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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:

Loans and Receivables Notes Millions of Euros
2011 2010 2009
Loans and advances to credit institutions 13.1 26,107 23,637 22,239
Loans and advances to customers 13.2 351,900 338,857 323,442
Debt securities 13.3 3,069 2,213 436
Total   381,076 364,707 346,117

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:

Loans and Advances to Credit Institutions Notes Millions of Euros
2011 2010 2009
Reciprocal accounts
78 168 226
Deposits with agreed maturity
8,389 7,307 8,301
Demand deposits
2,731 2,008 2,091
Other accounts
9,026 6,299 6,125
Reverse repurchase agreements 37 5,788 7,822 5,457
Total gross 7.1.1 26,012 23,604 22,200
Valuation adjustments
95 34 39
Impairment losses 7.1.8 (47) (67) (68)
Accrued interests and fees
143 101 110
Hedging derivatives and others
(1) (1) (3)
Total net
26,107 23,637 22,239

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:

Loans and Advances to Customers Notes Millions of Euros
2011 2010 2009
Mortage secured loans
130,703 132,630 127,957
Other secured loans
29,353 18,155 20,917
Other loans
118,650 102,001 98,238
Credit accounts
14,980 23,705 19,683
Commercial credit
13,152 21,229 24,031
Receivable on demand and other
13,070 11,172 8,155
Credit cards
10,179 8,074 7,098
Finance leases
8,127 8,141 8,222
Reverse repurchase agreements 37 4,827 4,760 987
Financial paper
1,166 1,982 602
Impaired assets 7.1.7 15,647 15,361 15,198
Total gross 7.1. 359,855 347,210 331,087
Valuation adjustments
(7,954) (8,353) (7,634)
Impairment losses 7.1.8 (9,410) (9,396) (8,720)
Accrued interests and fees
453 195 320
Hedging derivatives and others
1,003 848 756
Total net
351,901 338,857 323,442

As of December 31, 2011, 31% of "Loans and advances to customers" with a maturity greater than one year were concluded with fixed-interest rates and 69% with variable interest.

“Loans and advances to customers” includes finance lease arrangements provided by various entities in the Group for their customers to finance the purchase of assets, including movable and immovable property. The breakdown of the finance leases as of December 31, 2011, 2010 and 2009 is as follows:

Financial Lease Arrangements Millions of Euros
2011 2010 2009
Movable property 4,876 4,748 4,963
Real Estate 3,251 3,393 3,259
Fixed rate 58% 42% 38%
Floating rate 42% 58% 62%

The heading “Loans and receivables – Loans and advances to customers” in the accompanying consolidated balance sheets also includes certain mortgage loans that, as mentioned in Note 35 and pursuant to the Mortgage Market Act, are considered a suitable guarantee for the issue of long-term mortgage covered bonds. This heading also includes some loans that have been securitized and not derecognized from the consolidated balance sheets (see Note 2.2.2).

The amounts recognized in the accompanying consolidated balance sheets corresponding to these securitized loans are as follows:

Securitized Loans Millions of Euros
2011 2010 2009
Securitized mortgage assets 33,163 31,884 33,786
Other securitized assets 7,004 10,563 10,597
Commercial and industrial loans 3,344 6,263 4,356
Finance leases 594 771 1,380
Loans to individuals 2,942 3,403 4,536
Rest 124 126 325
Total 40,168 42,447 44,383
Of which:


Liabilities associated to assets retained on the balance sheet (*) 7,510 8,846 9,012
(*)These liabilities are recognized under "Financial liabilities at amortized cost - Debt securities" in the accompanying consolidated balance sheets (Note 3.2 and 23).

Other securitized loans were derecognized from the accompanying consolidated balance sheets, as the Group did not retain any attendant risks or benefits, as specified below:

Derecognized Securitized Loans Millions of Euros
2011 2010 2009
Securitized mortgage assets 7 24 116
Other securitized assets 128 176 276
Total 135 200 392

13.3 Debt securities

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:

Debt securities Notes Millions of Euros
2011 2010 2009
Government
2,128 2,040 342
Credit institutions
631 6 4
Other sectors
322 177 108
Total gross 7.1 3,081 2,223 453
Valuation adjustments 7.1.8 (12) (10) (17)
Total net
3,069 2,213 436
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