	34	15,711	21,595	19,348
Other accounts		811	677	1,151
Accrued interests		831	901	872
Total		403,069	319,060	300,490
Of which:
In Euros		202,982	160,078	160,172
In foreign currency		200,087	158,983	140,318
Of which:
Deposits from other creditors without valuation adjustment		402,400	318,387	299,660
Accrued interests		669	673	830

The breakdown by geographical area of this heading in the accompanying consolidated balance sheets, by type of instrument and geographical area, is as follows:

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Customer Deposits 2015	Millions of euros
	Demand Deposits	Deposits with Agreed Maturity	Repurchase Agreements	Total
Spain	86,564	70,802	11,309	168,675
Rest of Europe	5,514	22,832	7,423	35,769
Mexico	36,907	10,320	4,195	51,423
South America	24,574	19,362	304	44,240
The United States	47,071	15,893	24	62,988
Turkey	9,277	26,694	15	35,986
Rest of the world	357	3,631	-	3,988
Total	210,264	169,535	23,269	403,069

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Customer Deposits 2014	Millions of euros
	Demand Deposits	Deposits with Agreed Maturity	Repurchase Agreements	Total
Spain	43,732	90,179	9,783	143,694
Rest of Europe	2,267	7,884	8,036	18,187
Mexico	22,550	17,769	6,359	46,678
South America	23,118	34,433	441	57,992
The United States	19,020	31,881	1	50,902
Rest of the world	734	873	-	1,607
Total	111,421	183,019	24,620	319,060

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Customer Deposits 2013	Millions of euros
	Demand Deposits	Deposits with Agreed Maturity	Repurchase Agreements	Total
Spain	37,540	92,857	12,433	142,829
Rest of Europe	2,192	8,150	8,902	19,244
Mexico	19,902	15,253	5,758	40,913
South America	24,257	31,302	659	56,218
The United States	17,532	21,489	108	39,128
Rest of the world	305	1,853	-	2,158
Total	101,727	170,903	27,860	300,490

21.3 Debt certificates (including bonds and debentures)

The breakdown of the balance under this heading in the accompanying consolidated balance sheets is as follows:

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Debt Certificates	Millions of euros
	2015	2014	2013
Promissory notes and bills	648	1,070	1,318
Bonds and debentures	65,517	57,026	62,802
Total	66,165	58,096	64,120

The changes in the balances under this heading, together with the “Subordinated Liabilities” for the years ended December 31, 2015, 2014 and 2013 are included in Note 54.2.

21.3.1 Promissory notes and bills

The breakdown of the balance under this heading, by currency, is as follows:

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Promissory notes and bills	Millions of euros
	2015	2014	2013
In Euros	456	410	1,231
In other currencies	192	660	88
Total	648	1,070	1,318

These promissory notes were issued by BBVA Banco de Financiación, S.A., BBVA Senior Finance, S.A. Unipersonal and BBVA US Senior, S.A. Unipersonal. The promissory notes issued by BBVA Banco de Financiación, S.A., BBVA Senior Finance, S.A. Unipersonal and BBVA US Senior, S.A. Unipersonal, are guaranteed jointly, severally and irrevocably by the Bank.

21.3.2 Bonds and debentures issued

The breakdown of the balance under this heading, by financial instrument and currency, is as follows:

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Bonds and debentures issued	Millions of euros
	2015	2014	2013
In Euros -	44,893	43,890	51,373
Non-convertible bonds and debentures at floating interest rates	3,375	2,376	177
Non-convertible bonds and debentures at fixed interest rates	6,389	8,555	11,818
Mortgage Covered bonds	28,740	26,119	31,715
Hybrid financial instruments	384	234	318
Securitization bonds made by the Group	4,580	4,741	5,830
Other securities	-	-	-
Accrued interest and others (*)	1,425	1,865	1,515
In Foreign Currency -	20,625	13,136	11,429
Non-convertible bonds and debentures at floating interest rates	1,240	588	1,387
Non-convertible bonds and debentures at fixed interest rates	13,553	9,898	7,763
Mortgage Covered bonds	146	117	185
Hybrid financial instruments	2,392	1,945	1,514
Other securities associated to financial activities	-	-	-
Securitization bonds made by the Group	3,039	474	518
Other securities	-	-	-
Accrued interest and others (*)	254	114	62
Total	65,517	57,026	62,802

(*) Hedging operations and issuance costs.

Most of the foreign-currency issuances are denominated in US dollars.

The senior debt issued by BBVA Senior Finance, S.A.U., BBVA U.S. Senior, S.A.U. and BBVA Global Finance, Ltd. are guaranteed jointly, severally and irrevocably by the Bank.

