Balance Sheet at 31 December 2010 of BBVA

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 following table shows the main financial instruments carried at fair value in the accompanying balance
sheets as of December 31, 2010 and 2009, broken down by the valuation technique level used to determine
fair value:
Millions of Euros
2010 2009
Fair Value by Levels Notes Level 1 Level 2 Level 3 Level 1 Level 2 Level 3
ASSETS-
Financial assets held for trading 8 16,924 33,625 799 27,068 29,577 887
Debt securities 11,613 898 505 21,327 1,036 470
Other equity instruments 4,459 15 134 4,798 14 184
Trading derivatives 852 32,712 160 943 28,527 233
Available-for-sale financial assets 10 23,467 2,743 397 31,789 3,726 352
Debt securities 19,186 2,717 228 26,826 3,712 72
Other equity instruments 4,281 26 169 4,963 14 280
Hedging derivatives 13 - 2,988 - - 3,082 -
LIABILITIES-
Financial liabilities held for trading 8 4,285 31,370 25 4,330 27,517 96
Trading derivatives 899 31,370 25 964 27,517 96
Short positions 3,386 - - 3,366 - -
Hedging derivatives 13 - 1,391 - - 1,014 -
The heading “Available-for-sale-financial assets” in the accompanying balance sheet as of December 31,
2010 and 2009, additionally includes €105 and €97 million, respectively, accounted for at cost as indicated in
the Section “Financial instruments at cost”.
The changes in financial assets in Level 3 are shown later, in the table “Financial Assets Level 3: Changes in
the Year”.
The following table sets forth the main valuation techniques, hypotheses and inputs used in the estimation of
fair value in level 2 and 3, based on the type of financial instrument:
50