10. Financial assets and liabilities held for trading
Print this page
Download Excel
Download Excel
Download Excel
Download Excel
Download Excel
Download Excel
10.1 Breakdown of the balance
The breakdown of the balance under these headings in the accompanying consolidated balance sheets is as follows:
Download Excel
| Financial Assets and Liabilities Held-for-Trading | Millions of Euros | ||
|---|---|---|---|
| 2014 | 2013 | 2012 | |
| ASSETS- |
|
|
|
| Loans and advances to customers | 128 | 106 | 244 |
| Debt securities | 33,883 | 29,602 | 28,020 |
| Equity instruments | 5,017 | 4,766 | 2,915 |
| Trading derivatives | 44,229 | 37,638 | 48,650 |
| Total | 83,258 | 72,112 | 79,829 |
| LIABILITIES- |
|
|
|
| Trading derivatives | 45,052 | 38,119 | 49,254 |
| Short positions | 11,747 | 7,529 | 6,580 |
| Total | 56,798 | 45,648 | 55,834 |
10.2 Debt securities
The breakdown by type of instrument of the balance under this heading in the accompanying consolidated balance sheets is as follows:
Download Excel
| Debt Securities Held-for-Trading Breakdown by type of instrument |
Millions of Euros | ||
|---|---|---|---|
| 2014 | 2013 | 2012 | |
| Issued by Central Banks | 193 | 291 | 334 |
| Spanish government bonds | 6,332 | 5,251 | 4,968 |
| Foreign government bonds | 21,688 | 19,154 | 18,068 |
| Issued by Spanish financial institutions | 879 | 596 | 456 |
| Issued by foreign financial institutions | 2,169 | 2,138 | 2,089 |
| Other debt securities | 2,623 | 2,172 | 2,106 |
| Total | 33,883 | 29,602 | 28,020 |
10.3 Equity instruments
The breakdown of the balance under this heading in the accompanying consolidated balance sheets is as follows:
Download Excel
| Equity Instruments Held-for-Trading Breakdown by Issuer |
Millions of Euros | ||
|---|---|---|---|
| 2014 | 2013 | 2012 | |
| Shares of Spanish companies |
|
|
|
| Credit institutions | 865 | 497 | 162 |
| Other sectors | 1,677 | 2,255 | 1,108 |
| Subtotal | 2,541 | 2,752 | 1,270 |
| Shares of foreign companies |
|
|
|
| Credit institutions | 107 | 80 | 75 |
| Other sectors | 2,368 | 1,934 | 1,570 |
| Subtotal | 2,476 | 2,015 | 1,645 |
| Total | 5,017 | 4,766 | 2,915 |
10.4 Trading derivatives
The trading derivatives portfolio arises from the Group’s need to manage the risks it is exposed to in the normal course of business and also to market certain products amongst the Group’s customers. As of December 31, 2014, 2013 and 2012, trading derivatives were mainly contracted in over-the-counter (OTC) markets, with counterparties which are mainly foreign credit institutions, and related to foreign-exchange, interest-rate and equity risk. Below is a breakdown of the net positions by transaction type of the fair value of trading derivatives recognized in the accompanying consolidated balance sheets, divided into organized and OTC markets:
Download Excel
| Outstanding Financial Trading Derivatives 2014 | Millions of Euros | |||||||
|---|---|---|---|---|---|---|---|---|
| Currency Risk | Interest Rate Risk | Equity Price Risk | Precious Metals Risk | Commodities Risk | Credit Risk | Other Risks | Total | |
