Corporate Activities basically includes the costs of the headquarters with strictly corporate functions, certain allocations to provisions such as early retirements and others of a corporate nature. The area also performs financial management functions for the Group as a whole, essentially management of asset and liability positions for interest rates in the euro-denominated balance sheet and for exchange rates, as well as liquidity and capital management functions. The management of asset and liability interest-rate risk in currencies other than the euro is recorded in the corresponding business areas. Finally, it includes certain portfolios and assets not linked to customers, with their corresponding revenues and costs, such as the industrial and financial holdings and the Group’s real-estate assets in Spain assigned to holding services and foreclosed or purchased assets.
