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Customer funds

Total customer funds amounted to €426 billion at the close of December 2011, with a slight increase of 1.1% over the year.

On-balance-sheet customer funds totaled €282 billion, a year-on-year increase of 2.3% (up 2.9% at constant exchange rates). By category, within the domestic sector, there was a notable increase in lower-cost deposits, such as current and savings accounts, which went up 2.3% year-on-year. Time deposits remained stable, thanks to the high percentage of renewals of deposits gathered in 2010. These renewals were made at a significantly lower cost. However, these deposits fell 4.1% over the last quarter of 2011, as a result of the sale of €3,711m promissory notes by the retail network in Spain. These promissory notes are included in the debt certificates heading. Finally, the lowest-cost funds in the non-domestic sector, i.e. current and savings accounts, increased notably.

Off-balance-sheet customer funds totaled €144 billion as of December 31, 2011, 1.3% lower than 2010 figure. Of these funds, 35% (or 50 billion) are located in Spain, a year-on-year fall of 4.0%. This can largely be explained by the reduction in the value of funds under management, mainly in mutual funds (down 12.2% year-on-year), and by customer preference for other savings products such as time deposits and promissory notes. It is worth pointing out that according to the latest data from October 2011, the effect of this fall in BBVA is much less significant than in the rest of the system, given the more conservative profile of its mutual funds. Pension funds totaled €17 billion (up 2.5% year-on-year). BBVA has maintained its position as the leading pension fund manager in Spain, with a market share of 18.9%.

In the rest of the world, off-balance-sheet funds totaled €94 billion, with a year-on-year increase of 0.2% at current exchange rates. These funds were also affected by the fall in the value of assets under management.

21. Customer funds

(Billion euros)

(1) At constant exchange rate: +2.5%.
Customer funds

(Million euros)


31-12-11 Δ% 31-12-10 31-12-09
Deposits from customers 282,173 2.3 275,789 254,183
Domestic sector 136,519 2.2 133,629 97,486
Public sector 28,302 62.5 17,412 4,296
Other domestic sectors 108,217 (6.9) 116,217 93,190
Current and savings accounts 44,215 2.3 43,225 47,381
Time deposits 49,105 (0.1) 49,160 35,135
Assets sold under repurchase agreement and other 14,897 (37.5) 23,832 10,675
Non-domestic sector 145,655 2.5 142,159 156,697
Current and savings accounts 85,204 14.1 74,681 63,718
Time deposits 53,399 (13.3) 61,626 88,114
Assets sold under repurchase agreement and other 7,051 20.5 5,852 4,865
Other customer funds 144,291 (1.3) 146,188 135,632
Mutual funds 39,294 (6.4) 41,991 45,942
Pension funds 78,648 (0.1) 78,763 63,189
Customer portfolios 26,349 3.6 25,434 26,501
Total customer funds 426,464 1.1 421,977 389,815
22. Other customer funds

(Billion euros)

(1) At constant exchange rate: +0.5%.
Other customer funds

(Million euros)


31-12-11 Δ% 31-12-10 31-12-09
Spain 50,399 (4.0) 52,482 61,721
Mutual funds 19,598 (12.2) 22,316 31,473
Pension funds 17,224 2.5 16,811 17,175
Individual pension plans 9,930 2.9 9,647 9,983
Corporate pension funds 7,294 1.8 7,164 7,191
Customer portfolios 13,578 1.7 13,355 13,074
Rest of the world 93,892 0.2 93,707 73,911
Mutual funds and investment companies 19,697 0.1 19,675 14,469
Pension funds 61,424 (0.9) 61,952 46,014
Customer portfolios 12,771 5.7 12,080 13,427
Other customer funds 144,291 (1.3) 146,188 135,632
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