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Note 8 (Tables) | 12 Months Ended
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Dec. 31, 2024
Fair value of financial instruments [Abstract] |
Fair value of financial instruments by levels [Table Text Block] | The fair value of the Group's financial instruments recognized at fair value in the consolidated balance sheets is presented below, broken down according to the valuation method used to determine their fair value, and their respective book value as of December 31, 2024, 2023 and 2022:
Fair value of financial instruments recognized at fair value by levels. December 2024 (Millions of Euros)
| Notes | Book value |  | Fair value
|  | Level 1 | Level 2 | Level 3
ASSETS |  |  |  |  |  |
Financial assets held for trading | 10 | 108,948 |  | 26,332 | 80,323 | 2,292
Derivatives |  | 36,003 |  | 969 | 34,591 | 443
Equity instruments |  | 6,760 |  | 6,602 | 76 | 83
Debt securities |  | 27,955 |  | 18,762 | 8,438 | 756
Loans and advances |  | 38,230 |  | — | 37,218 | 1,011
Non-trading financial assets mandatorily at fair value through profit or loss | 11 | 10,546 |  | 8,511 | 617 | 1,418
Equity instruments |  | 9,782 |  | 8,309 | 107 | 1,365
Debt securities |  | 407 |  | 202 | 173 | 31
Loans and advances |  | 358 |  | — | 336 | 21
Financial assets designated at fair value through profit or loss | 12 | 836 |  | 774 | 62 | —
Debt securities |  | 836 |  | 774 | 62 | —
Financial assets at fair value through other comprehensive income | 13 | 59,002 |  | 50,354 | 7,515 | 1,133
Equity instruments |  | 1,451 |  | 1,157 | 79 | 216
Debt securities |  | 57,526 |  | 49,173 | 7,436 | 917
Loans and advances to credit institutions |  | 25 |  | 25 | — | —
Derivatives – Hedge accounting | 15 | 1,158 |  | — | 1,158 | —
LIABILITIES |  |  |  |  |  |
Financial liabilities held for trading | 10 | 86,591 |  | 14,308 | 71,072 | 1,211
Trading derivatives |  | 33,059 |  | 1,118 | 31,400 | 541
Short positions |  | 13,878 |  | 13,189 | 673 | 15
Deposits |  | 39,654 |  | — | 38,999 | 656
Financial liabilities designated at fair value through profit or loss | 12 | 14,952 |  | — | 12,865 | 2,087
Deposits from credit institutions |  | — |  | — | — | —
Customer deposits |  | 934 |  | — | 934 | —
Debt certificates issued |  | 4,597 |  | — | 2,511 | 2,087
Other financial liabilities |  | 9,420 |  | — | 9,420 | —
Derivatives – Hedge accounting | 15 | 2,503 |  | — | 2,480 | 23
Fair value of financial instruments recognized at fair value by levels. December 2023 (Millions of Euros)
| Notes | Book value |  | Fair value
|  | Level 1 | Level 2 | Level 3
ASSETS |  |  |  |  |  |
Financial assets held for trading | 10 | 141,042 |  | 21,972 | 116,905 | 2,165
Derivatives |  | 34,293 |  | 144 | 33,880 | 269
Equity instruments |  | 4,589 |  | 4,494 | 24 | 71
Debt securities |  | 28,569 |  | 17,333 | 11,081 | 155
Loans and advances |  | 73,590 |  | — | 71,921 | 1,669
Non-trading financial assets mandatorily at fair value through profit or loss | 11 | 8,737 |  | 7,028 | 493 | 1,216
Equity instruments |  | 7,963 |  | 6,742 | 72 | 1,148
Debt securities |  | 484 |  | 286 | 132 | 66
Loans and advances to customers |  | 290 |  | — | 288 | 2
Financial assets designated at fair value through profit or loss | 12 | 955 |  | 908 | 47 | —
Debt securities |  | 955 |  | 908 | 47 | —