The following table shows the weighted average interest rates of fixed and floating rate bonds and debentures issued in euros and foreign currencies outstanding as of December 31, 2015, 2014 and 2013:

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Interests Rates of Promissory Notes and Bills Issued	2015		2014		2013
	Euros	Foreign Currency	Euros	Foreign Currency	Euros	Foreign Currency
Fixed rate	3.43%	4.55%	3.72%	4.83%	3.86%	4.46%
Floating rate	0.96%	3.58%	2.64%	4.19%	3.34%	3.49%

21.4 Subordinated liabilities

The breakdown of this heading in the accompanying consolidated balance sheets, by type of financial instrument, is as follows:

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Subordinated Liabilities	Notes	Millions of euros
		2015	2014	2013
Convertible		4,439	2,735	1,088
Convertible perpetual securities		4,439	2,735	1,088
Convertible subordinated debt		-	-	-
Non-convertible		11,144	10,871	9,171
Preferred Stock		974	1,910	1,827
Other subordinated liabilities		10,170	8,961	7,344
Subtotal		15,583	13,606	10,259
Valuation adjustments and other concepts (*)		526	489	297
Total	21	16,109	14,095	10,556

(*) Includes accrued interest payable and valuation adjustment of hedging derivatives.

Of the above, the issuances of BBVA International Preferred, S.A.U., BBVA Subordinated Capital, S.A.U., BBVA Global Finance, Ltd., Caixa Terrassa Societat de Participacions Preferents, S.A. Unipersonal and CaixaSabadell Preferents, S.A. Unipersonal, are jointly, severally and irrevocably guaranteed by the Bank.

The breakdown of this heading in the accompanying consolidated balance sheets, excluding valuation adjustments, by currency of issuance and interest rate is shown in Appendix VI.

The balance changes in this caption for the years ended December 31, 2015, 2014 and 2013, along with that of "Marketable debt securities" are shown in Note 54.2.

The balance variances are mainly due to the following transactions:

Contingent convertible securities

On February 10, 2015, BBVA issued perpetual securities eventually convertible into new ordinary shares of BBVA, (Additional level I capital instruments) without pre-emption rights, for a total amount of €1,500 million. This issuance was targeted only towards qualified foreign investors and in any case would not be made or subscribed in Spain or by Spanish-resident investors. These securities are listed in the Global Exchange Market of the Irish Stock Exchange are redeemable at the issuer company’s option after five years from the issue date, with prior consent from the Bank of Spain.

During 2014 and 2013 respectively, BBVA issued perpetual securities eventually convertible into new ordinary shares of BBVA, (Additional level I capital instruments) without pre-emption rights, for a total amount of €1,500 million and $1,500 million (€1,378 million as of December 31, 2015). Both issuances were targeted only towards qualified foreign investors and in any case would not be made or subscribed in Spain or by Spanish-resident investors. These securities are listed in the Singapore Exchange Securities Trading Limited and are redeemable at the issuer company’s option after five years from the issue date, with prior consent from the Bank of Spain.

These convertible perpetual securities are convertible into new common shares if the trigger event occurs, that is, if BBVA’s Common Equity Tier 1 capital ratio falls below 5.125%, among other assumptions.

Preferred securities

The breakdown by issuer of the balance under this heading in the accompanying consolidated balance sheets is as follows:

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Preferred Securities by Issuer	Millions of euros
	2015	2014	2013
BBVA International Preferred, S.A.U. (*)	842	1,750	1,666
Unnim Group (**)	109	109	109
Compass Group	22	20	15
BBVA Capital Finance, S.A.U.	-	25	29
BBVA Colombia, S.A.	1	-	-
BBVA International, Ltd.	-	7	8
Total	974	1,910	1,827

(*) Listed on the London and New York stock markets. (**) Unnim Group: Issues prior to the acquisition by BBVA.

These issues were fully subscribed at the moment of the issue by investors outside the Group and are redeemable at the issuer company’s option after five years from the issue date, depending on the terms of each issue and with prior consent from the Bank of Spain.

Amortization of preferred securities

On December 19, 2014 the amortization in full of preferred securities called "Issue of Series E Preferred Securities" and "Issue of Series F Preferred Securities" was announced. At their nominal amount of €633 million and 251 million pounds (approximately €323 million as of December 31, 2014). These issues were made by BBVA International Preferred, S.A. Unipersonal on October 19, 2009. On January 21, 2015, after obtaining the necessary authorizations, BBVA International Preferred, S.A. Unipersonal proceeded to its effective amortization.

Other subordinated liabilities

Subordinated bonds

In April 2014 there was an issuance of subordinated bonds by BBVA Subordinated Capital, S.A.U. in an amount of €1,500 million and it is guaranteed jointly and irrevocably by BBVA and is listed in the London Stock Exchange.

21.5 Other financial liabilities

The breakdown of the balance under this heading in the accompanying consolidated balance sheets is as follows:

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Other financial liabilities	Millions of euros
	2015	2014	2013
Creditors for other financial liabilities	3,303	1,692	1,349
Collection accounts	2,369	2,402	2,750
Creditors for other payment obligations (*)	5,951	3,194	1,968
Dividend payable but pending payment (Note 4)	509	-	-
Total	12,131	7,288	6,067

(*) As of December 31, 2014, includes €69 million corresponding to the remuneration to shareholders who choose to be paid in cash through the "Dividend Option" paid in January 2015.