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. 5.4. RESIDUAL MATURITY The breakdown, by contractual maturity, of the balances of certain headings in the balance sheets as of December 31, 2010 and 2009, disregarding valuation adjustments if necessary, was as follows: 2010 Demand Up to 1 Month 1 to 3 Months Millions of Euros 3 to 12 Months 1 to 5 Years Over 5 Years Total ASSETS - Cash and balances with central banks 4,165 - - - - - 4,165 Loans and advances to credit institutions 1,119 10,052 3,324 2,523 7,518 4,311 28,847 Loans and advances to customers 13,983 27,565 14,824 30,538 53,520 98,572 239,002 Debt securities 2 2,703 2,727 5,273 18,801 16,620 46,126 OTC derivatives - 510 1,490 3,575 13,725 17,318 36,618 LIABILITIES- Deposits from central banks 3 5,008 3,129 2,704 - - 10,844 Deposits from credit institutions 1,505 19,021 3,986 2,178 9,287 5,890 41,867 Deposits from customers 55,886 56,159 16,373 38,409 17,131 1,355 185,313 Debt certificates (including bonds) - 5,017 9,747 4,483 27,370 14,377 60,994 Subordinated liabilities - - - 100 3,101 9,457 12,658 Other financial liabilities 3,994 391 28 89 12 11 4,525 OTC derivatives - 658 1,437 3,716 12,141 15,721 33,673 2009 Demand Up to 1 Month 1 to 3 Months Millions of Euros 3 to 12 Months 1 to 5 Years Over 5 Years Total ASSETS - Cash and balances with central banks 2,705 - - 578 - - 3,283 Loans and advances to credit institutions 1,144 10,582 1,990 2,600 7,004 4,505 27,825 Loans and advances to customers 695 23,917 12,854 28,262 58,336 108,817 232,881 Debt securities - 3,853 4,283 7,332 25,635 17,721 58,824 OTC derivatives - 460 2,023 4,022 13,975 12,305 32,785 LIABILITIES- Deposits from central banks 7 4,224 3,783 12,292 - - 20,306 Deposits from credit institutions 1,322 15,471 4,054 5,202 6,341 7,657 40,047 Deposits from customers 56,287 43,202 30,814 26,315 13,509 1,294 171,421 Debt certificates (including bonds) - 6,113 15,972 11,502 27,938 13,446 74,971 Subordinated liabilities - - - - - - - Other financial liabilities 3,249 90 38 92 1 1 3,471 OTC derivatives - 638 1,556 3,748 13,075 10,551 29,568 6. FAIR VALUE OF FINANCIAL INSTRUMENTS The fair value of a financial asset or a liability on a given date is the amount for which it could be exchanged or settled, respectively, between two knowledgeable, willing parties in an arm’s length transaction in market conditions. The most objective and common reference for the fair value of a financial asset or a liability is the price that would be paid for it on an organized, transparent and deep market (“quoted price” or “market price”). If there is no market price for a given financial asset or liability, its fair value is estimated on the basis of the price established in recent transactions involving similar instruments and, in the absence thereof, by using mathematical measurement models sufficiently tried and trusted by the international financial community. The estimates used in such models take into consideration the specific features of the asset or liability to be measured and, in particular, the various types of risk associated with the asset or liability. However, the limitations inherent in the measurement models developed and the possible inaccuracies of the assumptions required by these models may mean that the fair value of an asset or liability that is estimated does not coincide exactly with the price for which the asset or liability could be exchanged or settled on the date of its measurement. 48
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. Determining the fair value of financial instruments Below is a comparison of the carrying amount of the Bank’s financial assets and liabilities and their respective fair values as of December 31, 2010 and 2009: Fair Value and Carrying Amount Notes Carrying Amount Millions of Euros 2010 2009 Fair Value Carrying Amount Fair Value ASSETS- Cash and balances with central banks 7 4,165 4,165 3,286 3,286 Financial assets held for trading 8 51,348 51,348 57,532 57,532 Available-for-sale financial assets 10 26,712 26,712 35,964 35,964 Loans and receivables 11 264,278 266,140 256,355 259,909 Held-to-maturity investments 12 9,946 9,189 5,437 5,493 Fair value changes of the hedges items in portfolio hedges of interes rate risk 13 40 40 - - Hedging derivatives 13 2,988 2,988 3,082 3,082 LIABILITIES- Financial assets held for trading 8 35,680 35,680 31,943 31,943 Financial liabilities at amortized cost 20 320,592 317,770 328,389 326,248 Fair value changes of the hedges items in portfolio hedges of interes rate risk 13 (2) (2) - - Hedging derivatives 13 1,391 1,391 1,014 1,014 For financial instruments whose carrying amount is different from its fair value, fair value was calculated in the following manner: • The fair value of “Cash and balances with central banks”, which are short term by their very nature, is equivalent to their carrying amount. • The fair value of “Held-to-maturity investments” is equivalent to their quoted price in active markets. • The fair values of “Loans and receivables” and “Financial liabilities at amortized cost” were estimated by discounting estimated cash flows using the market interest rates prevailing at each year-end. The “Fair value changes of the hedged items in portfolio hedges of interest rate risk” item registers the difference between the book value of the hedged deposits lent, registered under "Loans and Receivables," and the fair value calculated using internal models and observable variables of market data (see Note 13). For financial instruments whose carrying amount corresponds to their fair value, the measurement processes used are set forth below: • Level 1: Measurement using market observable quoted prices for the financial instrument in question, secured from independent sources and linked to active markets. This level includes listed debt securities, listed equity instruments, some derivatives and mutual funds. • Level 2: Measurement using valuation techniques the inputs for which are drawn from market observable data. • Level 3: Measurement using valuation techniques, where some of the inputs are not taken from market observable data. Model selection and validation is undertaken at the independent business units. As of December 31, 2010, level 3 financial instruments represented 1.48% of financial assets accounted for at fair value and 0.07% of financial liabilities at fair value. Model selection and validation was undertaken by control areas outside the business units. 49
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
Page 62 and 63: 11. LOANS AND RECEIVABLES 11.1. BRE
Page 64 and 65: Additionally, this heading of the a
Page 66 and 67: As of December 31, 2010 and 2009 th
Page 68 and 69: As of December 31, 2010 and 2009, t
Page 70 and 71: 15. INVESTMENTS 15.1. INVESTMENTS I
Page 72 and 73: The changes in 2010 and 2009 in the
Page 74 and 75: 16. TANGIBLE ASSETS As of December
Page 76 and 77: directives and regulations and by T
Page 78 and 79: In addition to the income tax recog
Page 80 and 81: 20.2. DEPOSITS FROM CREDIT INSTITUT
Page 82 and 83: The changes in 2010 and 2009 in the
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Page 86 and 87: 22. PENSION AND OTHER COMMITMENTS T
Page 88 and 89: The defined benefit commitments as
Page 90 and 91: • Other commitments with employee
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Page 94 and 95: 24. SHARE PREMIUM The amounts under
Page 96 and 97: The percentages of treasury stock h
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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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