Balance Sheet at 31 December 2010 of BBVA

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BANCO BILBAO VIZCAYA ARGENTARIA, S.A. MANAGEMENT REPORT FOR THE YEAR ENDED DECEMBER 31, 2010 CONTENTS 1. ECONOMIC ENVIRONMENT IN 2010…………………………………………………………………...2 2. BALANCE SHEET AND BUSINESS……………………………………………………………………...3 3. INCOME STATEMENT……………………………………………………………………………………..3 4. RISK MANAGEMENT AT BBVA…………………………………………………………………………..3 5. THE GROUP'S CAPITAL BASE…………………………………………………………………………..4 6. COMMON STOCK AND TREASURY STOCK…………………………………………………………..5 7. APPLICATION OF EARNINGS…………………………………………………………………...……….5 8. CORPORATE GOVERNANCE……………………………………………………………………………5 9. REPORT ON THE ACTIVITY OF THE CUSTOMER CARE SERVICE AND CUSTOMER OMBUDSMAN………………………………………………………………………………………………….5 10. RESEARCH AND DEVELOPMENT……………………………………………………………………..8 11. ENVIRONMENTAL INFORMATION ………………………………………………………………….11 12. OTHER INFORMATION AND SUBSEQUENT EVENTS……………………………………………..13 13. REPORT REQUIRED BY ARTICLE 116.BIS.OF THE SPANISH SECURITIES MARKET ACT...13 14. ANNUAL CORPORATE GOVERNANCE REPORT…………………………………………………...16 1
BANCO BILBAO VIZCAYA ARGENTARIA, S.A. MANAGEMENT REPORT FOR THE YEAR ENDED DECEMBER 31, 2010 Banco Bilbao Vizcaya Argentaria, S.A. (hereinafter, the Bank or BBVA) is a private-law entity, subject to the rules and regulations governing banking institutions operating in Spain. The Bank conducts its business through branches and offices located throughout Spain and abroad. The Bank's management report has been prepared based on the individual book and management entries of Banco Bilbao Vizcaya Argentaria, S.A. BBVA is the parent company of the BBVA Group (the Group), which is an international diversified financial group with a significant presence in retail banking, asset management, private banking and wholesale banking. The financial information included in this management report is presented in accordance with the criteria established by Bank of Spain Circular 4/2004, December 22, 2004, International Public and Confidential Financial Reporting Standards and Financial Statement Models, and their subsequent amendments. 1. ECONOMIC ENVIRONMENT IN 2010 In 2010 the world economy recovered from the major slump in 2009. GDP picked up from a fall of 0.6% to a rise of nearly 5% in 2010. This figure is in line with those in the years immediately before the start of the crisis in the summer of 2007. However, the economic recovery is not evenly spread across regions. Throughout the year it became clear that the emerging economies, particularly in emerging Asia and Latin America, showed stronger growth and are contributing to global growth, while in advanced economies, and particularly in some European economies, recovery continues to be sluggish. Three elements have given shape to the economic developments in the different areas. First, the focus of attention has continued to be the level of stress in the financial markets and the various measures that the authorities were taking to counter it. The second element that has shaped 2010 has been the cyclical doubts on the U.S. economy in the first half of the year and the response in terms of economic policy in the second half, particularly the new monetary expansion introduced by the Federal Reserve (Fed) known as quantitative easing 2 (QE2) and its effect on other economies. Finally, 2010 was also marked by the collateral effects of lax economic policies, in particular monetary policy, in advanced economies, giving rise to growing economic policy dilemmas in emerging economies. In the United States cyclical concerns continue, derived from the weakness shown by private demand since some of the fiscal stimulus programs began to expire. Thus, throughout the quarter there has been a gradual loss of activity in the real estate market, while the labor market remains weak, and all this while households continue to be immersed in a deleveraging process. Given the limited room for maneuver of fiscal policy in the US for reactivating the economy, the Fed has begun a new monetary expansion program (known as QE2), which initially led to a downward pressure on short-term interest rates and a significant depreciation of the dollar. In any event, no return to recession is expected, but rather a gradual slowdown from the high rates of growth at the end of 2009 and the start of 2010. In Europe, the economy slowed gradually in line with expectations, although some countries, especially Germany, maintain their strength. Tension has also returned to the debt markets, particularly in peripheral countries, and above all in Ireland and Portugal. Doubts remain about the capacity of these countries to achieve their fiscal targets. In addition, tensions have been heightened by the uncertainty surrounding the new European governance mechanisms and, in particular, by the final details of the new permanent crisis resolution mechanism that will come into effect in 2013, once the current framework approved in May expires. In any event, forecasts indicate that 2010 will close with growth at around 1.5%. Throughout the second half of 2010 the Mexican economy has shown resistance to the loss of strength in foreign demand. This is reflected in a less notable slowdown of its growth rates than expected, with growth in 2010 at around 5%. Inflation closed 2010 at a historically low level of 4.4% as a result of the appreciation of the peso over the year, moderate international prices and the lack of pressure from domestic demand. Thus, the monetary pause is expected to remain in place, at least throughout 2011. Finally, in an economic environment focused on fiscal sustainability, the commitment to budget balance is a strength that sets the Mexican economy apart from the rest. In China, the latest economic indicators point to the existence of a renewed boost to growth and increased 2
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For the year ended December 31, 201
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Translation of financial statements
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The table below outlines the financ
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The breakdown, by transaction type
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2009 Unrealized Gains Millions of E
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11. LOANS AND RECEIVABLES 11.1. BRE
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Additionally, this heading of the a
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As of December 31, 2010 and 2009 th
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As of December 31, 2010 and 2009, t
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15. INVESTMENTS 15.1. INVESTMENTS I
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The changes in 2010 and 2009 in the
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16. TANGIBLE ASSETS As of December
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directives and regulations and by T
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In addition to the income tax recog
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20.2. DEPOSITS FROM CREDIT INSTITUT
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The changes in 2010 and 2009 in the
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This heading of the balance sheet i
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22. PENSION AND OTHER COMMITMENTS T
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The defined benefit commitments as
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• Other commitments with employee
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22.2.3. Summary of effects on profi
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24. SHARE PREMIUM The amounts under
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The percentages of treasury stock h
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29. FINANCIAL GUARANTEES AND DRAWAB
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The amounts recognized in equity in
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38. NET GAINS (LOSSES) ON FINANCIAL
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Equity-instrument-based employee re
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43. IMPAIRMENT LOSSES ON FINANCIAL
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48. ACCOUNTANT FEES AND SERVICES Th
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50. REMUNERATION OF THE BANK’S DI
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The number of “theoretical shares
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APPENDICES 112
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BANCO BILBAO VIZCAYA ARGENTARIA, S.
