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Customer funds

The balance of customer funds as of 30-Sep-2011 was €419 billion, a year-on-year increase of 5.0%. Off-balance-sheet funds performed worst, with a fall of 4.4%. They were strongly hit by the current turmoil in the markets.

On-balance-sheet customer funds totaled €282 billion as of 30-Sep-2011 (up 10.3% year-on-year). Of note here was the good performance of time deposits in the domestic sector thanks to the high ratio of renewals over the quarter of the time deposits gathered a year ago. As a result, this line item grew by 7.5% year-on-year. Combined with the fall in the loan-book in Spain, it has contributed to the steady narrowing of the liquidity gap in BBVA’s balance sheet. In addition, customer deposits in the non-domestic sector have fallen by 7.0% year-on-year, basically due to the negative impact of exchange rates.

Customer fund
(Million euros)






30-09-11 ∆% 30-09-10 30-06-11 31-12-10
Deposits from customers 282,050 10.3 255,798 278,496 275,789
Domestic sector 146,284 33.2 109,848 135,420 133,629
Public sector 30,672 n.s. 7,409 24,905 17,412
Other domestic sectors 115,612 12.9 102,438 110,515 116,217
Current and savings accounts 42,215 (7.7) 45,740 44,061 43,225
Time deposits 51,182 7.5 47,599 52,188 49,160
Assets sold under repurchase agreement and other 22,215 144.1 9,100 14,266 23,832
Non-domestic sector 135,766 (7.0) 145,951 143,076 142,159
Current and savings accounts 78,127 15.0 67,930 75,002 74,681
Time deposits 54,958 (25.4) 73,697 63,320 61,626
Assets sold under repurchase agreement and other 2,681 (38.0) 4,324 4,754 5,852
Other customer fund 136,588 (4.4) 142,902 144,175 146,188
Mutual funds 38,361 (9.6) 42,422 40,527 41,991
Pension funds 73,870 (2.2) 75,567 77,051 78,763
Customer portfolios 24,357 (2.2) 24,913 26,596 25,434
Total customer funds 418,638 5.0 398,700 422,672 421,977

Customer funds

(Billion euros)

Off-balance sheet customer funds closed the third quarter at €137 billion, 4.4% down on the figure for the same date last year, and 5.3% down on the close of the previous quarter. Of these funds, 36.8% (€50 billion) are located in Spain, a year-on-year drop of 8.4% and a decline of 3.9% over the quarter. This can be explained largely due to the reduction in the value of the assets under management, mainly in mutual funds(down 16.4% year-on-year and 3.6% quarter-on-quarter). It is worth pointing out that according to the latest data from August 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. In the third quarter of 2011, the real-estate fund BBVA Propiedad changed its legal status and became a public corporation (sociedad anónima), which means that it is no longer accounted for as a mutual fund. Because of this, the previous data have been restated to ensure that they are comparable. Pension funds totaled €17 billion (down 1.6% year-on-year and 1.4% quarter-on-quarter). BBVA has maintained its position as the leading pension fund manager in Spain, with a market share of 18.3% (June 2011 data, the latest available).

In the rest of the world, off-balance-sheet funds totaled €86 billion, with a year-on-year fall of 2.0% at current exchange rates. These funds were also affected by the fall in the value of assets under management.

Other customer funds
(Million euros)






30-09-11 ∆% 30-09-10 30-06-11 31-12-10
Spain 50,225 (8.4) 54,802 52,254 52,482
Mutual funds 20,220 (16.4) 24,179 20,966 22,316
Pension funds 16,741 (1.6) 17,019 16,986 16,811
Individual pension plans 9,600 (2.6) 9,856 9,799 9,647
Corporate pension funds 7,141 (0.3) 7,162 7,186 7,164
Customer portfolios 13,265 (2.5) 13,604 14,302 13,355
Rest of the world 86,363 (2.0) 88,100 91,922 93,707
Mutual funds and investment companies 18,141 (0.6) 18,243 19,562 19,675
Pension funds 57,129 (2.4) 58,548 60,066 61,952
Customer portfolios 11,092 (1.9) 11,309 12,294 12,080
Other customer funds 136,588 (4.4) 142,902 144,175 146,188

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