10. Financial assets and liabilities held for trading

10.1 Breakdown of the balance

The breakdown of the balance under these headings in the accompanying consolidated balance sheets is as follows:

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Financial Assets and Liabilities Held-for-Trading	Millions of Euros
	2012	2011	2010
ASSETS-
Loans and advances to credit institutions	-	-	-
Loans and advances to customers	244	-	-
Debt securities	28,066	20,975	24,358
Equity instruments	2,922	2,198	5,260
Trading derivatives	48,722	47,429	33,665
Total	79,954	70,602	63,283
LIABILITIES-
Trading derivatives	49,348	46,692	33,166
Short positions	6,579	4,611	4,046
Total	55,927	51,303	37,212

10.2 Debt securities

The breakdown by type of instrument of the balance under this heading in the accompanying consolidated balance sheets is as follows:

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Debt Securities Held-for-Trading Breakdown by type of instrument	Millions of Euros
	2012	2011	2010
Issued by Central Banks	334	402	699
Spanish government bonds	4,757	4,324	7,959
Foreign government bonds	18,320	13,263	11,739
Issued by Spanish financial institutions	456	566	723
Issued by foreign financial institutions	2,092	1,316	1,552
Other debt securities	2,107	1,104	1,687
Total	28,066	20,975	24,358

10.3 Equity instruments

The breakdown of the balance under this heading in the accompanying consolidated balance sheets is as follows:

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Equity Instruments Held-for-Trading Breakdown by Issuer	Millions of Euros
	2012	2011	2010
Shares of Spanish companies
Credit institutions	162	62	304
Other sectors	1,108	600	2,738
Subtotal	1,270	662	3,042
Shares of foreign companies
Credit institutions	78	128	167
Other sectors	1,574	1,408	2,051
Subtotal	1,652	1,536	2,218
Total	2,922	2,198	5,260

10.4 Trading derivatives

The trading derivatives portfolio arises from the Group’s need to manage the risks incurred by it in the course of normal business activity. As of December 31, 2012, 2011 and 2010, trading derivatives were principally contracted in over-the-counter (OTC) markets, with counterparties which are mainly credit institutions not resident in Spain, and related to foreign-exchange, interest-rate and equity risk.

Below is a breakdown of the net positions by transaction type of the fair value of trading derivatives recognized in the accompanying consolidated balance sheets, divided into organized and OTC markets:

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Outstanding Financial Trading Derivatives 2012	Millions of Euros
	Currency Risk	Interest Rate Risk	Equity Price Risk	Precious Metals Risk	Commodities Risk	Credit Risk	Other Risks	Total
Organized markets
Financial futures	1	-	1	-	-	-	-	2
Options	(4)	-	(110)	1	2	-	-	(112)
Other products	-	-	-	-	-	-	-	-
Subtotal	(4)	-	(109)	1	2	-	-	(110)
OTC markets
Credit institutions
Forward transactions	(1,109)	109	-	-	-	-	-	(1,000)
Future rate agreements (FRAs)	-	(203)	-	-	-	-	-	(203)
Swaps	60	(2,880)	84	-	12	-	-	(2,725)
Options	5	212	109	-	(4)	-	1	322
Other products	-	(3)	-	-	-	(92)	-	(95)
Subtotal	(1,044)	(2,766)	192	-	7	(92)	1	(3,701)
Other financial institutions
Forward transactions	(23)	-	-	-	-	-	-	(23)
Future rate agreements (FRAs)	-	(28)	-	-	-	-	-	(28)
Swaps	-	842	(20)	-	-	-	-	822
Options	-	(4)	(366)	-	-	-	-	(371)
Other products	-	(5)	-	-	-	108	-	103
Subtotal	(23)	805	(387)	-	-	108	-	503
Other sectors
Forward transactions	234	1	-	-	-	-	-	235
Future rate agreements (FRAs)	-	302	-	-	-	-	-	302
Swaps	(13)	1,659	153	-	-	-	-	1,799
Options	(58)	85	250	(3)	-	-	(4)	269
Other products	(3)	80	-	(1)	-	-	-	77
Subtotal	160	2,127	403	(4)	-	-	(4)	2,683
Subtotal	(906)	166	209	(4)	7	16	(3)	(515)
Total	(910)	166	100	(3)	9	16	(3)	(625)
Of which:
Asset Trading Derivatives	5,763	39,004	3,314	8	76	531	26	48,722
Liability Trading Derivatives	(6,673)	(38,838)	(3,215)	(11)	(68)	(515)	(29)	(49,348)

