Balance Sheet at 31 December 2010 of BBVA

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Translation of financial statements originally issued in Spanish and prepared in accordance with generally accounting principles Spain (See Note 1 and 54). In the event of a discrepancy, the Spanish-language version prevails. The recognized deferred tax assets and liabilities are reassessed by the Bank on each balance sheet date in order to ascertain whether they still exist, and the appropriate adjustments are made on the basis of the findings of the analyzes performed. The income and expenses directly recognized in equity that do not increase or decrease taxable income are accounted as temporary differences. Deferred tax liabilities in relation to taxable temporary differences associated with investments in subsidiaries, associates or jointly controlled entities are recognized as such, except where the Bank can control the timing of the reversal of the temporary difference and it is unlikely that it will reverse in the foreseeable future. 2.8. PROVISIONS, CONTINGENT ASSETS AND CONTINGENT LIABILITIES The heading “Provisions” in the accompanying balance sheets includes amounts recognized to cover the Bank’s current obligations arising as a result of past events. These are certain in terms of nature but uncertain in terms of amount and/or cancellation date. The settlement of these obligations is deemed likely to entail an outflow of resources embodying economic benefits (see Note 21). The obligations may arise in connection with legal or contractual provisions, valid expectations that the Bank forms relating to third parties in relation to the assumption of certain responsibilities or virtually certain developments of particular aspects of applicable regulation, specifically draft legislation to which the Bank will certainly be subject. Provisions are recognized in the balance sheet when each and every one of the following requirements is met: The Bank has an existing obligation resulting from a past event and, on the balance sheet date, it is more likely than not that the obligation will have to be settled; it is probable that to settle the obligation the entity will have to give up resources embodying economic benefits; and a reliable estimate can be made of the amount of the obligation. Among other items they include provisions for commitments to employees mentioned in section 2.9, as well as provisions for tax and legal litigation. Contingent assets are possible assets that arise from past events and whose existence is conditional on, and will be confirmed only by the occurrence or non-occurrence of, events beyond the control of the Bank. Contingent assets will not be recognized in the balance sheet or in the income statement; however, they will be disclosed in the notes to the financial statements, provided that it is probable that these assets will give rise to an increase in resources embodying economic benefits (see Note 31). Contingent liabilities are possible Bank obligations that arise from past events and whose existence is conditional on the occurrence or non-occurrence of one or more future events beyond the control of the Bank. They include the existing obligations of the Bank when it is not probable that an outflow of resources embodying economic benefits will be required to settle them or when, in extremely rare cases, their amount cannot be measured with sufficient reliability (Note 31). 2.9. POST-EMPLOYMENT BENEFITS AND OTHER LONG-TERM COMMITMENTS TO EMPLOYEES Below is a description of the most significant accounting criteria relating to the commitments to employees, related to post-employment benefits and other commitments, of the Bank and branches abroad (Note 22). Commitments valuation: actuarial assumptions and actuarial gains/losses recognition The present values of the commitments are quantified on a case-by-case basis. Costs are calculated using projected unit credit method, which sees each period of service as giving rise to an additional unit of benefit/commitment and measures each unit separalely to build up the final obligation. In adopting the actuarial assumptions, the following are taken into account: • They are unbiased, in that they are not unduly aggressive nor excessively conservative. • They are mutually compatible, reflecting the economic relationships between factors such as inflation, rates of salary increase and discount rates. • The future levels of salaries and benefits are based on market expectations on the balance sheet date for the year over which the obligations are to be settled. • The discount rate used is determined by reference to market yields on the financial statement date on high-quality corporate bonds or debentures. 26
Translation of financial statements originally issued in Spanish and prepared in accordance with generally accounting principles Spain (See Note 1 and 54). In the event of a discrepancy, the Spanish-language version prevails. The Bank recognizes all actuarial differences under “Provisions” (see Note 42) in the income statement in the year in which they arise in connection with commitments assumed by the Bank in connection with personnel availing of early retirement schemes, benefits awarded for seniority, pre-retirement widowhood and disability benefits awarded based on the years of employee service in the Bank, and other similar items. The Bank recognizes the actuarial gains or losses arising on all other defined post-employment benefit commitments directly in "Reserves" within the Bank’s equity (Note 25) in accordance with standard 35 of Bank of Spain Circular 4/2004 (and subsequent amendments). The Bank does not apply the option of deferring actuarial gains and losses to any of its employee commitments using the so-called corridor approach. Post-employment benefits - Pensions Post-employment benefits include defined-contribution and defined-benefit commitments. - Defined-contribution commitments The amounts of these commitments are determined as a percentage of certain remuneration items and/or as a pre-established annual amount. The current contributions made by the Bank for defined-contribution commitments are recognized with a charge to the heading “Personnel Expenses – Contributions to external pension funds” in the accompanying income statements (Notes 22 and 40). -Defined-benefit commitments The Bank has defined-benefit commitments for permanent disability and death of current employees and early retirees; for death for certain retired employees; and defined-benefit retirement commitments applicable only to certain groups of serving employees (unvested benefits), or early retired employees (vested benefits) and of retired employees (ongoing benefits). Defined-benefit commitments are funded by insurance contracts and internal provisions. Pension commitments