Debt & ratings
Liabilities are split into two categories: liabilities linked to operating activities (consolidated financial liabilities related to specific balance sheet items) and liabilities linked to financing activities (including the other consolidated financial liabilities, including subordinated liabilities, bond issued and other loans obtained).
| (€ million) | 31/12/2019 | 31/12/2018 |
| Liabilities linked to operating activities | 28,891 | 27,009 |
| Liabilities linked to financing activities | 11,013 | 11,532 |
| Subordinated liabilities | 7,717 | 8,124 |
| Senior bonds | 2,988 | 2,983 |
| Other non subordinated liabilities linked to financing activities | 308 | 425 |
| Total | 40,903 | 38,540 |
The weighted average cost of liabilities linked to financing activities stood at 4.95%, down from 5.66% at 31 December 2018.
Average cost & maturity of financial debt (%)
| 2019 | 2018 | |
| Average cost (%) | 4.95% | 5.66% |
| Subordinated/Hybrid | 5.23% | 6.18% |
| Senior | 4.19% | 4.19% |
| Average maturity (years) | 5.52 | 5.34 |
| Interest expenses on financial debt | 605 | 666 |
Total financial debt