Financial assets at fair value through other comprehensive income | 13 | 62,205 |  | 52,987 | 8,335 | 883
Equity instruments |  | 1,217 |  | 1,026 | 52 | 139
Debt securities |  | 60,963 |  | 51,961 | 8,258 | 745
Loans and advances to credit institutions |  | 26 |  | — | 26 | —
Derivatives – Hedge accounting | 15 | 1,482 |  | — | 1,482 | —
LIABILITIES |  |  |  |  |  |
Financial liabilities held for trading | 10 | 121,715 |  | 14,133 | 106,382 | 1,201
Trading derivatives |  | 33,045 |  | 191 | 32,111 | 743
Short positions |  | 15,735 |  | 13,942 | 1,750 | 44
Deposits |  | 72,935 |  | — | 72,520 | 415
Financial liabilities designated at fair value through profit or loss | 12 | 13,299 |  | — | 11,073 | 2,227
Deposits from credit institutions |  | — |  | — | — | —
Customer deposits |  | 717 |  | — | 717 | —
Debt certificates issued |  | 3,977 |  | — | 1,751 | 2,227
Other financial liabilities |  | 8,605 |  | — | 8,605 | —
Derivatives – Hedge accounting | 15 | 2,625 |  | — | 2,586 | 39
Fair value of financial instruments recognized at fair value by levels. December 2022 ⁽¹⁾ (Millions of Euros)
| Notes | Book value |  | Fair value
|  | Level 1 | Level 2 | Level 3
ASSETS |  |  |  |  |  |
Financial assets held for trading | 10 | 110,671 |  | 22,710 | 85,636 | 2,325
Derivatives |  | 39,908 |  | 795 | 38,140 | 974
Equity instruments |  | 4,404 |  | 4,369 | — | 34
Debt securities |  | 24,367 |  | 16,284 | 7,934 | 148
Loans and advances |  | 41,993 |  | 1,262 | 39,562 | 1,169
Non-trading financial assets mandatorily at fair value through profit or loss | 11 | 6,888 |  | 5,720 | 151 | 1,017
Equity instruments |  | 6,511 |  | 5,457 | 40 | 1,014
Debt securities |  | 129 |  | 19 | 111 | —
Loans and advances to customers |  | 247 |  | 245 | — | 3
Financial assets designated at fair value through profit or loss | 12 | 913 |  | 913 | — | —
Debt securities |  | 913 |  | 913 | — | —
Financial assets at fair value through other comprehensive income | 13 | 65,374 |  | 53,248 | 11,537 | 589
Equity instruments |  | 1,198 |  | 1,040 | 58 | 100
Debt securities |  | 64,150 |  | 52,182 | 11,479 | 489
Loans and advances to credit institutions |  | 26 |  | 26 | — | —
Derivatives – Hedge accounting | 15 | 1,891 |  | 4 | 1,887 | —
LIABILITIES |  |  |  |  |  |
Financial liabilities held for trading | 10 | 95,611 |  | 20,611 | 73,871 | 1,129
Trading derivatives |  | 37,909 |  | 746 | 36,161 | 1,002
Short positions |  | 13,487 |  | 13,354 | 133 | —
Deposits |  | 44,215 |  | 6,511 | 37,577 | 127
Financial liabilities designated at fair value through profit or loss | 12 | 10,580 |  | — | 8,990 | 1,590
Deposits from credit institutions |  | — |  | — | — | —
Customer deposits |  | 700 |  | — | 700 | —
Debt certificates issued |  | 3,288 |  | — | 1,698 | 1,590
Other financial liabilities |  | 6,592 |  | — | 6,592 | —
Derivatives – Hedge accounting | 15 | 3,303 |  | 100 | 3,179 | 25
(1) Balances corresponding to 2022 have been restated according to IFRS 17 (see Note 1.3).
Fair value of financial assets by levels, valuation techniques and inputs [Table Text Block] | The following table sets forth the main valuation techniques, hypothesis and inputs used in the estimation of fair value of the financial instruments recognized at fair value classified under Levels 2 and 3, based on the type of financial asset and liability and the corresponding balances as of December 31, 2024, 2023 and 2022.
