English to Spanish Bus/Financial Accounting consolidated financial statement

Level 3 assets (including assets measured at fair value on a nonrecurring basis) were 6% of total XXX assets and 15% of total assets measured at fair value at December 31, 2009, compared with 6% and 17%, respectively, at December 31, 2008. Level 3 assets were $x billion at December 31, 2009, reflecting a decrease of $x billion in 2009 due to the following:
• A net decrease of $xx billion in gross derivative receivables, predominantly driven by the tightening of credit spreads. Offsetting a portion of the decrease were net transfers into level 3 during the year, most notably a transfer into level 3 of $xx billion of **structured credit derivative receivables**, and a transfer out of level 3 of $xxx billion of single-name CDS on ABS. The fair value of the receivables transferred into level 3 during the year was $xx billion at December 31, 2009. The fair value of structured credit derivative payables with a similar underlying risk profile to the previously noted receivables, that are also classified in level 3, was $xxx billion at December 31, 2009. These derivatives payables offset the receivables as they are modeled and valued the same way with the same parameters and inputs as the assets.

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