| Trading derivatives |
Trading derivatives The detail of the notional amounts and the market values of the trading derivatives held by the Group in 2025, 2024 and 2023 is as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | EUR million | | 2025 | | 2024 | | 2023 | | Notional amount | Market
value | | Notional amount | Market
value | | Notional amount | Market
value | | Trading derivatives | | | | | | | | | | Interest rate risk | | | | | | | | | | Forward rate agreements | 1,995,070 | | (32) | | | 1,992,413 | | 13 | | | 829,913 | | 3 | | | Interest rate swaps | 6,166,278 | | 6,324 | | | 6,127,812 | | 6,364 | | | 5,381,966 | | 5,514 | | | Options, futures and other derivatives | 470,659 | | (472) | | | 377,285 | | (297) | | | 398,519 | | (51) | | | Credit risk | | | | | | | | | | Credit default swaps | 64,924 | | (3,135) | | | 41,111 | | (572) | | | 22,462 | | (86) | | | Foreign currency risk | | | | | | | | | | Foreign currency purchases and sales | 611,850 | | 1,282 | | | 514,268 | | 595 | | | 471,955 | | 33 | | | Foreign currency options | 160,421 | | 441 | | | 221,159 | | 528 | | | 77,934 | | 288 | | | Currency swaps | 682,350 | | 2,526 | | | 625,765 | | (838) | | | 586,405 | | (581) | | | Securities and commodities derivatives and other | 98,588 | | (547) | | | 78,328 | | 554 | | | 68,664 | | 619 | | | Total | 10,250,140 | | 6,387 | | | 9,978,141 | | 6,347 | | | 7,837,818 | | 5,739 | |
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