Fair value of Financial Instruments by levels. (Millions of Euros)
ASSETS |  |  |  | Valuation techniques in Levels 2 and 3 | Observable inputs in Levels 2 and 3 | Unobservable inputs in Levels 2 and 3
Financial assets held for trading |  |  |  |  |  |  |  |  |
Equity instruments |  |  |  |  |  |  | Comparable pricing (Observable price in a similar market) Net asset value | - Brokers quotes - Market operations - NAVs published | - NAV provided by the administrator of the fund
Debt securities |  |  |  |  |  |  | Present-value method (Discounted future cash flows) Observed prices in non-active markets | - Issuer´s credit risk - Current market interest rates - Non active markets prices | - Prepayment rates - Issuer´s credit risk - Recovery rates
Loans and advances |  |  |  |  |  |  | Present-value method (Discounted future cash flows) | - Issuer´s credit risk - Current market interest rates - Funding interest rates observed in the market or in consensus services - Exchange rates | - Prepayment rates - Issuer´s credit risk - Recovery rates - Funding interest rates not observed in the market or in consensus services
Derivatives |  |  |  |  |  |  |  |  |
Interest rate |  |  |  |  |  |  | Interest rate products (Interest rate Swaps, Call money Swaps and FRA): Discounted cash flows Caps/Floors: Black 76 and SABR Bond options: Black 76 Swaptions: Black, SABR and LGM Other Interest rate Options: Black, SABR and Libor Market Model Constant Maturity Swaps: SABR | - Exchange rates - Market quoted future prices - Market interest rates - Underlying assets prices: shares, funds, commodities - Market observable volatilities - Issuer credit spread levels - Quoted dividends - Market listed correlations | - Beta - Implicit correlations between tenors - interest rates volatility
Equity |  |  |  |  |  |  | Future and Equity Forward: Discounted future cash flows Equity Options: Local Volatility, Momentum adjustment and Heston | - Volatility of volatility - Implicit assets correlations - Long term implicit correlations - Implicit dividends and long term repos
Foreign exchange and gold |  |  |  |  |  |  | Future and Equity Forward: Discounted future cash flows Foreign exchange Options: Local volatility, momentum adjustment | - Volatility of volatility - Implicit assets correlations - Long term implicit correlations
Credit |  |  |  |  |  |  | Credit Derivatives: Default model and Gaussian copula | - Correlation default - Credit spread - Recovery rates - Interest rate yield - Default volatility
Commodities |  |  |  |  |  |  | Commodities: Momentum adjustment and discounted cash flows |
Non-trading financial assets mandatorily at fair value through profit or loss |  |  |  |  |  |  |  |  |
Equity instruments |  |  |  |  |  |  | Comparable pricing (Observable price in a similar market) Net asset value | - Brokers quotes - Market operations - NAVs published | - NAV provided by the administrator of the fund
Debt securities |  |  |  |  |  |  | Present-value method (Discounted future cash flows) | - Issuer credit risk - Current market interest rates | - Prepayment rates - Issuer credit risk - Recovery rates
Loans and advances |  |  |  |  |  |  | Discounted future cash flows |  | - Prepayment rates - Interest rates
Financial assets designated at fair value through profit or loss |  |  |  |  |  |  | Present-value method (Discounted future cash flows) | - Issuer credit risk - Current market interest rates |
Debt securities |  |  |  |  |  |  |
Financial assets at fair value through other comprehensive income |  |  |  |  |  |  |  |  |
Equity instruments |  |  |  |  |  |  | Comparable pricing (Observable price in a similar market) Net asset value | - Brokers quotes - Market operations - NAVs published | - NAV provided by the administrator of the fund
Debt securities |  |  |  |  |  |  | Present-value method (Discounted future cash flows) Observed prices in non-active markets | - Issuer´s credit risk - Current market interest rates - Non active market prices | - Prepayment rates - Issuer credit risk - Recovery rates
Hedging derivatives |  |  |  |  |  |  |  |  |
Interest rate |  |  |  |  |  |  | Interest rate products (Interest rate Swaps, Call money Swaps and FRA): Discounted cash flows Caps/Floors: Black 76 and SABR Bond options: Black 76 Swaptions: Black, SABR and LGM Other Interest rate Options: Black, SABR and Libor Market Model Constant Maturity Swaps: SABR | - Exchange rates - Market quoted future prices - Market interest rates - Underlying assets prices: shares, funds, commodities - Market observable volatilities - Issuer credit spread levels - Quoted dividends - Market listed correlations | - Beta - Implicit correlations between tenors - interest rates volatility
Equity |  |  |  |  |  |  | Future and Equity Forward: Discounted future cash flows Equity Options: Local volatility, Black 76, Momentum adjustment and Heston | - Volatility of volatility - Implicit assets correlations - Long term implicit correlations - Implicit dividends and long term repos
