Sovereign exposure of Santander

It has been a long time that one of the doubt I had about Santander was its detailed exposure to sovereign risk, in particular to Spain. Not that I fear a default, but because it is currently a good way for the Company to make money. Recently EBA published a "transparency exercise" that details that data at 2 key dates: 2012/12/31 and 2013/06/30. It is a pity that the end data is end of Q2 2013 and not Q3. Original data is here (EN).
Btw, it is not the biggest doubt I have about the Company. The biggest one is the shareholder structure and how Botin gets his mandate. The 2nd biggest one is a detailed workout of the DTA new regulations and its impact on capital ratio, including the effects of reasonable future earnings projections in Spain to 2019. If anyone has answers to these doubts, please let them know.

Here is the sovereign exposure, all amounts in €mi.

Residual Maturity	Total Gross	of which Loans	Total Net	of which AFS	of which At fair value	of which Trading
End 2012
0-3M	651	166	643	0	0	446
3M-1Y	4452	784	3843	0	0	3059
1Y-2Y	2797	1699	2566	0	0	867
2Y-3Y	5925	4789	5615	125	0	-120
3Y-5Y	6991	3057	6293	2939	0	217
5Y-10Y	22144	2812	22010	19180	0	18
10Y-more	4839	2049	4615	2410	0	-85
Total Spain	47798	15356	45586	24654	0	4403
Total Group	66051	15997	55014	34519		3326
end S1 2013
0-3M	1344	150	1343	0	131	1062
3M-1Y	6156	1294	5639	199	13	4132
1Y-2Y	2752	1357	2376	2	82	-80
2Y-3Y	4453	3365	4182	183	549	84
3Y-5Y	13672	4833	12679	8172	291	-747
5Y-10Y	29989	3088	29541	25277	295	881
10Y-more	8594	1956	7824	6202	208	-542
Total Spain	66958	16044	63584	40035	1570	4790
Total Group	90877	16762	74743	52231	1570	3025
Relative growth
0-3M	106.45%	-9.64%	108.86%	NM	NM	138.12%
3M-1Y	38.27%	65.05%	46.73%	NM	NM	35.08%
1Y-2Y	-1.61%	-20.13%	-7.40%	NM	NM	-109.23%
2Y-3Y	-24.84%	-29.73%	-25.52%	46.40%	NM	-170.00%
3Y-5Y	95.57%	58.10%	101.48%	178.05%	NM	-444.24%
5Y-10Y	35.43%	9.82%	34.22%	31.79%	NM	4794.44%
10Y-more	77.60%	-4.54%	69.53%	157.34%	NM	537.65%
Total Spain	40.09%	4.48%	39.48%	62.39%	NM	8.79%
Total Group	37.59%	4.78%	35.86%	51.31%	NM	-9.05%

Net sovereign exposure to Spain Q2 2013 at €64bi, up 40% in 6 months, representing 85% of the total exposure to sovereign risk! That includes €16bi of direct loans. However €40bi of this exposure is available for sale.
That is much more than I thought and the increase is impressive for 2 reasons: (1) 40% growth in 6 months and (2) it happens after the height of the Spanish crisis that happened in summer 2012.
I think this is a good part of the explanation of the RWA decrease by 8% in Q2 2013.