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Note 8 (Tables)
 12 Months Ended
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)
NotesBook valueFair value
Level 1Level 2Level 3
ASSETS
Financial assets held for trading10108,94826,33280,3232,292
Derivatives36,00396934,591443
Equity instruments 6,7606,6027683
Debt securities 27,95518,7628,438756
Loans and advances38,230—37,2181,011
Non-trading financial assets mandatorily at fair value through profit or loss1110,5468,5116171,418
Equity instruments9,7828,3091071,365
Debt securities40720217331
Loans and advances358—33621
Financial assets designated at fair value through profit or loss1283677462—
Debt securities 83677462—
Financial assets at fair value through other comprehensive income1359,00250,3547,5151,133
Equity instruments1,4511,15779216
Debt securities57,52649,1737,436917
Loans and advances to credit institutions2525——
Derivatives – Hedge accounting151,158—1,158—
LIABILITIES
Financial liabilities held for trading 1086,59114,30871,0721,211
Trading derivatives33,0591,11831,400541
Short positions13,87813,18967315
Deposits39,654—38,999656
Financial liabilities designated at fair value through profit or loss1214,952—12,8652,087
Deposits from credit institutions————
Customer deposits934—934—
Debt certificates issued4,597—2,5112,087
Other financial liabilities9,420—9,420—
Derivatives – Hedge accounting152,503—2,48023
Fair value of financial instruments recognized at fair value by levels.
December 2023 (Millions of Euros)
NotesBook valueFair value
Level 1Level 2Level 3
ASSETS
Financial assets held for trading10141,04221,972116,9052,165
Derivatives34,29314433,880269
Equity instruments 4,5894,4942471
Debt securities 28,56917,33311,081155
Loans and advances73,590—71,9211,669
Non-trading financial assets mandatorily at fair value through profit or loss118,7377,0284931,216
Equity instruments7,9636,742721,148
Debt securities 48428613266
Loans and advances to customers290—2882
Financial assets designated at fair value through profit or loss1295590847—
Debt securities 95590847—
Financial assets at fair value through other comprehensive income1362,20552,9878,335883
Equity instruments1,2171,02652139
Debt securities 60,96351,9618,258745
Loans and advances to credit institutions26—26—
Derivatives – Hedge accounting151,482—1,482—
LIABILITIES
Financial liabilities held for trading 10121,71514,133106,3821,201
Trading derivatives33,04519132,111743
Short positions15,73513,9421,75044
Deposits72,935—72,520415
Financial liabilities designated at fair value through profit or loss1213,299—11,0732,227
Deposits from credit institutions————
Customer deposits717—717—
Debt certificates issued3,977—1,7512,227
Other financial liabilities8,605—8,605—
Derivatives – Hedge accounting152,625—2,58639
Fair value of financial instruments recognized at fair value by levels.
December 2022 ⁽¹⁾ (Millions of Euros)
NotesBook valueFair value
Level 1Level 2Level 3
ASSETS
Financial assets held for trading10110,67122,71085,6362,325
Derivatives39,90879538,140974
Equity instruments 4,4044,369—34
Debt securities 24,36716,2847,934148
Loans and advances41,9931,26239,5621,169
Non-trading financial assets mandatorily at fair value through profit or loss116,8885,7201511,017
Equity instruments6,5115,457401,014
Debt securities 12919111—
Loans and advances to customers247245—3
Financial assets designated at fair value through profit or loss12913913——
Debt securities 913913——
Financial assets at fair value through other comprehensive income1365,37453,24811,537589
Equity instruments1,1981,04058100
Debt securities 64,15052,18211,479489
Loans and advances to credit institutions2626——
Derivatives – Hedge accounting151,89141,887—
LIABILITIES
Financial liabilities held for trading 1095,61120,61173,8711,129
Trading derivatives37,90974636,1611,002
Short positions13,48713,354133—
Deposits44,2156,51137,577127
Financial liabilities designated at fair value through profit or loss1210,580—8,9901,590
Deposits from credit institutions————
Customer deposits700—700—
Debt certificates issued3,288—1,6981,590
Other financial liabilities6,592—6,592—
Derivatives – Hedge accounting153,3031003,17925
(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)
ASSETSValuation techniques in Levels 2 and 3Observable inputs in Levels 2 and 3Unobservable 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 advancesPresent-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 rateInterest 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
EquityFuture 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 goldFuture and Equity Forward: Discounted future cash flows
Foreign exchange Options: Local volatility, momentum adjustment		- Volatility of volatility
- Implicit assets correlations
- Long term implicit correlations
CreditCredit Derivatives: Default model and Gaussian copula- Correlation default
- Credit spread
- Recovery rates
- Interest rate yield
- Default volatility
CommoditiesCommodities: Momentum adjustment and discounted cash flows
Non-trading financial assets mandatorily at fair value through profit or loss
Equity instrumentsComparable 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 securitiesPresent-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 lossPresent-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 instrumentsComparable 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 securitiesPresent-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 rateInterest 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