Foreign exchange and gold |  |  |  |  |  |  | Future and Equity Forward: Discounted future cash flows Foreign exchange Options: Local volatility, momentum adjustment | - Volatility of volatility - Implicit assets correlations - Long term implicit correlations
Credit |  |  |  |  |  |  | Credit Derivatives: Default model and Gaussian copula | - Correlation default - Credit spread - Recovery rates - Interest rate yield - Default volatility
Commodities |  |  |  |  |  |  | Commodities: Momentum adjustment and Discounted cash flows |
Fair Value of Financial Instruments by Levels
LIABILITIES |  |  |  |  |  |  | Valuation techniques in Levels 2 and 3 | Observable inputs in Levels 2 and 3 | Unobservable inputs in Levels 2 and 3
Financial liabilities held for trading |  |  |  |  |  |  |  |  |
Deposits |  |  |  |  |  |  | Present-value method (Discounted future cash flows) | - Interest rate yield - Funding interest rates observed in the market or in consensus services - Exchange rates | - Funding interest rates not observed in the market or in consensus services
Derivatives |  |  |  |  |  |  |  |  |
Interest rate |  |  |  |  |  |  | Interest rate products (Interest rate Swaps, call money Swaps and FRA): Discounted cash flows Caps/Floors: Black 76 and SABR Bond options: Black 76 Swaptions: Black 76, SABR and LGM Other Interest rate Options: Black, SABR and Libor Market Model Constant Maturity Swaps: SABR | - Exchange rates - Market quoted future prices - Market interest rates - Underlying assets prices: shares, funds, commodities - Market observable volatilities - Issuer credit spread levels - Quoted dividends - Market listed correlations | - Beta - Correlation between tenors - Interest rates volatility
Equity |  |  |  |  |  |  | Future and Equity forward: Discounted future cash flows Equity Options: Local volatility, momentum adjustment and Heston | - Volatility of volatility - Assets correlation
Foreign exchange and gold |  |  |  |  |  |  | Future and Equity Forward: Discounted future cash flows Foreign exchange Options: Black 76, Local volatility, momentum adjustment | - Volatility of volatility - Assets correlation
Credit |  |  |  |  |  |  | Credit Derivatives: Default model and Gaussian copula | - Correlation default - Credit spread - Recovery rates - Interest rate yield - Default volatility
Commodities |  |  |  |  |  |  | Commodities: Momentum adjustment and discounted cash flows |  |
Short positions |  |  |  |  |  |  | Present-value method (Discounted future cash flows) |  | - Prepayment rates - Issuer´s credit risk - Current market interest rates
Financial liabilities designated at fair value through profit or loss |  |  |  |  |  |  | Present-value method (Discounted future cash flows) | - Prepayment rates - Issuer´s credit risk - Current market interest rates | - Prepayment rates - Issuer´s credit risk - Current market interest rates
Derivatives – Hedge accounting |  |  |  |  |  |  |  |  |
Interest rate |  |  |  |  |  |  | Interest rate products (Interest rate Swaps, call money Swaps and FRA): Discounted cash flows Caps/Floors: Black 76 and SABR Bond options: Black 76 Swaptions: Black 76, SABR and LGM Other Interest rate Options: Black, SABR and Libor Market Model Constant Maturity Swaps: SABR | - Exchange rates - Market quoted future prices - Market interest rates - Underlying assets prices: shares, funds, commodities - Market observable volatilities - Issuer credit spread levels - Quoted dividends - Market listed correlations | - Beta - Implicit correlations between tenors - interest rates volatility
Equity |  |  |  |  |  |  | Future and Equity Forward: Discounted future cash flows Equity Options: Local volatility, momentum adjustment and Heston | - Volatility of volatility - Implicit assets correlations - Long term implicit correlations - Implicit dividends and long term repos
Foreign exchange and gold |  |  |  |  |  |  | Future and Equity Forward: Discounted future cash flows Foreign exchange Options: Black 76, Local Volatility, momentum adjustment | - Volatility of volatility - Implicit assets correlations - Long term implicit correlations
Credit |  |  |  |  |  |  | Credit Derivatives: Default model and Gaussian copula | - Correlation default - Credit spread - Recovery rates - Interest rate yield - Default volatility
Commodities |  |  |  |  |  |  | Commodities: Momentum adjustment and discounted cash flows |
Fair value of financial liabilities by levels, valuation techniques and inputs [Table Text Block] |
Fair Value of Financial Instruments by Levels
LIABILITIES |  |  |  |  |  |  | Valuation techniques in Levels 2 and 3 | Observable inputs in Levels 2 and 3 | Unobservable inputs in Levels 2 and 3
Financial liabilities held for trading |  |  |  |  |  |  |  |  |
