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Mr. Michael Henderson
Staff Accountant
United States Securities and Exchange Commission
Division of Corporation Finance
100 F Street, N.E.
Washington, D.C. 20549
I am writing on behalf of Telefónica, S.A. (“Telefónica”) in connection with the Staff’s review of Telefónica’s Form 20-F for the year ended December 31, 2009. As discussed recently with the Staff, Telefónica is reviewing internally and with its external auditors and legal advisors the Staff’s comment letter dated December 22, 2010, and currently expects to respond in writing to the Staff’s comments during the week of January 17, 2011. I understand from my conversation with you that the timing of such response is acceptable to the Staff.
Please do not hesitate to contact me (Tel. no. 011-34-91-768-9610) should you have any questions regarding the foregoing.