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APPENDIX II. Additional information
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Page 132 and 133: APPENDIX III. Additional informatio
Page 134 and 135: APPENDIX V. Changes and notificatio
Page 136 and 137: APPENDIX V. Changes and notificatio
Page 138 and 139: APPENDIX VI. Fully consolidated sub
Page 140 and 141: APPENDIX VIII: Information on data
Page 142 and 143: B) DEBIT OPERATIONS Millions of Eur
Page 144 and 145: Appendix X. Balance sheets as of De
Page 146 and 147: APPENDIX XII. List of Agents 3U EMP
Page 148 and 149: ARCOS GONZALEZ, FELIX ARTEKARITZA A
Page 150 and 151: BARRIONUEVO VACA, JOSE LUIS BLANCO
Page 152 and 153: COLL PEREZ-GRIFO, ANA MARTA COOP. O
Page 154 and 155: EUROCONSULTING ECONOMISTAS, S.L. FE
Page 156 and 157: GESTION DE INVERSIONES Y PROMOCIONE
Page 158 and 159: INVERSIONES BARCARES 55, S.L. JAURE
Page 160 and 161: MARTINEZ FERNANDEZ, HECTOR MAYORDOM
Page 162 and 163: ORRIOLS GESE, JORDI PASOCORRECTO, S
Page 164 and 165: ROJAS ALBENDIN, S.L. RUIZ-ESTELLER
Page 166 and 167: SUBCONTAB, S.L. TORRICO Y SALMERON,
Page 168 and 169: APPENDIX XIII. Balance Sheet of Ban
Page 170 and 171: APPENDIX XIV. Years in which the di
Page 172 and 173: Deposits from customers Redeemable
Page 174 and 175: Mortgage-backed bonds Non-current a
Page 178 and 179: inflation, this is forcing the auth
Page 180 and 181: 6. COMMON STOCK AND TREASURY STOCK
Page 182 and 183: The grievances and complaints handl
Page 184 and 185: Development of virtual banking In 2
Page 186 and 187: Development and coordination of Inn
Page 188 and 189: 12. OTHER INFORMATION AND SUBSEQUEN
Page 190 and 191: Termination of Directorship Directo
Page 192 and 193: ANNUAL CORPORATE GOVERNANCE REPORT
Page 194 and 195: A.3. Complete the following tables
Page 196 and 197: 24/MAY/2010 9/JUN/2010 24/JUN/2010
Page 198 and 199: Description of the legal restrictio
Page 200 and 201: B.1.3.Fill in the following tables
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Page 204 and 205: B.1.8. List, where applicable, any
Page 206 and 207: c) Total remuneration by type of di
Page 208 and 209: Article 50 b of the BBVA bylaws est
Page 210 and 211: 4. Propose the senior management re
Page 212 and 213: Should the board decide against the
Page 214 and 215: . Matters on which a tie-breaking v
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egulators from Spain and abroad may
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established in the specific regulat
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Name of committee Brief description
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Bank or companies of its Group hold
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This organisational set-up is suppl
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MARKET RISK: This risk arises as a
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Liquidity risk. Liquidity risk is t
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Risk materialised in the financial
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During the first half of the year,
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On second summons, twenty-five perc
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the General Meeting as established
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Resolution Three adopted by 95.29%.
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a) The transformation of listed com
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See section: B.1.3 Complies 12. Amo
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See sections: B.1.28 and B.1.30 Com
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34. Directors who give up their pla
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4.- Propose the remuneration policy
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a) To monitor the preparation and t
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G OTHER INFORMATION OF INTEREST If
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(3) Roman Knörr Borrás, who stood
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The provisions registered as of Dec
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Balance Sheet at 31 December 2010 of BBVA

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