| Organized markets |
|
|
|
|
|
|
|
|
| Financial futures | 2 | - | 1 | - | - | - | - | 3 |
| Options | 1 | (2) | 315 | - | (15) | - | 1 | 300 |
| Other products | (3) | (156) | - | - | (6) | - | - | (164) |
| Subtotal | - | (158) | 316 | - | (21) | - | 1 | 139 |
| OTC markets |
|
|
|
|
|
|
|
|
| Credit institutions |
|
|
|
|
|
|
|
|
| Forward transactions | (118) | (118) | 24 | - | - | - | - | (212) |
| Future rate agreements (FRAs) | - | (469) | - | - | - | - | - | (469) |
| Swaps | 96 | (663) | (961) | - | 1 | (44) | - | (1,571) |
| Options | (5) | (233) | (342) | - | 1 | - | - | (580) |
| Other products | (771) | - | - | - | - | - | - | (771) |
| Subtotal | (798) | (1,483) | (1,279) | - | 2 | (44) | - | (3,602) |
| Other financial institutions |
|
|
|
|
|
|
|
|
| Forward transactions | (6) | (62) | (8) | - | - | - | - | (75) |
| Future rate agreements (FRAs) | - | (248) | - | - | - | - | - | (248) |
| Swaps | 117 | (641) | (166) | - | - | 254 | - | (436) |
| Options | (36) | (52) | (460) | - | 6 | (166) | - | (708) |
| Other products | 403 | - | - | - | - | - | - | 403 |
| Subtotal | 478 | (1,003) | (634) | - | 6 | 88 | - | (1,064) |
| Other sectors |
|
|
|
|
|
|
|
|
| Forward transactions | (13) | 171 | 47 | - | - | - | - | 204 |
| Future rate agreements (FRAs) | - | 682 | - | - | - | - | - | 682 |
| Swaps | 185 | 2,635 | - | - | - | - | - | 2,820 |
| Options | (87) | 48 | 157 | - | 4 | - | - | 121 |
| Other products | (122) | - | - | - | - | - | - | (122) |
| Subtotal | (37) | 3,536 | 204 | - | 4 | - | - | 3,705 |
| Subtotal | (357) | 1,050 | (1,709) | - | 12 | 44 | - | (961) |
| Total | (357) | 892 | (1,393) | - | (9) | 44 | 1 | (823) |
| Of which: |
|
|
|
|
|
|
|
|
| Asset Trading Derivatives | 11,409 | 29,504 | 2,752 | - | 14 | 548 | 1 | 44,229 |
| Liability Trading Derivatives | (11,766) | (28,613) | (4,145) | - | (23) | (504) | (1) | (45,052) |
Download Excel
| Outstanding Financial Trading Derivatives 2013 | Millions of Euros | |||||||
|---|---|---|---|---|---|---|---|---|
| Currency Risk | Interest Rate Risk | Equity Price Risk | Precious Metals Risk | Commodities Risk | Credit Risk | Other Risks | Total | |
| Organized markets |
|
|
|
|
|
|
|
|
| Financial futures | - | - | 1 | - | - | - | - | 1 |
| Options | 1 | - | 72 | - | - | - | 1 | 74 |
| Other products | - | - | - | - | - | - | - | - |
| Subtotal | 1 | - | 73 | - | - | - | 1 | 75 |
| OTC markets |
|
|
|
|
|
|
|
|
| Credit institutions |
|
|
|
|
|
|
|
|
| Forward transactions | (554) | 40 | - | - | - | - | - | (514) |
| Future rate agreements (FRAs) | - | (63) | - | - | - | - | - | (63) |
| Swaps | 83 | (1,394) | 9 | - | 5 | - | - | (1,297) |
| Options | 179 | (100) | (457) | (1) | (2) | - | - | (381) |
| Other products | - | (10) | - | - | - | (45) | - | (55) |
| Subtotal | (292) | (1,527) | (448) | (1) | 3 | (45) | - | (2,310) |
| Other financial institutions |
|
|
|
|
|
|
|
|
| Forward transactions | (137) | - | - | - | - | - | 1 | (136) |
| Future rate agreements (FRAs) | - | (10) | - | - | - | - | - | (10) |
