Company: BCDRF
Filing Date: 2025-02-28
Form Type: 20-F
Source: 0000891478-25-000054
Chunk: 801

Company: Banco Santander, S.A.
Filing Date: 2025-02-28
Form: 20-F
Chunk 801
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 table were as follows: • Financial assets at amortised cost: the fair value was estimated using the present value method. The estimates were made considering factors such as the expected maturity of the portfolio, market interest rates, spreads on newly approved transactions or market spreads -when available-. • Financial liabilities at amortised cost: i) Deposits: the fair value of short term and on demand deposits was taken to be their carrying amount. Factors such as the expected maturity of the transactions and the Group’s current cost of funding in similar transactions are consider for the estimation of long term deposits fair value. It had been used also current rates offered for deposits of similar remaining maturities. ii) Marketable debt securities and subordinated liabilities: the fair value was calculated based on market prices for these instruments -when available- or by the present value method using market interest rates and spreads, as well as using any significant input which is not observable with market data if applicable. iii) The fair value of cash, cash balances at central banks and other deposits on demand was taken to be their carrying amount since they are mainly short-term balances.

Annual report 2024 770

| Contents |     | Auditor's report |     | Consolidated financial statements |     | Notes to the consolidated financial statements |     | Appendix |

d) Offsetting of financial instruments

Following is the detail of financial assets and liabilities that were offset in the consolidated balance sheets as of 31 December 2024, 2023 and 2022:

|                               |     | 31 December 2024 |         |              |     |          |               |     |         |              |
|                               |     | EUR million      |         |              |     |          |               |     |         |              |
| Assets                        |     |                  |         | Gross amount 
 of           
 financial    
 assets       |     |          | Gross amount  
 of financial  
 assets        
 offset in the 
 balance sheet |     |         | Net amount   
 of financial 
 assets       
 presented in 
 the balance  
 sheet        |
| Derivatives                   |     |                  | 152,331 |              |     |  -82,559 |               |     |  69,772 |              |
| Reverse repurchase agreements |     |                  | 189,034 |              |     |  -67,488 |               |     | 121,546 |              |
| Total                         |     |                  | 341,365 |              |     | -150,047 |