The balance of financial assets held for trading as of 31-Dec-2012 stood at €80 billion. Of this amount, €49 billion correspond to derivatives positions, which is practically the same figure as for the derivatives positions included in financial liabilities held for trading. To sum up, the net position of financial assets held for trading as of 31-Dec-2012 is €24 billion, with a rise of €4.7 billion on the figure at the close of 2011. This increase is therefore the result of the increase in the debt securities item.
Available-for-sale financial assets and held-to-maturity investments basically include portfolios built in order to stabilize the value of the balance sheet and make lower-cost funds profitable in the geographical areas in which the Group operates. As of 31-Dec-2012 the two items totaled €82 billion, a rise of 18.2% on the figure the previous year. This is mainly the result of Unnim’s incorporation and the general increase in lower-cost deposits in all the geographical areas.
Most of the amount under the heading of investments in associates is due to BBVA’s holding in CNCB being accounted for as income by the equity method.
Debt certificates amounted to €87 billion at the close of 2012, a year-on-year rise of 6.4% that is due basically to the new issues over the year and a greater volume of promissory notes placed in the retail network.
Finally, BBVA’s equity as of 31-Dec-2012 amounted to approximately €44 billion euros, a rise of 9.3% on the figure as of 31-Dec-2011. The higher level of shareholders’ funds, at €2.7 billion, is basically due to March and June capital increases, following the conversion of convertible bonds issued in December 2011 and to the net attributable profit generated, minus the part used to pay in cash for shareholder remuneration.