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Note 10
 12 Months Ended
Dec. 31, 2022
Financial assets and liabilities held for trading [Abstract]  
Disclosure of financial assets and liabilities held for trading [Text Block] Financial assets and liabilities held for tradingBreakdown of the balance
The breakdown of the balance under these headings in the consolidated balance sheets is as follows:
Financial assets and liabilities held for trading (Millions of Euros)
Notes202220212020
ASSETS
Derivatives (1)
39,90830,93340,183
Equity instruments (2)
7.2.24,40415,96311,458
Credit institutions317816633
Other sectors4,08615,14710,824
Debt securities7.2.224,36725,79023,970
Issued by central banks8219361,011
Issued by public administrations20,70321,94619,942
Issued by financial institutions1,3651,1301,479
Other debt securities1,4771,7781,538
Loans and advances7.2.241,99350,80730,268
Loans and advances to central banks1,6323,46753
Reverse repurchase agreement1,6323,46753
Loans and advances to credit institutions25,23131,91618,317
Reverse repurchase agreement (3)
25,20131,90118,310
Loans and advances to customers 15,13015,42411,898
Reverse repurchase agreement14,83214,91611,295
Total assets8.1110,671123,493105,878
LIABILITIES
Derivatives (1)
37,90931,70541,680
Short positions13,48715,13512,312
Deposits44,21544,29430,117
Deposits from central banks 3,95011,2486,277
Repurchase agreement3,95011,2486,277
Deposits from credit institutions28,92416,17614,377
Repurchase agreement28,57315,63214,035
Customer deposits11,34116,8709,463
Repurchase agreement11,30216,8249,418
Total liabilities8.195,61191,13584,109
(1) The variation is mainly due to the evolution of exchange rate derivatives at BBVA, S.A.
(2) The variation is mainly due to sales at BBVA, S.A.
(3) The variation corresponds mainly to the evolution of "Reverse repurchase agreement" of BBVA, S.A.
As of December 31, 2022, 2021 and 2020 “Short positions” include €12,544 million, €14,298 million and €11,696 million, respectively, held with general governments.
Derivatives
The derivatives portfolio arises from the Group’s need to manage the risks it is exposed to in the normal course of business and also to market products amongst the Group’s customers. As of December 31, 2022, 2021 and 2020, trading derivatives were mainly contracted in over-the-counter (OTC) markets, with counterparties, consisting primarily of credit institutions and other financial corporations, and are related to foreign-exchange, interest-rate and equity risk.
Below is a breakdown by type of risk and market, of the fair value and notional amounts of derivatives recognized in the consolidated balance sheets, divided into organized and OTC markets:
Derivatives by type of risk and by product or by type of market (Millions of Euros)
202220212020
AssetsLiabilitiesNotional amount - TotalAssetsLiabilitiesNotional amount - TotalAssetsLiabilitiesNotional amount - Total
Interest rate19,56318,2204,286,53115,78215,6153,902,76026,45126,0283,252,066
OTC 19,55818,2154,278,24915,77415,6103,884,56126,44726,0203,233,718
Organized market558,2828518,1993818,348
Equity instruments3,0673,77076,7492,8024,12372,6562,6264,14372,176
OTC1,8102,12752,7397751,93048,6955841,83642,351
Organized market1,2571,64324,0102,0282,19223,9622,0422,30729,825
Foreign exchange and gold16,97115,528589,70512,10411,471533,39510,95211,216461,898
OTC16,95415,505580,85012,09011,445526,59010,94211,216457,180
Organized market17238,85514266,80510—4,719
Credit29938343,45023649019,93715329223,411
Credit default swap29328241,76023625418,12114615621,529
Credit spread option—————————
Total return swap71011,665—2361,81571361,882
Other——25——————
Commodities9860871491126
DERIVATIVES39,90837,9094,996,49530,93331,7054,528,89740,18341,6803,809,577
Of which: OTC - credit institutions28,38526,4541,205,89521,06922,4881,073,92124,43227,244958,017
Of which: OTC - other financial corporations5,7454,4933,587,5463,3003,0753,257,3828,2118,4932,663,978
Of which: OTC - other4,5015,290161,8824,5143,919148,6295,4843,627134,690