Attributable economic risk capital (ERC) consumption amounted to €33,126m at the close of 30-Jun-2012, 18.4% up on the figure for 31-Mar-2102. This increase is mainly due to the inclusion during the quarter of capital consumption from the goodwill of the Group’s stakes.

As is to be expected from BBVA’s profile, the largest allocation to ERC (56.6%) relates to credit risk on portfolios originated in the Bank’s branch network from its own customer base. There was an increase of 5.8% from 31-Mar-2012, focused on this occasion in the non-euro areas.

Equity risk, which refers basically to the portfolio of holdings in industrial and financial companies and the stake in CNCB, increased its relative weight to 20.2%. This is due to the incorporation over the quarter of economic capital consumption from goodwill generated by stakes in the credit institutions making up the Group, which have been included in the ERC calculation.

Structural balance-sheet risk, originated from the management of structural interest-rate risk and exchange-rate risk, accounts for 7.2% of ERC, and was up 19.3% on the figure as of 31-Mar-2012.

Operational risk has once more been stable over the quarter in absolute terms, although it reduced its relative weight to 5.8% of total ERC, while fixed-asset risk fell back by 4.6% over the quarter to 6.4%.

Finally, market risk, which is of less importance given the nature of the business and BBVA’s policy of minimal proprietary trading, increased its relative weight slightly over the quarter to 2.6%.