Balance Sheet at 31 December 2010 of BBVA

• Other significant transactions
- In 2009, BBVA USA Bancshares, Inc performed two common stock increases amounting to €771
million, which BBVA fully subscribed.
- In 2009, there was a restructuring of BBVA Group's investments in Chile. BBVA Inversiones Chile
S.A. became the holding company of all local investments. As a result of this restructuring, BBVA
included its investment in BBVA Chile in the holding company, becoming one of its stockholders.
- In November 2009, BBVA Puerto Rico Holding Corporation increased its common stock by €67
million, which BBVA fully subscribed.
- In 2009, Dinero Express Servicios Globales, S.A. increased its common stock by €4 million, which
BBVA fully subscribed. BBVA also contributed funds to offset losses amounting to €18 million.
- In 2009, the BBVA Group restructured its investment in Grupo Financiero BBVA Bancomer, S.A.
As a result of this restructuring, the direct holding of BBVA, S.A. in this company became 100%
and BBVA International Investment Corporation was dissolved.
- In December 2009, BBVA, S.A. fully subscribed the Finanzia Autorenting, S.A. common stock
increase amounting to €35 million, acquiring a 27.13% investment.
15.4. NOTIFICATIONS ABOUT ACQUISITION OF HOLDINGS
Appendix V shown on acquisitions and disposals of holdings in associates or jointly controlled entities and
the notification dates thereof, in compliance with Article 86 of the Corporations Act and Article 53 of the
Securities Market Act 24/1988.
15.5. IMPAIRMENT
The breakdown of the changes in impairment losses in 2010 and 2009 in this heading is as follows:
Millions of Euros
Impairment. 2010 2009
Balance at the beginning 1,790 63
Increase in impairment losses charged to income 263 1,727
Decrease in impairment losses credited to income (20) -
Amount used (21) -
Other changes 9 -
Balance at the end 2,021 1,790
As of December 31, 2009 the difference between the carrying amount of BBVA USA Bancshares, Inc. (fully
owned BBVA, S.A. subsidiary in the United States which specializes in financial services) and the current
value of the expected cash flows amounted to €1,581 million, which are recognized as impairment losses
under "Impairment losses on other assets (net)" on the 2009 income statement.
Out of the total amount recognized as impairment losses, €486 million relate to exchange losses resulting
from applying the dollar exchange rate as of December 31, 2009 and comparing it with the carrying amount
exchange rate (exchange rate at the time of the acquisition).
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