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Outstanding Financial Trading Derivatives 2011	Millions of Euros
	Currency Risk	Interest Rate Risk	Equity Price Risk	Precious Metals Risk	Commodities Risk	Credit Risk	Other Risks	Total
Organized markets
Financial futures	1	2	7	-	-	-	-	10
Options	(11)	(0)	(147)	5	(9)	-	-	(162)
Other products	-	-	-	-	-	-	-	-
Subtotal	(10)	2	(140)	5	(9)	-	-	(152)
OTC markets
Credit institutions
Forward transactions	(178)	-	-	-	-	-	-	(178)
Future rate agreements (FRAs)	-	(220)	-	-	-	-	-	(220)
Swaps	(333)	(3,988)	67	1	40	-	-	(4,213)
Options	105	605	(747)	-	-	-	1	(36)
Other products	-	11	-	-	-	(432)	-	(421)
Subtotal	(406)	(3,592)	(680)	1	40	(432)	1	(5,068)
Other financial institutions
Forward transactions	(7)	-	-	-	-	-	-	(7)
Future rate agreements (FRAs)	-	(21)	-	-	-	-	-	(21)
Swaps	-	1,460	12	-	(2)	-	-	1,470
Options	9	(177)	(64)	-	-	-	-	(232)
Other products	-	-	-	-	-	577	-	577
Subtotal	2	1,262	(52)	-	(2)	577	-	1,787
Other sectors
Forward transactions	392	-	-	-	-	-	-	392
Future rate agreements (FRAs)	-	311	-	-	-	-	-	311
Swaps	41	2,553	409	-	40	-	-	3,043
Options	(69)	164	330	-	-	-	9	434
Other products	-	8	-	-	-	(18)	-	(10)
Subtotal	364	3,036	739	-	40	(18)	9	4,170
Subtotal	(40)	706	7	1	78	127	10	889
Total	(50)	708	(133)	6	69	127	10	737
Of which:
Asset Trading Derivatives	8,966	32,858	3,178	45	284	2,064	34	47,429
Liability Trading Derivatives	(9,016)	(32,150)	(3,311)	(39)	(215)	(1,937)	(24)	(46,692)

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Outstanding Financial Trading Derivatives 2010	Millions of Euros
	Currency Risk	Interest Rate Risk	Equity Price Risk	Precious Metals Risk	Commodities Risk	Credit Risk	Other Risks	Total
Organized markets
Financial futures	-	2	6	-	-	-	-	8
Options	(3)	-	(348)	(11)	(7)	-	-	(369)
Other products	-	-	-	-	-	-	-	-
Subtotal	(3)	2	(342)	(11)	(7)	-	-	(361)
OTC markets
Credit institutions
Forward transactions	(96)	-	-	-	-	-	-	(96)
Future rate agreements (FRAs)	-	15	-	-	-	-	-	15
Swaps	(541)	(1,534)	(4)	2	28	-	-	(2,049)
Options	(97)	(786)	45	-	-	-	1	(837)
Other products	(1)	11	-	-	-	(175)	-	(165)
Subtotal	(735)	(2,294)	41	2	28	(175)	1	(3,132)
Other financial institutions
Forward transactions	54	-	-	-	-	-	-	54
Future rate agreements (FRAs)	-	4	-	-	-	-	-	4
Swaps	-	1,174	31	-	(5)	-	-	1,200
Options	(12)	(56)	(144)	-	-	-	-	(212)
Other products	-	-	-	-	-	319	-	319
Subtotal	42	1,122	(113)	-	(5)	319	-	1,365
Other sectors
Forward transactions	385	-	-	-	-	-	-	385
Future rate agreements (FRAs)	-	22	-	-	-	-	-	22
Swaps	18	1,627	145	-	(15)	-	-	1,776
Options	(41)	81	395	-	-	-	-	435
Other products	0	14	-	-	-	(5)	-	9
Subtotal	362	1,745	540	-	(15)	(5)	-	2,627
Subtotal	(331)	571	469	2	8	139	1	860
Total	(334)	573	127	(9)	1	139	1	499
Of which:
Asset Trading Derivatives	6,007	22,978	3,343	14	186	1,125	12	33,665
Liability Trading Derivatives	(6,341)	(22,404)	(3,216)	(23)	(185)	(986)	(11)	(33,166)