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:

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