44. Net gains (losses) on financial assets and liabilities (net)

The breakdown of the balance under this heading, by source of the related items, in the accompanying consolidated income statements is as follows:

Gains (Losses) on Financial Assets and Liabilities Breakdown by Headind of the Balance Sheet	Millions of Euros
	2011	2010	2009
Financial assets held for trading	1,054	643	321
Other financial assets designated at fair value through profit or loss	4	83	79
Other financial instruments not designated at fair value through profit or loss	56	715	492
Available-for-sale financial assets	82	653	504
Loans and receivables	33	25	20
Rest	(59)	37	(32)
Total	1,114	1,441	892

The breakdown of the balance under this heading in the accompanying income statements by the nature of financial instruments is as follows:

Gains (Losses) on Financial Assets and Liabilities Breakdown by Nature of the Financial Instrument	Millions of Euros
	2011	2010	2009
Debt instruments	450	782	875
Equity instruments	(322)	(318)	1,271
Loans and advances to customers	37	34	38
Derivatives	876	847	(1,318)
Customer deposits	4	-	(2)
Rest	69	96	29
Total	1,114	1,441	892

The breakdown of the balance of the impact of the derivatives (trading and hedging) under this heading in the accompanying consolidated income statements is as follows:

Derivatives Trading and Hedging	Millions of Euros
	2011	2010	2009
Trading derivatives
Interest rate agreements	(208)	133	(213)
Security agreements	831	712	(993)
Commodity agreements	46	(5)	(2)
Credit derivative agreements	(11)	(63)	(130)
Foreign-exchange agreements	297	79	64
Other agreements	2	(1)	10
Subtotal	957	855	(1,264)
Hedging Derivatives Ineffectiveness
Fair value hedging	(31)	(8)	(55)
Hedging derivative	(112)	(127)	58
Hedged item	81	119	(113)
Cash flow hedging	(50)	-	1
Subtotal	(81)	(8)	(54)
Total	876	847	(1,318)

In addition, in 2011, 2010 and 2009, under the heading “Exchange differences (net)” of the income statement, net amounts of positive €5 million, negative €287 million and positive €52 million, respectively, were registered for transactions with foreign exchange trading derivatives.