Deposits |  |  |  |  |  |  | Present-value method (Discounted future cash flows) | - Interest rate yield - Funding interest rates observed in the market or in consensus services - Exchange rates | - Funding interest rates not observed in the market or in consensus services
Derivatives |  |  |  |  |  |  |  |  |
Interest rate |  |  |  |  |  |  | Interest rate products (Interest rate Swaps, call money Swaps and FRA): Discounted cash flows Caps/Floors: Black 76 and SABR Bond options: Black 76 Swaptions: Black 76, SABR and LGM Other Interest rate Options: Black, SABR and Libor Market Model Constant Maturity Swaps: SABR | - Exchange rates - Market quoted future prices - Market interest rates - Underlying assets prices: shares, funds, commodities - Market observable volatilities - Issuer credit spread levels - Quoted dividends - Market listed correlations | - Beta - Correlation between tenors - Interest rates volatility
Equity |  |  |  |  |  |  | Future and Equity forward: Discounted future cash flows Equity Options: Local volatility, momentum adjustment and Heston | - Volatility of volatility - Assets correlation
Foreign exchange and gold |  |  |  |  |  |  | Future and Equity Forward: Discounted future cash flows Foreign exchange Options: Black 76, Local volatility, momentum adjustment | - Volatility of volatility - Assets correlation
Credit |  |  |  |  |  |  | Credit Derivatives: Default model and Gaussian copula | - Correlation default - Credit spread - Recovery rates - Interest rate yield - Default volatility
Commodities |  |  |  |  |  |  | Commodities: Momentum adjustment and discounted cash flows |  |
Short positions |  |  |  |  |  |  | Present-value method (Discounted future cash flows) |  | - Prepayment rates - Issuer´s credit risk - Current market interest rates
Financial liabilities designated at fair value through profit or loss |  |  |  |  |  |  | Present-value method (Discounted future cash flows) | - Prepayment rates - Issuer´s credit risk - Current market interest rates | - Prepayment rates - Issuer´s credit risk - Current market interest rates
Derivatives – Hedge accounting |  |  |  |  |  |  |  |  |
Interest rate |  |  |  |  |  |  | Interest rate products (Interest rate Swaps, call money Swaps and FRA): Discounted cash flows Caps/Floors: Black 76 and SABR Bond options: Black 76 Swaptions: Black 76, SABR and LGM Other Interest rate Options: Black, SABR and Libor Market Model Constant Maturity Swaps: SABR | - Exchange rates - Market quoted future prices - Market interest rates - Underlying assets prices: shares, funds, commodities - Market observable volatilities - Issuer credit spread levels - Quoted dividends - Market listed correlations | - Beta - Implicit correlations between tenors - interest rates volatility
Equity |  |  |  |  |  |  | Future and Equity Forward: Discounted future cash flows Equity Options: Local volatility, momentum adjustment and Heston | - Volatility of volatility - Implicit assets correlations - Long term implicit correlations - Implicit dividends and long term repos
Foreign exchange and gold |  |  |  |  |  |  | Future and Equity Forward: Discounted future cash flows Foreign exchange Options: Black 76, Local Volatility, momentum adjustment | - Volatility of volatility - Implicit assets correlations - Long term implicit correlations
Credit |  |  |  |  |  |  | Credit Derivatives: Default model and Gaussian copula | - Correlation default - Credit spread - Recovery rates - Interest rate yield - Default volatility
Commodities |  |  |  |  |  |  | Commodities: Momentum adjustment and discounted cash flows |
Unobservable inputs [Table Text Block] | Quantitative information of unobservable inputs used to calculate level 3 valuations is presented below as of December 31, 2024, 2023 and 2022.
Unobservable inputs. December 2024
Financial instrument | Valuation technique(s) | Significant unobservable inputs | Min | Average | Max | Units
Debt Securities | Present value method | Credit spread | — | 113 | 3,907 | bp
Recovery rate | 0 % | 39 % | 40 % | %
Comparable Pricing |  | 0 % | 95 % | 233 % | %
Equity/Fund instruments (1) | Net Asset Value |  |
Comparable Pricing |
Loans and advances | Present value method | Repo funding curve | 2.09 % | 3.70 % | 7.11 % | %
Credit Derivatives | Gaussian Copula | Correlation default | 19 % | 59 % | 92 % | %
Black 76 | Price volatility | — | — | — | Vegas
Equity Derivatives | Option models on equities, baskets of equity, funds | Dividends (2) |
Correlations | (88 %) | 48 % | 99 % | %
Volatility | 5.07 | 30.90 | 122.35 | Vegas
FX Derivatives | Option models on FX underlyings | Volatility | 3.93 | 9.46 | 14.91 | Vegas
IR Derivatives | Option models on IR underlyings | Beta | 3.00 % | 5 % | 11 % | %
Correlation rate/credit | (100 %) |  | 100% | %
Correlation rate/inflation | 42 % | 74 % | 95 % | %
(1) Due to the diversity of valuation models of equity valuations, we would not include all the unobservable inputs or the quantitative ranges of them. (2) The range of unobservable dividends is too wide range to be relevant.
