As at 31 December 2018, the Group’s total liabilities were RMB21.23 trillion, an increase of RMB902,543 million or 4.44% over 2017. In this amount, deposits from customers amounted to RMB17.11 trillion, up by RMB744,924 million or 4.55% over 2017. Taking into consideration the inclusion of accrued interest, the actual increase was RMB567,675 million or 3.47%. Deposits and placements from banks and non-bank financial institutions increased by RMB127,063 million or 7.38% over 2017 to RMB1,847,697 million. Debt securities issued were RMB775,785 million, an increase of RMB179,259 million or 30.05% over 2017, mainly due to issuance of 2 batches of Tier 2 capital bonds totalling RMB83 billion. Borrowings from central banks were RMB554,392 million, an increase of 1.30% over 2017. Accordingly, in the Group’s total liabilities, deposits from customers accounted for 80.58% of total liabilities, an increase of 0.08 percentage points over 2017. Deposits and placements from banks and non-bank financial institutions accounted for 8.70% of total liabilities, an increase of 0.24 percentage points over 2017. Debt securities issued accounted for 3.66% of total liabilities, an increase of 0.73 percentage points over 2017. Borrowings from central banks accounted for 2.61% of total liabilities, a decrease of 0.08 percentage points from 2017.

# Deposits from customers

The following table sets forth the Group’s deposits from customers by product type as at the dates indicated.

(In millions of RMB, except percentages)	31 December 2018	31 December 2017	31 December 2016
Amount	% of total	Amount	% of total	Amount	% of total
Corporate deposits	8,667,322	50.66	8,700,872	53.17	8,008,460	51.99
Demand deposits	5,854,542	34.22	5,723,939	34.98	5,145,626	33.41
Time deposits	2,812,780	16.44	2,976,933	18.19	2,862,834	18.58
Personal deposits	7,771,165	45.42	7,105,813	43.43	6,927,182	44.98
Demand deposits	3,271,246	19.12	3,169,395	19.37	2,986,109	19.39
Time deposits	4,499,919	26.30	3,936,418	24.06	3,941,073	25.59
Overseas operations and subsidiaries	492,942	2.88	557,069	3.40	467,273	3.03
Accrued interest	177,249	1.04	N/A	N/A	N/A	N/A
Total deposits from customers	17,108,678	100.00	16,363,754	100.00	15,402,915	100.00

As at 31 December 2018, domestic corporate deposits of the Bank were RMB8,667,322 million, a decrease of 0.39% from 2017, mainly due to the decrease in corporate time deposits as a result of centralised deposits of third-party payment platforms’ settlement reserve funds with the PBC. Domestic personal deposits of the Bank were RMB7,771,165 million, an increase of RMB665,352 million or 9.36% over 2017, and accounted for 47.27% of domestic deposits from customers, up by 2.32 percentage points over 2017. Deposits from overseas operations and subsidiaries amounted to RMB492,942 million, a decrease of RMB64,127 million, and accounted for 2.88% of the total deposits from customers. The Bank’s domestic demand deposits were RMB9,125,788 million, up by RMB232,454 million or 2.61% over 2017, and accounted for 55.51% of the domestic deposits from customers. The time deposits were RMB7,312,699 million, up by RMB399,348 million or 5.78% over 2017, and accounted for 44.49% of domestic deposits from customers, up by 0.75 percentage points over 2017.

# Debt securities issued

The Bank issued no corporate debt securities that were required to be disclosed in accordance with Standards for the Contents and Formats of Information Disclosure by Companies Offering Securities to the Public No. 2 – Contents and Formats of Annual Reports (2017 Revision) and Standards for the Contents and Formats of Information Disclosure by Companies Offering Securities to the Public No. 38 – Contents and Formats of Annual Reports on Corporate Debt Securities. Please refer to Note “Debt securities issued” in the financial statements for details.