Company: BBVXF
Filing Date: 2025-02-21
Form Type: 20-F
Source: 0000842180-25-000010
Chunk: 199

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-02-21
Form: 20-F
Item: Item 5
Chunk 199
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aya Argentaria, S.A. in the form of cash dividends, loans or advances, for prudence reasons or otherwise. For example, the repatriation of dividends from BBVA’s Turkish, Argentinian and Venezuelan subsidiaries is subject to certain restrictions and there is no assurance that further restrictions will not be imposed.
The geographic diversification of the Group’s businesses, however, may help to limit the effect of any restrictions that could be adopted in any given country. 
Customer deposits
Customer deposits (including “Financial liabilities at amortized cost - Customer deposits”, “Financial liabilities designated at fair value through profit or loss – Customer deposits” and “Financial liabilities held for trading – Customer deposits”) amounted to €468,590 million as of December 31, 2024 compared with €437,405 million as of December 31, 2023 (€406,444 million as of December 31, 2022), a 7.1% increase, mainly due to the increase in demand and savings deposits, as customers shifted towards savings within a high interest rate scenario (in particular, during the first half of 2024) in Spain, increases in deposits of the Spanish government and other government agencies (through repurchase agreements) and the growth in time deposits in the branches located in Europe and in the New York branch, due to increased activity. To a lesser extent, the year-on-year increase was attributable to the increase in time deposits in Argentina and Colombia within a high interest rate environment, the increase in demand deposits in U.S. dollars in Argentina during the fourth quarter of 2024, driven by the implementation of strong fiscal and monetary adjustments to reduce inflation by the Argentine government, the increase in time deposits in Turkish lira (transferred, in part, from time deposits in U.S. dollars) and the increase in demand deposits in Turkish lira (as a result in part of the measures adopted by the Turkish authorities to encourage and protect deposits denominated in Turkish lira and prevent further dollarization of deposits). The year-on-year increase was partially offset by the depreciation of the Mexican peso, the Turkish lira, the Colombian peso and the Argentine peso against the euro.
Our customer deposits, excluding repurchase agreements, amounted to €439,469 million as of December 31, 2024, a 7.2% increase compared with €410,044 million as of December 31, 2023 (€392,884 million as of December 31, 2022).
Short-term customer deposits