Balance Sheet at 31 December 2010 of BBVA
Balance Sheet at 31 December 2010 of BBVA
Balance Sheet at 31 December 2010 of BBVA
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52. OTHER INFORMATION<br />
52.1. ENVIRONMENTAL IMPACT<br />
Given the activities in which it engages, the Bank has no environmental liabilities, expenses, assets,<br />
provisions or contingencies th<strong>at</strong> could have a significant effect on its equity, financial situ<strong>at</strong>ion and pr<strong>of</strong>its.<br />
Consequently, as <strong>of</strong> <strong>December</strong> <strong>31</strong>, <strong>2010</strong> there is no item in the financial st<strong>at</strong>ements th<strong>at</strong> requires disclosure<br />
in an environmental inform<strong>at</strong>ion report pursuant to the Ministry <strong>of</strong> Economy Order <strong>of</strong> October 8, 2001, and no<br />
specific disclosure <strong>of</strong> inform<strong>at</strong>ion on environmental m<strong>at</strong>ters is included in these st<strong>at</strong>ements.<br />
52.2. DETAIL OF AGENTS OF CREDIT INSTITUTIONS<br />
Appendix XII contains an inventory <strong>of</strong> the agents <strong>of</strong> the banks as required in accordance with article 22 <strong>of</strong><br />
Royal Decree 1245/1995, July 14, <strong>of</strong> the Ministry <strong>of</strong> Economy and Finance.<br />
52.3. REPORT ON THE ACTIVITY OF THE CUSTOMER CARE SERVICE AND THE CUSTOMER<br />
OMBUDSMAN<br />
The report on the activity <strong>of</strong> the Customer Care Department and the Customer Ombudsman required<br />
pursuant to Article 17 <strong>of</strong> Ministry <strong>of</strong> Economy and Finance Order ECO/734/2004 <strong>of</strong> March 11 is included in<br />
the Management Report accompanying these financial st<strong>at</strong>ements.<br />
52.4. OTHER INFORMATION<br />
The Group is party to certain legal actions in a number <strong>of</strong> jurisdictions, including, among others, Spain,<br />
Mexico and the United St<strong>at</strong>es, arising out <strong>of</strong> its ordinary business oper<strong>at</strong>ions. <strong>BBVA</strong> considers th<strong>at</strong> none <strong>of</strong><br />
those actions is m<strong>at</strong>erial and none is expected to result in a significant adverse effect on <strong>BBVA</strong>’s financial<br />
position <strong>at</strong> either the individual or consolid<strong>at</strong>ed level. Management believes th<strong>at</strong> adequ<strong>at</strong>e provisions have<br />
been made in respect <strong>of</strong> the litig<strong>at</strong>ion arising out <strong>of</strong> its ordinary business oper<strong>at</strong>ions. <strong>BBVA</strong> has not disclosed<br />
to the markets any contingent liability th<strong>at</strong> could arise from said legal actions as it does not consider them<br />
m<strong>at</strong>erial.<br />
53. SUBSEQUENT EVENTS<br />
The Directors <strong>of</strong> the subsidiaries Banco de Crédito Local de España, S.A. (Unipersonal) and <strong>BBVA</strong> Factoring<br />
E.F.C., S.A. (Unipersonal), in meetings <strong>of</strong> their respective boards <strong>of</strong> directors held on January 28, 2011 and<br />
February 1, 2011, respectively, have approved a project for the takeover <strong>of</strong> Finanzia Banco de Crédito,<br />
S.A.U. by Banco Bilbao Vizcaya Argentaria, S.A. and the subsequent transfer <strong>of</strong> all its equity interest to<br />
Banco Bilbao Vizcaya Argentaria, S.A., which will acquire all the rights and oblig<strong>at</strong>ions <strong>of</strong> the companies it<br />
had purchased through universal succession.<br />
The merger agreement will be submitted to shareholders for approval <strong>at</strong> the AGM during the first quarter <strong>of</strong><br />
the year. Given th<strong>at</strong> the merged company is fully owned by Banco Bilbao Vizcaya Argentaria, S.A. in<br />
accordance with Article 49.1 <strong>of</strong> Act 3/2009 <strong>of</strong> April 3 on the structural modific<strong>at</strong>ions <strong>of</strong> trading corpor<strong>at</strong>ions, it<br />
will not be necessary to carry out any share capital increase <strong>of</strong> Banco Bilbao Vizcaya Argentaria, S.A. or<br />
prepare reports by the managers <strong>of</strong> the companies involved in the merger, or by independent experts on the<br />
merger proposal.<br />
As <strong>of</strong> January 17, 2011, Banco Bilbao Vizcaya Argentaria, S.A. acquired its condition as sole shareholder as<br />
a result <strong>of</strong> the acquisition <strong>of</strong> shares in possession <strong>of</strong> the Corporación General Financiera, S.A. and Cidessa<br />
Uno, S.L. as <strong>of</strong> <strong>December</strong> <strong>31</strong>, <strong>2010</strong>.<br />
Since January 1, 2011 until the prepar<strong>at</strong>ion <strong>of</strong> these annual financial st<strong>at</strong>ements, no other significant events,<br />
not mentioned above, have taken place significantly affecting the Bank’s results or its equity position.<br />
54. EXPLANATION ADDED FOR TRANSLATION TO ENGLISH<br />
These financial st<strong>at</strong>ements are presented on the basis <strong>of</strong> accounting principles generally accepted in Spain.<br />
Certain accounting practices applied by the Bank th<strong>at</strong> conform with accepted accounting principles in Spain<br />
may not conform with generally accepted accounting principles in other countries.<br />
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