EquityFuture 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 goldFuture and Equity Forward: Discounted future cash flows
Foreign exchange Options: Local volatility, momentum adjustment		- Volatility of volatility
- Implicit assets correlations
- Long term implicit correlations
CreditCredit Derivatives: Default model and Gaussian copula- Correlation default
- Credit spread
- Recovery rates
- Interest rate yield
- Default volatility
CommoditiesCommodities: Momentum adjustment and Discounted cash flows
Fair Value of Financial Instruments by Levels
LIABILITIESValuation techniques in Levels 2 and 3Observable inputs in Levels 2 and 3Unobservable inputs in Levels 2 and 3
Financial liabilities held for trading
DepositsPresent-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 rateInterest 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
EquityFuture and Equity forward: Discounted future cash flows
Equity Options: Local volatility, momentum adjustment and Heston		- Volatility of volatility
- Assets correlation
Foreign exchange and goldFuture and Equity Forward: Discounted future cash flows
Foreign exchange Options: Black 76, Local volatility, momentum adjustment		- Volatility of volatility
- Assets correlation
CreditCredit Derivatives: Default model and Gaussian copula- Correlation default
- Credit spread
- Recovery rates
- Interest rate yield
- Default volatility
CommoditiesCommodities: 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 lossPresent-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 rateInterest 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
EquityFuture 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 goldFuture 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
CreditCredit Derivatives: Default model and Gaussian copula- Correlation default
- Credit spread
- Recovery rates
- Interest rate yield
- Default volatility
CommoditiesCommodities: 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
LIABILITIESValuation techniques in Levels 2 and 3Observable inputs in Levels 2 and 3Unobservable inputs in Levels 2 and 3
Financial liabilities held for trading
DepositsPresent-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 rateInterest 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
EquityFuture and Equity forward: Discounted future cash flows
Equity Options: Local volatility, momentum adjustment and Heston		- Volatility of volatility
- Assets correlation
Foreign exchange and goldFuture and Equity Forward: Discounted future cash flows
Foreign exchange Options: Black 76, Local volatility, momentum adjustment		- Volatility of volatility
- Assets correlation
CreditCredit Derivatives: Default model and Gaussian copula- Correlation default
- Credit spread
- Recovery rates
- Interest rate yield
- Default volatility
CommoditiesCommodities: 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 lossPresent-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 rateInterest 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
EquityFuture 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 goldFuture 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
CreditCredit Derivatives: Default model and Gaussian copula- Correlation default
- Credit spread
- Recovery rates
- Interest rate yield
- Default volatility
CommoditiesCommodities: 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 instrumentValuation technique(s)Significant unobservable inputsMinAverageMaxUnits
Debt SecuritiesPresent value methodCredit spread—1133,907bp
Recovery rate0 %39 %40 %%
Comparable Pricing0 %95 %233 %%
Equity/Fund instruments (1)
Net Asset Value
Comparable Pricing
Loans and advancesPresent value methodRepo funding curve2.09 %3.70 %7.11 %%
Credit DerivativesGaussian CopulaCorrelation default19 %59 %92 %%
Black 76Price volatility———Vegas
Equity DerivativesOption models on equities, baskets of equity, fundsDividends (2)
Correlations(88 %)48 %99 %%
Volatility5.0730.90122.35Vegas
FX DerivativesOption models on FX underlyingsVolatility3.939.4614.91Vegas
IR DerivativesOption models on IR underlyingsBeta3.00 %5 %11 %%
Correlation rate/credit(100 %)100%%
Correlation rate/inflation42 %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 instrumentValuation technique(s)Significant unobservable inputsMinAverageMaxUnits
Debt SecuritiesPresent value methodCredit spread—1364,369bp
Recovery rate0 %39 %40 %%
Comparable Pricing0 %99 %237 %%
Equity/Fund instruments (1)
Net Asset Value
Comparable Pricing
Loans and advancesPresent value methodRepo funding curve2.26 %3.74 %5.76 %%
Credit DerivativesGaussian CopulaCorrelation default26 %60 %85 %%
Black 76Price volatility———Vegas
Equity DerivativesOption models on equities, baskets of equity, fundsDividends (2)
Correlations(88 %)52 %99 %%
Volatility8.4729.4170.94Vegas
FX DerivativesOption models on FX underlyingsVolatility4.3110.2418.52Vegas
IR DerivativesOption models on IR underlyingsBeta3.00 %5 %11 %%
Correlation rate/credit(100 %)100 %%
Correlation rate/inflation52%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 instrumentValuation technique(s)Significant unobservable inputsMinAverageMaxUnits
Debt securitiesPresent value methodCredit spread—1111,538bp
Recovery rate0 %39 %40 %%
Comparable pricing2 %94 %139 %%
Equity/Fund instruments (1)
Net asset value
Comparable pricing
