Balance Sheet at 31 December 2010 of BBVA

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Additionally, this heading of the accompanying balance sheets includes certain securitized loans that have not been derecognized since the Bank has retained substantially all the related risks or rewards due to the fact that it has granted subordinated financing or other types of credit enhancements that absorb either substantially all expected credit losses on the asset transferred or the probable variation in attendant net cash flows. The balance sheet amounts of said securitized loans not derecognized as of December 31, 2010 and 2009 were: Millions of Euros Securitized Loans 2010 2009 Securitized mortgage assets 32,266 33,793 Other securitized assets 6,595 8,616 Commercial and industrial loans 3,814 4,356 Finance leases 783 1,366 Loans to individuals 1,998 2,894 Total 38,861 42,409 Meanwhile, certain other securitized loans have been derecognized where substantially all attendant risks or benefits were effectively transferred. As of December 31, 2010 and 2009, the outstanding balances of derecognized securitized loans were as follows: Millions of Euros Derecognized Securitized Loans 2010 2009 Securitized mortgage assets 2 93 Other securitized assets 176 276 Total 178 369 12. HELD-TO-MATURITY INVESTMENTS The breakdown of the balance of this heading in the balance sheets as of December 31, 2010 and 2009 was as follows: Held-to-Maturity Investments. Breakdown by Type of Financial Instrument 2010 Domestic Debt Securities Amortized Cost Unrealized Gains Millions of Euros Unrealized Losses Fair Value Spanish Government and other government agency debt securities 6,611 2 (671) 5,942 Other domestic debt securities 892 - (63) 829 Issue by credit institutions 290 - (13) 277 Issue by other issuers 602 - (50) 552 Subtotal 7,503 2 (734) 6,771 Foreign Debt Securities Other foreign governments and other government agency debt securities 2,181 10 (20) 2,171 Issue by credit institutions 262 6 (21) 247 Subtotal 2,443 16 (41) 2,418 Total 9,946 18 (775) 9,189 62
Millions of Euros 2009 Amortized Cost Unrealized Gains Unrealized Losses Fair Value Domestic Debt Securities Spanish Government and other government agency debt securities 1,674 21 (13) 1,682 Other domestic debt securities 952 8 (18) 942 Subtotal 2,626 29 (31) 2,624 Foreign Debt Securities Government and other government agency debt securities 2,399 64 (7) 2,456 Other debt securities 412 7 (6) 413 Subtotal 2,811 71 (13) 2,869 Total 5,437 100 (44) 5,493 The net increase in the balance in 2010 is mainly due to the acquisition of debt securities from the Spanish government. The Bank's foreign securities as of December 31, 2010 and 2009 in the held-to-maturity portfolio relate to European issuers. No impairment has been estimated following an analysis of the 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, nor that future payments of both principal and interests will not be sufficient to recover the cost of the securities. The following is a summary of the gross changes in 2010 and 2009 in this heading in the accompanying balance sheets, not including impairment losses: Millions of Euros Held-to-Maturity Investments Changes on the Period 2010 2009 Balance at the beginning 5,438 5,285 Acquisitions 4,969 426 Redemptions and other (460) (273) Balance at the end 9,947 5,438 Impairment (1) (1) Total 9,946 5,437 13. HEDGING DERIVATIVES (RECEIVABLE AND PAYABLE) AND FAIR VALUE CHANGES OF THE HEDGED ITEMS IN PORTFOLIO HEDGES The breakdown of the balance of these items in the accompanying balance sheets was as follows: Millions of Euros Hedging derivatives and Fair value changes of the hedged items in portfolio hedges of interest rate risk 2010 2009 ASSETS- Fair value changes of the hedged items in portfolio hedges of interest rate risk 40 - Hedging derivatives 2,988 3,082 LIABILITIES- Fair value changes of the hedged items in portfolio hedges of interest rate risk (2) - Hedging derivatives 1,391 1,014 63
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For the year ended December 31, 201
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Translation of financial statements
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Page 14 and 15: 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 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
Page 84 and 85: This heading of the balance sheet i
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
Page 92 and 93: 22.2.3. Summary of effects on profi
Page 94 and 95: 24. SHARE PREMIUM The amounts under
Page 96 and 97: The percentages of treasury stock h
Page 98 and 99: 29. FINANCIAL GUARANTEES AND DRAWAB
Page 100 and 101: The amounts recognized in equity in
Page 102 and 103: 38. NET GAINS (LOSSES) ON FINANCIAL
Page 104 and 105: Equity-instrument-based employee re
Page 106 and 107: 43. IMPAIRMENT LOSSES ON FINANCIAL
Page 108 and 109: 48. ACCOUNTANT FEES AND SERVICES Th
Page 110 and 111: 50. REMUNERATION OF THE BANK’S DI
Page 112 and 113: 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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