Company: BCDRF
Filing Date: 2025-02-28
Form Type: 20-F
Source: 0000891478-25-000054
Chunk: 771

Company: Banco Santander, S.A.
Filing Date: 2025-02-28
Form: 20-F
Chunk 771
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840 |      |     | 165,174 |      |     | 142,189 |      |
| Pension funds           |     |  15,646 |      |     |  14,831 |      |     |  14,021 |      |
| Assets under management |     |  35,999 |      |     |  29,732 |      |     |  25,670 |      |
|                         |     | 230,485 |      |     | 209,737 |      |     | 181,880 |      |

ii. Non-managed marketed funds

Additionally, at 31 December 2024 there are non-managed marketed funds totalling EUR 62,002million (EUR 50,036million and EUR 48,379million at 31 December 2023 and 2022, respectively).

c) Third-party securities held in custody

At 31 December 2024 the Group held in custody debt securities and equity instruments totalling EUR 292,216million (EUR 268,338million and EUR 231,263million at 31 December 2023 and 2022, respectively) entrusted to it by third parties.

36. Hedging derivatives Grupo Santander, within its financial risk management strategy, and in order to reduce asymmetries in the accounting treatment of its operations, enters into hedging derivatives on interest, exchange rate, credit risk or variation of stock prices, depending on the nature of the risk covered. Based on its objective, Grupo Santander classifies its hedges in the following categories: • Cash flow hedges: cover the exposure to the variation of the cash flows associated with an asset, liability or a highly probable forecast transaction. This cover the variable-rate issues in foreign currencies, fixed-rate issues in non-local currency, variable-rate interbank financing and variable-rate assets (bonds, commercial loans, mortgages, etc.). • Fair value hedges: cover the exposure to the variation in the fair value of assets or liabilities, attributable to an identified and hedged risk. This covers the interest risk of assets or liabilities (bonds, loans, bills, issues, deposits, etc.) with coupons or fixed interest rates, interests in entities, issues in foreign currencies and deposits or other fixed rate liabilities. • Hedging of net investments abroad: cover the exchange rate risk of the investments in subsidiaries domiciled in a country with a different currency from the functional one of the Group.

Annual report 2024