Company: BBVXF
Filing Date: 2025-02-21
Form Type: 20-F
Source: 0000842180-25-000010
Chunk: 196

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-02-21
Form: 20-F
Item: Item 5
Chunk 196
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LTRO III funds was initiated in December 2022 and, as of December 31, 2024, all funds obtained under the TLTRO III program had been repaid. The positive income generated by the funds obtained from drawdowns of the ECB’s TLTRO III facilities was recorded under the heading of “Interest and other income – Other income” in the consolidated income statement for the years ended December 31, 2024, 2023 and 2022 (see Note 37.1), while the borrowing costs of the drawdowns of the TLTRO III facilities were recorded under “Interest expense” in the consolidated income statement.
During 2024, liquidity conditions remained adequate in all the countries where the BBVA Group operates. 
The following table shows the balances as of December 31, 2024, 2023 and 2022 of our principal sources of funds (including accrued interest, hedge transactions and issue expenses):

                                                                  As of December 31,
2024                                                             2023           2022
                                                              (In Millions of Euros)
Deposits from central banks                     18,028         26,707         42,273
Deposits from credit institutions               50,690         83,376         55,859
Customer deposits                              468,590        437,405        406,444
Debt certificates                               74,464         72,685         58,717
Other financial liabilities                     27,173         23,650         20,673
Total                                          638,945        643,823        583,967
 Liquidity and Funding Risk Management of the BBVA Group aims, in the short term, to prevent any Group entity from having difficulties in meeting its payment commitments and from having to resort –in order to meet them– to obtaining funds on burdensome conditions and, in the medium term, to support the suitability of the Group’s financial structure and its evolution, within the prevailing economic, market and regulatory conditions.
One of the key elements in BBVA’s Group Liquidity and Financing Risk Management is the maintenance of large, high quality liquidity buffers in all its bank subsidiaries. Due, in part, to the Group’s decision to follow a Multiple Point of Entry strategy, in accordance with the framework for the resolution of financial entities designed by the FSB, the Group’s subsidiaries are self-sufficient and each subsidiary is responsible for managing its own capital and liquidity, without fund transfers or