Unobservable inputs. December 2023
Financial instrument | Valuation technique(s) | Significant unobservable inputs | Min | Average | Max | Units
Debt Securities | Present value method | Credit spread | — | 136 | 4,369 | bp
Recovery rate | 0 % | 39 % | 40 % | %
Comparable Pricing |  | 0 % | 99 % | 237 % | %
Equity/Fund instruments (1) | Net Asset Value |  |
Comparable Pricing |
Loans and advances | Present value method | Repo funding curve | 2.26 % | 3.74 % | 5.76 % | %
Credit Derivatives | Gaussian Copula | Correlation default | 26 % | 60 % | 85 % | %
Black 76 | Price volatility | — | — | — | Vegas
Equity Derivatives | Option models on equities, baskets of equity, funds | Dividends (2) |
Correlations | (88 %) | 52 % | 99 % | %
Volatility | 8.47 | 29.41 | 70.94 | Vegas
FX Derivatives | Option models on FX underlyings | Volatility | 4.31 | 10.24 | 18.52 | Vegas
IR Derivatives | Option models on IR underlyings | Beta | 3.00 % | 5 % | 11 % | %
Correlation rate/credit | (100 %) |  | 100 % | %
Correlation rate/inflation | 52% | 60% | 74% | %
(1) Due to the diversity of valuation models of equity valuations, we would not include all the unobservable inputs or the quantitative ranges of them. (2) The range of unobservable dividends is too wide range to be relevant.
Unobservable inputs. December 2022
Financial instrument | Valuation technique(s) | Significant unobservable inputs | Min | Average | Max | Units
Debt securities | Present value method | Credit spread | — | 111 | 1,538 | bp
Recovery rate | 0 % | 39 % | 40 % | %
Comparable pricing |  | 2 % | 94 % | 139 % | %
Equity/Fund instruments (1) | Net asset value |  |  |  |  |
Comparable pricing |  |  |  |  |
Loans and advances | Present value method | Repo funding curve | 0.71 % | 3.48 % | 5.52 % | %
Credit derivatives | Gaussian Copula | Correlation default | 26 % | 44 % | 58 % | %
Black 76 | Price volatility | — | — | — | Vegas
Equity derivatives | Option models on equities, baskets of equity, funds | Dividends (2) |  |  |  |
Correlations | (93 %) | 59 % | 99 % | %
Volatility | 7.81 | 32.62 | 98.71 | Vegas
FX derivatives | Option models on FX underlyings | Volatility | 5.32 | 11.93 | 20.73 | Vegas
IR derivatives | Option models on IR underlyings | Beta | 0.25 % | 2 % | 18 % | %
Correlation rate/credit | (100 %) |  | 100 % | %
Correlation rate/inflation | 51 % | 66 % | 76 % | %
(1) Due to the diversity of valuation models of equity valuations, we would not include all the unobservable inputs or the quantitative ranges of them. (2) The range of unobservable dividends is too wide range to be relevant.
Financial assets level 3 Changes in the year [Table Text Block] | The changes in the balance of level 3 financial assets and liabilities included in the consolidated balance sheets are as follows:
Financial assets level 3: Changes in the year (Millions of Euros)
| 2024 | 2023 | 2022 ⁽¹⁾
| Assets | Liabilities | Assets | Liabilities | Assets | Liabilities
Balance at the beginning | 4,264 | 3,467 | 3,931 | 2,743 | 5,301 | 2,054
Changes in fair value recognized in profit and loss ⁽²⁾ | 490 | 144 | (7) | 113 | 289 | (131)
Changes in fair value not recognized in profit and loss | 29 | — | 21 | (1) | (62) | 14
Acquisitions, disposals and liquidations | 397 | (59) | 27 | 374 | (783) | 782
Net transfers to level 3 | (330) | (165) | 289 | 204 | (750) | 74
Exchange differences and others | (6) | (67) | 3 | 34 | (64) | (50)
Balance at the end | 4,843 | 3,321 | 4,264 | 3,467 | 3,931 | 2,743
(1) Balances corresponding to 2022 have been restated according to IFRS 17 (see Note 1.3). (2) Profit or loss that is attributable to gains or losses relating to those financial assets and liabilities held as of December 31, 2024, 2023 and 2022. Valuation adjustments are recorded under the heading “Gains (losses) on financial assets and liabilities (net)”.
