Balance Sheet at 31 December 2010 of BBVA

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directives and regulations and by Title VIII, Chapter VIII of Corporation Tax Act 43/1995 of 27 December. The disclosures required under the aforementioned legislation are included in the notes to the financial statements of the relevant entities for the period in which the transactions took place. 18.1. YEARS OPEN FOR REVIEW BY THE TAX AUTHORITIES At the date these financial statements were prepared, the Bank had 2004 and subsequent years open for review by the tax authorities for the main taxes applicable to it. In 2008, as a result of the tax audits conducted by the tax authorities, tax assessments were issued against the Bank for the years up to and including 2003, some of which were signed on a contested basis, which became set in 2009. After considering the temporary nature of certain of the items assessed, the amounts, if any, that might arise from these assessments were provisioned in full in at 2010 year-end. In view of the varying interpretations that can be made of the applicable tax legislation, the outcome of the tax inspections of the open years that could be conducted by the tax authorities in the future could give rise to contingent tax liabilities which cannot be objectively quantified at the present time. However, the Banks’ Board of Directors and its tax advisers consider that the possibility of these contingent liabilities becoming actual liabilities is remote and, in any case, the tax charge which might arise therefore would not materially affect the Bank’s financial statements. 18.2. RECONCILIATION The reconciliation of the corporation tax expense resulting from the application of the standard tax rate to the recognized corporation tax expense is as follows: Millions of Euros Reconciliation of the Corporate Tax Expense Resulting from the Application of the Standard Rate and the Expense Registered by 2010 2009 this Tax Corporation tax 1,024 1,034 Decreases due to permanent differences: Tax credits and tax relief at consolidated Companies (277) (282) Other items net (345) (374) Net increases (decreases) due to temporary differences (209) 25 Charge for income tax and other taxes 193 403 Deferred tax assets and liabilities recorded (utilized) 209 (25) Income tax and other taxes accrued in the period 402 378 Adjustments to prior years' income tax and other taxes 107 89 Income tax and other taxes 509 467 The Bank avails itself of the tax credits for investments in new fixed assets (in the scope of the Canary Islands tax regime, for a non-material amount), tax relief, and training and double taxation tax credits, in conformity with corporate income tax legislation. The Bank and the acquired companies have opted to defer corporation tax on the gains on disposals of tangible assets and shares in investees more than 5% owned by them, the breakdown of which by year is as follows: Year Millions of Euros 1996 26 1997 150 1998 568 1999 117 2000 75 2001 731 74
Under the regulations in force until December 31, 2001, the amount of the aforementioned gains for each year had to be included in equal parts in the taxable profit of the seven tax years ending from 2000, 2001, 2002, 2003, 2004 and 2005, respectively. Following inclusion of the portion relating to 2001, the amount of the gains not yet included was €1.639 billion, with respect to which the Bank availed itself of Transitional Provision Three of Act 24/2001 (of December 27) on Administrative, Tax, Labor and Social Security Measures. Almost all this amount (€1,634 million) was included as a temporary difference in the 2001 taxable profit. The share acquisitions giving rise to an ownership interest of more than 5%, particularly investments of this kind in Latin America, were assigned to meet reinvestment commitments assumed in order to qualify for the above-mentioned tax deferral. Since 2002 the Bank has availed itself of the tax credit for reinvestment of extraordinary income obtained on the on the transfer for consideration of properties and shares representing ownership interests of more than 5%. The acquisition of shares over a 5% is done to comply with the reinvestment commitments relating to the aforementioned tax credit. The amount assumed in order to qualify for the above-mentioned tax deferral, is as follows: Year Millions of Euros 2002 276 2003 27 2004 332 2005 80 2006 410 2007 1,047 2008 71 2009 23 In 2010 income attributable to the deduction for reinvestment amounted to €35 million, and the year’s investment in the equity elements established by tax regulations was applied to reinvestment. In 2010, the Bank included in taxable income approximately €26 million as a result of the changes in the carrying amount of its investments in subsidiaries, jointly controlled entities and associates. The amounts pending addition to taxable income at year-end in connection with the aforementioned investments stands at approximately €434 million. Millions of Euros 2010 Pending addition to taxable income as of December 31, 2009 460 Decrease income (included) 2010 (26) Investments Equity as of December 31, 2009 1,019 Investments Equity as of December 31, 2010 1,104 Changes in Investments Equity 85 Pending addition to taxable income as of December 31, 2010 434 18.3. TAX RECOGNIZED IN EQUITY 75
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For the year ended December 31, 201
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Translation of financial statements
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Page 26 and 27: 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 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
Page 114 and 115: APPENDICES 112
Page 116 and 117: BANCO BILBAO VIZCAYA ARGENTARIA, S.
Page 124 and 125: 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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BANCO BILBAO VIZCAYA ARGENTARIA, S.
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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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