Company: BBVXF
Filing Date: 2025-02-21
Form Type: 20-F
Source: 0000842180-25-000010
Chunk: 48

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-02-21
Form: 20-F
Item: Item 4
Chunk 48
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 loans, due, in part, to the measures adopted by the Turkish authorities to encourage Turkish lira-denominated loans (see “—Supervision and Regulation—Principal Markets—Turkey”), partially offset by the depreciation of the Turkish lira against the euro. In addition, within this heading, debt securities of this operating segment amounted to €7,417 million, a 10.6% increase from the €6,706 million recorded as of December 31, 2023, as a result of the increase in local currency-denominated government bonds. Further, loans and advances to central banks increased in the year ended December 31, 2024, as a result of the regulation and monetary policy adopted by the CBRT on foreign currency deposit accounts (where the relevant reserve requirement was set at 4% as of December 6, 2024, see “—Supervision and Regulation—Principal Markets—Turkey”).
Financial liabilities held for trading and designated at fair value through profit or loss of this operating segment as of December 31, 2024 amounted to €1,943 million, a 3.5% increase compared with the €1,878 million recorded as of December 31, 2023, mainly due to the increase in debt securities, partially offset by the depreciation of the Turkish lira against the euro.
Customer deposits at amortized cost of this operating segment as of December 31, 2024 amounted to €58,095 million, a 14.7% increase compared with the €50,651 million recorded as of December 31, 2023, mainly due to the increase in time deposits in Turkish lira (transferred, in part, from time deposits in U.S. dollars) and 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, which included increased reserve requirements and the requirement that banks buy local currency-denominated government bonds if less than a certain percentage of their deposits are denominated in Turkish lira (see “—Supervision and Regulation—Principal Markets—Turkey”)), partially offset by the depreciation of the Turkish lira against the euro.
Off-balance sheet funds of this operating segment (which includes “Mutual funds” and “Pension funds”) as of December 31, 2024 amounted to €18,076 million, compared with the €7,768 million as of December 31,