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Customer funds

As of 31-Mar-2012 total customer funds amounted to €430 billion, with only slight year-on-year and quarter-on-quarter increases of 0.6% and 0.8%, respectively.

On-balance sheet customer funds were down 1.8% year-on-year to €278 billion. This decrease resulted from the reduction of time deposits both in the domestic sector (less need for deposit gathering, issuance of promissory notes and prioritization of price management) and the non-domestic sector (focus on lower-cost customer funds). However, current and savings accounts increased in all geographical areas, with a special emphasis on the non-domestic sector. This performance has a positive impact on both the composition of the liabilities and the reduction of their cost. The declining performance during the quarter is explained by the swap of collateralized financing instruments from short term to long term due to the three year ECB auction.

Off-balance-sheet customer funds were up 5.4% over the year and 4.9% over the quarter to €151 billion as of 31-Mar-2012. This growth was attained thanks to the improved performance of the markets in the first three months of 2012, which has had a favorable impact above all on the assets under management in pension funds (up 11.7% in the year and 7.9% in the quarter). Pension funds were up in the rest of the world (14.1% year-on-year and 9.5% over the quarter) and, to a lesser extent, in Spain (3.2% year-on-year and 2.1% over the quarter). In contrast, mutual funds fell 3.1% over the last 12 months, despite their improved performance over the quarter (up 2.2%). Their overall decrease can be explained by the reduction in Spain, though the assets under management in this country showed greater stability in the last quarter. In the rest of the world, mutual funds rose 4.4% on the figure for 31-Mar-2011 and 3.6% on the close of 2011.

Customer funds

(Million euros)


31-03-12 Δ% 31-03-11 31-12-11
Deposits from customers 278,445 (1.8) 283,559 282,173
Domestic sector 130,240 (4.7) 136,666 136,519
Public sector 23,219 (6.7) 24,894 28,302
Other domestic sectors 107,021 (4.3) 111,772 108,217
Current and savings accounts 43,589 1.9 42,790 44,215
Time deposits 49,312 (3.1) 50,913 49,105
Assets sold under repurchase agreement and other 14,119 (21.9) 18,069 14,897
Non-domestic sector 148,205 0.9 146,894 145,655
Current and savings accounts 88,406 19.4 74,056 85,204
Time deposits 54,360 (19.0) 67,106 53,399
Assets sold under repurchase agreement and other 5,438 (5.1) 5,731 7,051
Other customer funds 151,350 5.4 143,615 144,291
Mutual funds 40,162 (3.1) 41,430 39,294
Pension funds 84,850 11.7 75,981 78,648
Customer portfolios 26,338 0.5 26,204 26,349
Total customer funds 429,794 0.6 427,175 426,464

Other customer funds

(Million euros)


31-03-12 Δ% 31-03-11 31-12-11
Spain 50,853 (4.5) 53,228 50,399
Mutual Funds 19,747 (9.7) 21,874 19,598
Pension Funds 17,590 3.2 17,042 17,224
Individual pension plans 10,066 1.9 9,876 9,930
Corporate pension funds 7,524 5.0 7,166 7,294
Customer portfolios 13,517 (5.6) 14,312 13,578
Rest of the world 100,496 11.2 90,387 93,892
Mutual funds and investment companies 20,415 4.4 19,556 19,697
Pension Funds 67,260 14.1 58,939 61,424
Customer portfolios 12,822 7.8 11,892 12,771
Other customer funds 151,350 5.4 143,615 144,291

Customer funds

(Billion euros)

(1) At constant exchange rate: -1.1%.
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