Loans and advancesPresent value methodRepo funding curve0.71 %3.48 %5.52 %%
Credit derivativesGaussian CopulaCorrelation default26 %44 %58 %%
Black 76Price volatility———Vegas
Equity derivativesOption models on equities, baskets of equity, fundsDividends (2)
Correlations(93 %)59 %99 %%
Volatility7.8132.6298.71Vegas
FX derivativesOption models on FX underlyingsVolatility5.3211.9320.73Vegas
IR derivativesOption models on IR underlyingsBeta0.25 %2 %18 %%
Correlation rate/credit(100 %)100 %%
Correlation rate/inflation51 %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)
20242023
2022 ⁽¹⁾
AssetsLiabilitiesAssetsLiabilitiesAssetsLiabilities
Balance at the beginning4,2643,4673,9312,7435,3012,054
Changes in fair value recognized in profit and loss ⁽²⁾
490144(7)113289(131)
Changes in fair value not recognized in profit and loss29—21(1)(62)14
Acquisitions, disposals and liquidations
397(59)27374(783)782
Net transfers to level 3(330)(165)289204(750)74
Exchange differences and others(6)(67)334(64)(50)
Balance at the end4,8433,3214,2643,4673,9312,743
(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 1Level 2Level 3
To:Level 2Level 3Level 1 Level 3Level 1Level 2
ASSETS
Financial assets held for trading115—1,2387816199
Non-trading financial assets mandatorily at fair value through profit or loss68141—3518
Financial assets designated at fair value through profit or loss——1———
Financial assets at fair value through other comprehensive income1,425171,3481213170
Derivatives – Hedge accounting——————
Total1,608312,5869064387
LIABILITIES
Financial liabilities held for trading107—4614511380
Financial liabilities designated at fair value through profit or loss———301—121
Derivatives – Hedge accounting——————
Total107—46134611501
Transfer among levels (Millions of Euros)
20232022
From:Level 1Level 2Level 3Level 1Level 2Level 3
To:Level 2Level 3Level 1 Level 3Level 1Level 2Level 2Level 3Level 1 Level 3Level 1Level 2
ASSETS
Financial assets held for trading8873489666—49768311,90934024911
Non-trading financial assets mandatorily at fair value through profit or loss1135—70————243—532
Financial assets designated at fair value through profit or loss————————123———
Financial assets at fair value through other comprehensive income1,191211,2962051032431,723—715—1883
Derivatives – Hedge accounting————————————
Total2,0791901,3859411037402,40712,99034095996
LIABILITIES
Financial liabilities held for trading5963361771372524—239141—258
Financial liabilities designated at fair value through profit or loss———660—262———221—55
Derivatives – Hedge accounting—————————25——
Total5963368371635524—239387—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 hypothesisLeast favorable hypothesisMost favorable hypothesisLeast favorable hypothesis
20242023202420232024202320242023
ASSETS
Financial assets held for trading4821(89)(117)————
Loans and advances42(4)(2)————
Debt securities379(61)(22)————
Equity instruments——(17)(83)————
Derivatives69(6)(9)————
Non-trading financial assets mandatorily at fair value through profit or loss95(85)(114)————
Loans and advances————————
Debt securities33(7)(21)————
Equity instruments62(78)(92)————
Financial assets designated at fair value through profit or loss————————
Financial assets at fair value through other comprehensive income————4834(90)(89)
Total5726(173)(230)4834(90)(89)
LIABILITIES
Financial liabilities held for trading1213(13)(18)————
Total1213(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)
NotesBook valueFair value
Carrying amount presented as fair value ⁽¹⁾Level 1Level 2Level 3Total
ASSETS
Cash, cash balances at central banks and other demand deposits951,14551,145———51,145
Financial assets at amortized cost14502,40032,61550,77124,157394,496502,039
Debt securities59,014—50,7716,58992158,281
Loans and advances
443,38632,615—17,568393,575443,759
LIABILITIES
Financial liabilities at amortized cost 22584,339378,53047,32358,016101,025584,894
Deposits496,720360,777—37,64798,038496,461
Debt certificates issued69,867—47,32320,3692,98670,679
Other financial liabilities17,75317,753———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)
NotesBook valueFair value
Carrying amount presented as fair value ⁽¹⁾Level 1Level 2Level 3Total
ASSETS
Cash, cash balances at central banks and other demand deposits975,41675,416———75,416
Financial assets at amortized cost14451,73234,82641,95010,533359,062446,371
Debt securities 49,462—41,9506,24475948,952
Loans and advances402,27034,826—4,290358,303397,418
LIABILITIES
Financial liabilities at amortized cost 22557,589358,65742,74286,39068,127555,915
Deposits473,835343,6111,26962,04964,601471,530
Debt certificates issued68,707—41,47224,3413,52669,339
Other financial liabilities15,04615,046———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)
NotesBook valueFair value
Carrying amount presented as fair value ⁽²⁾
Level 1Level 2Level 3Total
ASSETS
Cash, cash balances at central banks and other demand deposits979,75679,756———79,756
Financial assets at amortized cost14414,42133,95326,23910,580342,194412,965
Debt securities 36,639—26,2399,31375936,311
Loans and advances377,78233,953—1,267341,435376,655
LIABILITIES
Financial liabilities at amortized cost 22529,172380,52040,75243,20561,118525,595
Deposits459,662369,3872,81035,96549,731457,894
Debt certificates issued55,429—37,9427,2408,36853,550
Other financial liabilities14,08111,132——3,01914,151
(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.