| Swaps | - | 25 | 12 | - | - | - | - | 37 |
| Options | 29 | (108) | (320) | - | - | - | - | (399) |
| Other products | - | - | - | - | - | 39 | - | 39 |
| Subtotal | (108) | (93) | (308) | - | - | 39 | 1 | (469) |
| Other sectors |
|
|
|
|
|
|
|
|
| Forward transactions | 176 | - | - | - | - | - | - | 176 |
| Future rate agreements (FRAs) | - | 136 | - | - | - | - | - | 136 |
| Swaps | 48 | 1,357 | 28 | - | 3 | - | - | 1,436 |
| Options | (24) | (7) | 449 | (2) | (3) | - | - | 413 |
| Other products | 3 | 57 | - | - | - | - | - | 60 |
| Subtotal | 203 | 1,543 | 477 | (2) | - | - | - | 2,221 |
| Subtotal | (197) | (77) | (279) | (3) | 3 | (6) | 1 | (556) |
| Total | (196) | (77) | (206) | (3) | 3 | (6) | 2 | (481) |
| Of which: |
|
|
|
|
|
|
|
|
| Asset Trading Derivatives | 6,389 | 27,719 | 3,073 | 1 | 20 | 430 | 6 | 37,638 |
| Liability Trading Derivatives | (6,585) | (27,797) | (3,279) | (4) | (15) | (436) | (3) | (38,119) |
Download Excel
| Outstanding Financial Trading Derivatives 2012 | Millions of Euros | |||||||
|---|---|---|---|---|---|---|---|---|
| Currency Risk | Interest Rate Risk | Equity Price Risk | Precious Metals Risk | Commodities Risk | Credit Risk | Other Risks | Total | |
| Organized markets |
|
|
|
|
|
|
|
|
| Financial futures | - | - | 1 | - | - | - | - | 1 |
| Options | (4) | - | (111) | 1 | 2 | - | - | (112) |
| Other products | - | - | - | - | - | - | - | - |
| Subtotal | (4) | - | (110) | 1 | 2 | - | - | (111) |
| OTC markets |
|
|
|
|
|
|
|
|
| Credit institutions |
|
|
|
|
|
|
|
|
| Forward transactions | (1,108) | 109 | - | - | - | - | - | (999) |
| Future rate agreements (FRAs) | - | (203) | - | - | - | - | - | (203) |
| Swaps | 70 | (2,848) | 83 | - | 12 | - | - | (2,683) |
| Options | 8 | 212 | 109 | - | (4) | - | 1 | 326 |
| Other products | - | (3) | - | - | - | (92) | - | (95) |
| Subtotal | (1,030) | (2,733) | 192 | - | 8 | (92) | 1 | (3,654) |
| Other financial institutions |
|
|
|
|
|
|
|
|
| Forward transactions | (22) | - | - | - | - | - | - | (22) |
| Future rate agreements (FRAs) | - | (28) | - | - | - | - | - | (28) |
| Swaps | - | 842 | (21) | - | - | - | - | 821 |
| Options | - | (4) | (366) | - | - | - | - | (370) |
| Other products | - | (5) | - | - | - | 108 | - | 103 |
| Subtotal | (22) | 805 | (387) | - | - | 108 | - | 504 |
| Other sectors |
|
|
|
|
|
|
|
|
| Forward transactions | 235 | 1 | - | - | - | - | - | 236 |
| Future rate agreements (FRAs) | - | 302 | - | - | - | - | - | 302 |
| Swaps | (16) | 1,639 | 153 | - | (1) | - | - | 1,775 |
| Options | (60) | 84 | 250 | (3) | - | - | (4) | 267 |
| Other products | (3) | 80 | - | - | - | - | - | 77 |
| Subtotal | 156 | 2,106 | 403 | (3) | (1) | - | (4) | 2,657 |
| Subtotal | (896) | 178 | 209 | (3) | 6 | 16 | (3) | (493) |
| Total | (900) | 178 | 99 | (3) | 8 | 16 | (3) | (604) |
| Of which: |
|
|
|
|
|
|
|
|
| Asset Trading Derivatives | 5,722 | 38,974 | 3,314 | 8 | 76 | 531 | 26 | 48,650 |
| Liability Trading Derivatives | (6,622) | (38,795) | (3,215) | (10) | (68) | (515) | (29) | (49,254) |