The main reason for the variation in the trading portfolio, both in terms of assets and liabilities, is the exceptional fall in certain positions ves in the Global Markets unit.
Available-for-sale financial assets amounted to €63,520 million as of December 31, 2009, as a result of the construction of portfolios designed to stabilize the value of the balance sheet and make best use of the increase in lower-cost assets.
The increase in the investments in entities accounted for using the equity method heading is basically due to the consideration of CNCB as a Group holding.
Finally, the reduction of €1,192 million in intangible assets to €7,248 million at the close of 2009 is basically the result of goodwill impairment in the United States.