Transfer between levels [Table Text Block] | The financial instruments transferred among the different levels of measurement for the years ended December 31, 2024, 2023 and 2022 are at the following amounts in the consolidated balance sheets as of December 31, 2024, 2023 and 2022:
Transfers among levels. December 2024 (Millions of Euros)
| From: | Level 1 | Level 2 | Level 3
| To: | Level 2 | Level 3 | Level 1 | Level 3 | Level 1 | Level 2
ASSETS |  |  |  |  |  |  |
Financial assets held for trading |  | 115 | — | 1,238 | 78 | 16 | 199
Non-trading financial assets mandatorily at fair value through profit or loss |  | 68 | 14 | 1 | — | 35 | 18
Financial assets designated at fair value through profit or loss |  | — | — | 1 | — | — | —
Financial assets at fair value through other comprehensive income |  | 1,425 | 17 | 1,348 | 12 | 13 | 170
Derivatives – Hedge accounting |  | — | — | — | — | — | —
Total |  | 1,608 | 31 | 2,586 | 90 | 64 | 387
LIABILITIES |  |  |  |  |  |  |
Financial liabilities held for trading |  | 107 | — | 461 | 45 | 11 | 380
Financial liabilities designated at fair value through profit or loss |  | — | — | — | 301 | — | 121
Derivatives – Hedge accounting |  | — | — | — | — | — | —
Total |  | 107 | — | 461 | 346 | 11 | 501
Transfer among levels (Millions of Euros)
|  | 2023 | 2022
| From: | Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3
| To: | Level 2 | Level 3 | Level 1 | Level 3 | Level 1 | Level 2 | Level 2 | Level 3 | Level 1 | Level 3 | Level 1 | Level 2
ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |
Financial assets held for trading |  | 887 | 34 | 89 | 666 | — | 497 | 683 | 1 | 1,909 | 340 | 24 | 911
Non-trading financial assets mandatorily at fair value through profit or loss |  | 1 | 135 | — | 70 | — | — | — | — | 243 | — | 53 | 2
Financial assets designated at fair value through profit or loss |  | — | — | — | — | — | — | — | — | 123 | — | — | —
Financial assets at fair value through other comprehensive income |  | 1,191 | 21 | 1,296 | 205 | 103 | 243 | 1,723 | — | 715 | — | 18 | 83
Derivatives – Hedge accounting |  | — | — | — | — | — | — | — | — | — | — | — | —
Total |  | 2,079 | 190 | 1,385 | 941 | 103 | 740 | 2,407 | 1 | 2,990 | 340 | 95 | 996
LIABILITIES |  |  |  |  |  |  |  |  |  |  |  |  |
Financial liabilities held for trading |  | 596 | 3 | 36 | 177 | 1 | 372 | 524 | — | 239 | 141 | — | 258
Financial liabilities designated at fair value through profit or loss |  | — | — | — | 660 | — | 262 | — | — | — | 221 | — | 55
Derivatives – Hedge accounting |  | — | — | — | — | — | — | — | — | — | 25 | — | —
Total |  | 596 | 3 | 36 | 837 | 1 | 635 | 524 | — | 239 | 387 | — | 313
Financial instruments level 3 sensitivity analysis [Table Text Block] | As of December 31, 2024, the effect on profit for the year and total equity of changing the main unobservable inputs used for the measurement of level 3 financial instruments for other reasonably possible unobservable inputs, taking the highest (most favorable input) or lowest (least favorable input) value of the range deemed probable, would be as follows:
Financial instruments level 3: sensitivity analysis (Millions of Euros)
| Potential impact on consolidated income statement | Potential impact on other comprehensive income
| Most favorable hypothesis | Least favorable hypothesis | Most favorable hypothesis | Least favorable hypothesis
| 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023
ASSETS |  |  |  |  |  |  |  |
Financial assets held for trading | 48 | 21 | (89) | (117) | — | — | — | —
Loans and advances | 4 | 2 | (4) | (2) | — | — | — | —
Debt securities | 37 | 9 | (61) | (22) | — | — | — | —
Equity instruments | — | — | (17) | (83) | — | — | — | —
Derivatives | 6 | 9 | (6) | (9) | — | — | — | —
Non-trading financial assets mandatorily at fair value through profit or loss | 9 | 5 | (85) | (114) | — | — | — | —
Loans and advances | — | — | — | — | — | — | — | —
Debt securities | 3 | 3 | (7) | (21) | — | — | — | —
Equity instruments | 6 | 2 | (78) | (92) | — | — | — | —
Financial assets designated at fair value through profit or loss | — | — | — | — | — | — | — | —
