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Michael J. Willisch Davis Polk & Wardwell LLP Paseo de la Castellana, 41 28046 Madrid +91 768 9610 tel +91 768 9710 fax michael.willisch@davispolk.com

CONFIDENTIAL

VIA EDGAR September 16, 2010
Re:	Telefónica, S.A. 2009 Form 20-F File No. 1- 09531

Mr. Michael Henderson

Staff Accountant

United States Securities and Exchange Commission

Division of Corporation Finance

100 F Street, N.E.

Washington, D.C. 20549

Dear Mr. Henderson:

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 I mentioned in my conversation with you yesterday, Telefónica is reviewing internally and with its external auditors and legal advisors the Staff’s comment letter dated September 2, 2010, and currently expects to respond in writing to the Staff’s comments during the week of October 4, 2010.  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.

Very truly yours,

/s/ Michael J. Willisch

Michael J. Willisch

cc: Consuelo Barbé - Telefónica