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Note 10
 12 Months Ended
Dec. 31, 2024
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)
Notes202420232022
ASSETS
Derivatives
36,00334,29339,908
Equity instruments
7.2.26,7604,5894,404
Credit institutions393277317
Other sectors6,3674,3124,086
Debt securities7.2.227,95528,56924,367
Issued by central banks768740821
Issued by public administrations23,67124,76620,703
Issued by financial institutions1,6651,8241,365
Other debt securities1,8521,2391,477
Loans and advances7.2.238,23073,59041,993
Loans and advances to central banks5562,8091,632
Reverse repurchase agreement5562,8091,632
Loans and advances to credit institutions20,93856,59925,231
Reverse repurchase agreement (1)
20,91856,56925,201
Loans and advances to customers 16,73614,18215,130
Reverse repurchase agreement15,10813,61514,832
Total assets8.1108,948141,042110,671
LIABILITIES
Derivatives
33,05933,04537,909
Short positions13,87815,73513,487
Deposits39,65472,93544,215
Deposits from central banks 3,3606,3973,950
Repurchase agreement3,3606,3973,950
Deposits from credit institutions16,28543,33728,924
Repurchase agreement (1)
15,99442,67628,573
Customer deposits20,01023,20111,341
Repurchase agreement19,91323,15711,302
Total liabilities8.186,591121,71595,611
(1) The variation is mainly due to the evolution of "Reverse repurchase agreement" of BBVA, S.A. partially offset by the evolution of "Repurchase agreement" principally of BBVA, S.A.

As of December 31, 2024, 2023 and 2022 “Short positions” include €13,010 million, €14,914 million and €12,544 million, respectively, held with the Spanish government and other government agencies.
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, 2024, 2023 and 2022, most of the derivatives were mainly contracted in over-the-counter (OTC) markets, with counterparties, consisting primarily of credit institutions and other financial institutions. These derivatives are linked to foreign-exchange rate risk, interest-rate risk and changes in equity instruments.
Below is a breakdown by type of risk and market, of the fair value and notional amounts of financial 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)
202420232022
AssetsLiabilitiesNotional amount - TotalAssetsLiabilitiesNotional amount - TotalAssetsLiabilitiesNotional amount - Total
Interest rate11,5889,6274,951,02215,25113,1714,741,62919,56318,2204,286,531
OTC 11,5799,6224,930,65715,24813,1674,722,31419,55818,2154,278,249
Organized market10420,3653419,315558,282
Equity instruments2,9444,30375,0452,5873,72370,8043,0673,77076,749
OTC6822,34738,6121,2122,55149,0381,8102,12752,739
Organized market2,2611,95636,4331,3751,17221,7671,2571,64324,010
Foreign exchange and gold21,06018,704825,15815,91115,608632,78016,97115,528589,705
OTC21,05618,698810,77015,88915,590623,20316,95415,505580,850
Organized market4714,38822189,57717238,855
Credit38637542,79954354231,47829938343,450
Credit default swap34936940,84754052829,84429328241,760
Credit spread option—————————
Total return swap37—1,9523141,47571011,665
Other—6———159——25
Commodities25501,939111699860
DERIVATIVES36,00333,0595,895,96434,29333,0455,476,86039,90837,9094,996,495
Of which: OTC - credit institutions26,03923,1351,742,72023,99823,9771,463,43328,38526,4541,205,895
Of which: OTC - other financial corporations3,3834,2123,914,6405,0424,4123,815,1625,7454,4933,587,546
Of which: OTC - other4,3063,744166,4023,8543,461147,3104,5015,290161,882