The net position in trading portfolio as of 31-Dec-2010 (assets minus liabilities) was €26 billion, compared with €37 billion in the previous year. This change is due primarily to the exceptional fall in certain positions and the valuations of derivatives in the Global Markets unit.
Available-for-sale financial assets and the held-to-maturity investments basically include portfolios built in order to stabilize the value of the balance sheet and make best use of the increase in lower-cost assets in the geographical areas in which the Group operates. As of December 31, 2010, both items totaled €66 billion, a very similar figure to the €69 billion as of December 2009.
The increase in investments is due basically to the increased investment in CNCB from 10% to 15%, which took effect on April 1, 2010.
The 10.5% decrease in intangible assets to €8 billion is due primarily to the impact of exchange rate changes on goodwill in foreign currencies.
Finally, BBVA’s equity as of December 31, 2010 stood at more than €37 billion, a €6.7 billion increase since 31-Dec-2009. Higher shareholders’ funds of €7.3 billion are a consequence of the share capital increase in November 2010, plus the net attributable profit generated of €4,606 million, less the amount allocated for the complementary dividend for 2009 and the three interim dividends for 2010.