BBVA in 2012

Available-for-sale financial assets and held-to-maturity investments basically include portfoliosbuilt in order to stabilize the value of the balance sheet and make lower-cost funds profitable in thegeographical areas in which the Group operates. As of 31-Dec-2012 the two items totaled €82 billion, arise of 18.2% on the figure the previous year. This is mainly the result of Unnim’s incorporation and thegeneral increase in lower-cost deposits in all the geographical areas.Most of the amount under the heading of investments in associates is due to BBVA’s holding in CNCBbeing accounted for as income by the equity method.Debt certificates amounted to €87 billion at the close of 2012, a year-on-year rise of 6.4% that is duebasically to the new issues over the year and a greater volume of promissory notes placed in the retailnetwork.Finally, BBVA’s equity as of 31-Dec-2012 amounted to approximately €44 billion euros, a rise of 9.3% onthe figure as of 31-Dec-2011. The higher level of shareholders’ funds, at €2.7 billion, is basically due toMarch and June capital increases, following the conversion of convertible bonds issued in December2011 and to the net attributable profit generated, minus the part used to pay in cash for shareholderremuneration.84 Group financial information