Financial assets at fair value through other comprehensive income | — | — | — | — | 48 | 34 | (90) | (89)
Total | 57 | 26 | (173) | (230) | 48 | 34 | (90) | (89)
LIABILITIES |  |  |  |  |  |  |  |
Financial liabilities held for trading | 12 | 13 | (13) | (18) | — | — | — | —
Total | 12 | 13 | (13) | (18) | — | — | — | —
Fair value of financial instruments at amortized cost by levels [Table Text Block] | The table below shows the fair value of the Group's financial instruments recognized at amortized cost in the consolidated balance sheets, broken down according to the valuation method used to determine their fair value, and their respective book value, as well as the main valuation techniques and inputs used for financial instruments classified in level 2 and level 3 as of December 31, 2024, 2023 and 2022:
Fair value of financial instruments recognized at amortized cost by levels. December 2024 (Millions of Euros) |
| Notes | Book value | Fair value |
| Carrying amount presented as fair value ⁽¹⁾ | Level 1 | Level 2 | Level 3 | Total
ASSETS |  |  |  |  |  |  |
Cash, cash balances at central banks and other demand deposits | 9 | 51,145 | 51,145 | — | — | — | 51,145
Financial assets at amortized cost | 14 | 502,400 | 32,615 | 50,771 | 24,157 | 394,496 | 502,039
Debt securities |  | 59,014 | — | 50,771 | 6,589 | 921 | 58,281
Loans and advances |  | 443,386 | 32,615 | — | 17,568 | 393,575 | 443,759
LIABILITIES |  |  |  |  |  |  |
Financial liabilities at amortized cost | 22 | 584,339 | 378,530 | 47,323 | 58,016 | 101,025 | 584,894
Deposits |  | 496,720 | 360,777 | — | 37,647 | 98,038 | 496,461
Debt certificates issued |  | 69,867 | — | 47,323 | 20,369 | 2,986 | 70,679
Other financial liabilities |  | 17,753 | 17,753 | — | — | — | 17,753
(1) Financial instruments whose book value is presented as an approximation to their fair value, mainly short-term financial instruments.
Fair value of financial instruments recognized at amortized cost by levels. December 2023 (Millions of Euros)
| Notes | Book value | Fair value
| Carrying amount presented as fair value ⁽¹⁾ | Level 1 | Level 2 | Level 3 | Total
ASSETS |  |  |  |  |  |  |
Cash, cash balances at central banks and other demand deposits | 9 | 75,416 | 75,416 | — | — | — | 75,416
Financial assets at amortized cost | 14 | 451,732 | 34,826 | 41,950 | 10,533 | 359,062 | 446,371
Debt securities |  | 49,462 | — | 41,950 | 6,244 | 759 | 48,952
Loans and advances |  | 402,270 | 34,826 | — | 4,290 | 358,303 | 397,418
LIABILITIES |  |  |  |  |  |  |
Financial liabilities at amortized cost | 22 | 557,589 | 358,657 | 42,742 | 86,390 | 68,127 | 555,915
Deposits |  | 473,835 | 343,611 | 1,269 | 62,049 | 64,601 | 471,530
Debt certificates issued |  | 68,707 | — | 41,472 | 24,341 | 3,526 | 69,339
Other financial liabilities |  | 15,046 | 15,046 | — | — | — | 15,046
(1) Financial instruments whose book value is presented as an approximation to their fair value, mainly short-term financial instruments.
Fair value of financial instruments recognized at amortized cost by levels. December 2022 ⁽¹⁾ (Millions of Euros) |
| Notes | Book value | Fair value |
| Carrying amount presented as fair value ⁽²⁾ | Level 1 | Level 2 | Level 3 | Total
ASSETS |  |  |  |  |  |  |
Cash, cash balances at central banks and other demand deposits | 9 | 79,756 | 79,756 | — | — | — | 79,756
Financial assets at amortized cost | 14 | 414,421 | 33,953 | 26,239 | 10,580 | 342,194 | 412,965
Debt securities |  | 36,639 | — | 26,239 | 9,313 | 759 | 36,311
Loans and advances |  | 377,782 | 33,953 | — | 1,267 | 341,435 | 376,655
LIABILITIES |  |  |  |  |  |  |
Financial liabilities at amortized cost | 22 | 529,172 | 380,520 | 40,752 | 43,205 | 61,118 | 525,595
Deposits |  | 459,662 | 369,387 | 2,810 | 35,965 | 49,731 | 457,894
Debt certificates issued |  | 55,429 | — | 37,942 | 7,240 | 8,368 | 53,550
Other financial liabilities |  | 14,081 | 11,132 | — | — | 3,019 | 14,151
(1) Balances corresponding to 2022 have been restated according to IFRS 17 (see Note 1.3). (2) Financial instruments whose book value is presented as an approximation to their fair value, mainly short-term financial instruments.

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