Balance Sheet at 31 December 2010 of BBVA

The most significant change in 2009 in this heading was the reclassification of the investment in China
National Citic Bank (hereinafter “CNCB”) to “Investments in associates” described in Note 15.1.
During 2009, some credit institutions reached an agreement to restructure the Sacresa Group's debt. By
virtue of that agreement, through Anida Operaciones Singulares, S.L. (subsidiary fully owned by BBVA) the
Group received shares representing 9.1% of the common stock of Metrovacesa, S.A. as dation in repayment
of debt amounting to €362 million, and also acquired an extra 1.8% in Metrovacesa's common stock from
previous stockholders.
In November 2009, the investment that Anida Operaciones Singulares, S.L held in Metrovacesa S.A. at the
time, which was 11.4% of its common stock, was transfer to the Bank without this transfer generating any
equity changes.
10.4. GAINS/LOSSES
The changes in gains/losses, net of tax, in 2010 and 2009 were as follows:
Millions of Euros
Changes in Valuation Adjustments - Available-for-
Sale Financial Assets
2010 2009
Balance at the beginning 1,567 937
Valuation gains and losses (1,756) 1,045
Income tax 510 (398)
Amounts transferred to income (*) (282) (17)
Balance at the end 39 1,567
Of which:
Debt securities (909) 207
Equity instruments 948 1,360
(*) The amount transferred to 2010 and 2009 gains and losses was registered under the heading “Net gains (losses) on financial
assets and liabilities” of the accompanying income statements (Note 38).
The losses recognized under the heading “Impairment losses on financial assets (net) - Available for sale
assets” in the income statement for the year ended December 31, 2010 and 2009 amounted to €131 and
€183 million, respectively (see Note 43).
The losses recognized in the "Valuation adjustments – Available-for-sale assets” as of December 31, 2010,
were generated, principally, in a period of less than a year and mainly relate to debt securities
No impairment has been estimated following an analysis of these unrealized losses, therefore it can be
concluded that they are temporary, because: the interest payment periods of all the fixed-income securities
have been satisfied; and because there is no evidence that the issuer will not continue to comply with
payment obligations, and future payments of both principal and interests will be sufficient to recover the cost
of the debt securities.
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