covered with insurance policies are recognized as follows: i. Pension commitments to employees shall be recorded as pension provisions. ii. iii. The insurance policy shall be recorded on the asset side as an insurance contract linked to pensions. The expense for the period shall be recorded under the heading “Personnel expenses” net of the amount relating to the insurance contracts. - Early retirement The Bank has offered some employees in Spain the possibility of taking early retirement before the age stipulated in the collective labor agreement then in force. The corresponding provisions by the Bank were recognized with a charge to the heading “Provisions (net) – Pension funds and similar obligations” in the accompanying income statements (Note 42). The present values are quantified on a case-by-case basis and are recognized under the heading “Provisions - Pension funds and similar obligations” in the accompanying balance sheets (Note 21). The commitments to early retirees include the compensation and indemnities and contributions to external pension funds payable during the year of early retirement. The commitments relating to this group of employees after they have reached normal retirement age are included in the previous section “Pensions”. - Other post-employment welfare benefits The Bank has welfare benefit commitments the effects of which extend beyond the retirement of the employees entitled to the benefits. These commitments relate to certain current employees and retirees, depending upon the employee group to which they belong. The present actuarial values of the vested obligations for post-employment welfare benefits are quantified on a case-by-case basis. They are recognized under the heading “Provisions - Pension funds and similar obligations” in the accompanying balance sheets (Note 21) and they are charged to the heading “Personnel expenses – Other personnel expenses” in the accompanying income statements (Note 40). 27
Page 1: For the year ended December 31, 201
Page 4 and 5: Translation of financial statements
Page 56 and 57: The table below outlines the financ
Page 58 and 59: The breakdown, by transaction type
Page 60 and 61: 2009 Unrealized Gains Millions of E
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Page 66 and 67: As of December 31, 2010 and 2009 th
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Page 74 and 75: 16. TANGIBLE ASSETS As of December
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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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Additional Information on Consolida
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APPENDIX III. Additional informatio
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APPENDIX V. Changes and notificatio
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APPENDIX V. Changes and notificatio
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APPENDIX VI. Fully consolidated sub
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APPENDIX VIII: Information on data
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B) DEBIT OPERATIONS Millions of Eur
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Appendix X. Balance sheets as of De
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APPENDIX XII. List of Agents 3U EMP
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ARCOS GONZALEZ, FELIX ARTEKARITZA A
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BARRIONUEVO VACA, JOSE LUIS BLANCO
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COLL PEREZ-GRIFO, ANA MARTA COOP. O
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EUROCONSULTING ECONOMISTAS, S.L. FE
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GESTION DE INVERSIONES Y PROMOCIONE
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INVERSIONES BARCARES 55, S.L. JAURE
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MARTINEZ FERNANDEZ, HECTOR MAYORDOM
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ORRIOLS GESE, JORDI PASOCORRECTO, S
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ROJAS ALBENDIN, S.L. RUIZ-ESTELLER
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SUBCONTAB, S.L. TORRICO Y SALMERON,
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APPENDIX XIII. Balance Sheet of Ban
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APPENDIX XIV. Years in which the di
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Deposits from customers Redeemable
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Mortgage-backed bonds Non-current a
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inflation, this is forcing the auth
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6. COMMON STOCK AND TREASURY STOCK
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The grievances and complaints handl
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Development of virtual banking In 2
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Development and coordination of Inn
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12. OTHER INFORMATION AND SUBSEQUEN
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Termination of Directorship Directo
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ANNUAL CORPORATE GOVERNANCE REPORT
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A.3. Complete the following tables
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24/MAY/2010 9/JUN/2010 24/JUN/2010
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Description of the legal restrictio
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B.1.3.Fill in the following tables
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Name of director (person or company
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B.1.8. List, where applicable, any
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c) Total remuneration by type of di
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Article 50 b of the BBVA bylaws est
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4. Propose the senior management re
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Should the board decide against the
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. Matters on which a tie-breaking v
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NO Identify, if applicable, the per
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Amount of non-audit work / Aggregat
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B.2. Committees of the Board of Dir
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Article 32. Composition The Appoint
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The Remuneration committee shall me
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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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