Balance Sheet at 31 December 2010 of BBVA

This heading of the balance sheet includes those funds collected for the purpose of priority of claims that lies
behind all the common creditors.
The breakdown of the balance of this heading of the balance sheet, depending on the instrument, currency
and interest rate on the issue, without taking into account the valuation adjustments, are shown in Appendix
IX.
The “Subordinated debt" heading includes the issue by BBVA of convertible subordinated bonds amounting
to €2,000 million in September 2009. These bonds accrue an annual 5% fixed interest on the face value of
the bonds, payable quarterly, and they can be converted into Bank shares from the first year onwards, at the
Bank's discretion, on each of the coupon payment dates, which is obligatory until the final maturity date
(October 15, 2014). These bonds were recognized as liabilities since the number of Bank shares to be
delivered can vary. The number of shares will be equal to the number of shares that have a value at the time
of conversion (determined in accordance with the price for the last five sessions prior to the conversion date)
equivalent to the nominal value of the bonds.
The "Subordinated deposits" account of the foregoing breakdown as of December 31, 2010 and 2009,
includes the subordinated deposits taken relating to the subordinated debt and preference share issues
launched by BBVA Global Finance Ltd., BBVA Subordinated Capital S.A.U., BBVA International Preferred
S.A.U., BBVA International Ltd., and BBVA Capital Finance, S.A. which are unconditionally and irrevocably
secured by the Bank.
Early repayment of €750 million for a subordinated debt issue took place in 2010.
In 2010 and 2009 the subordinated debt accrued interests amounted to €518 and €524 million, respectively
(Note 34).
20.4.4. MORTGAGE MARKET SECURITIES
The following information relates to loans and mortgage loans in accordance with Royal Decree 716/2009,
April 24:
Millions of Euros
Mortgage Bonds 2010 2009
Outstanding loan and mortgage loan portfolio 103,661 104,277
Of which: - -
Assets suitable to issue mortgage bonds 56,317 53,016
Other assets related to the issuance of mortgage bonds (*) - -
Mortgage bonds (**) 34,671 32,871
Issued by the Bank 34,671 32,871
Of which: - -
Issued through a public tender 27,350 27,850
(*) Given the characteristics of the type of mortgage-covered bonds issued from the Bank,
there are no replacement assets to that effect.
(**) In the year 2010 and 2009 and as of December 31, 2010 and 2009, the Bank had no
issuance of mortgage bonds differents that the indicated above
The Bank holds no derivative financial instruments relating to mortgage bond issues, as defined in the
aforementioned Royal Decree.
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