Balance Sheet at 31 December 2010 of BBVA

Pension commitments in defined-benefit plans and most long-term post-employment benefits, as well as the
plan assets and the insurance contracts covers in Spain and abroad as of December 31, 2010 and 2009, are
shown below:
Pensions and Early-Retirement Commitments and Welfare
Benefits: Spain and Abroad
Millions of Euros
Commitments in Spain Commitments Abroad Total BBVA Group
2010 2009 2010 2009 2010 2009
Post-employment benefits
Post-employment benefits 2,273 2,334 82 79 2,355 2,413
Early retirement 3,083 3,290 - - 3,083 3,290
Post-employment welfare benefits 219 221 - - 219 221
Total post-employment benefits (1) 5,575 5,845 82 79 5,657 5,924
Insurance contracts coverage
Post-employment benefits 426 451 - - 426 451
Other plan assets
Post-employment benefits - - 54 47 54 47
Post-employment welfare benefits - - - - - -
Total plan assets and insurance contracts coverage (2) 426 451 54 47 480 498
Net commitments (1) - (2) 5,149 5,394 28 32 5,177 5,426
of which:
With contracts to related companies 1,847 1,883 - - 1,847 1,883
Net commitments for these long-term post-employment benefits, amounting to €5,177 and €5,426 million,
are recognized under the heading “Provisions – Provisions for pensions and similar obligations” in the
accompanying balance sheets as of December 31, 2010 and 2009, respectively.
Additionally, there are other commitments to employees, including long-service awards, which are
recognized under the heading "Other provisions" in the accompanying balance sheets (see Note 21). As of
December 31, 2010 and 2009, they amounted to €11 and €13 million respectively (section 22.2.1).
The balance of the heading “Provisions - Provisions for pensions and similar obligations” of the
accompanying balance sheets as of December 31, 2010 included €209.3 million, for commitments for postemployment
benefits maintained with previous executive and non-executive members of the Board of
Directors and the Bank´s Management Committee.
No charges for those items were recognized in the accompanying income statement in 2010.
22.2.1. Commitments in Spain
The most significant actuarial assumptions used as of December 31, 2010 and 2009, to quantify these
commitments are as follows:
Actuarial Assumptions
Commitments with employees in Spain
2010 2009
Mortality tables PERM/F 2000P. PERM/F 2000P.
Discount rate (cumulative annual)
4.5% AA Corporate 4.5% AA Corporate
Bond Yield Curve Bond Yield Curve
Consumer price index (cumulative annual) 2% 2%
Salary growth rate (cumulative annual)
Retirement age
At least 3%
(depending on employee)
At least 3%
(depending on employee)
First date at which the employees are entitled to retire or
contractually agreed at the individual level in the case of early
retirements
• Pension commitments
Pension commitments in defined-benefit plans correspond mainly to employees who have retired or taken
early retirement from the Bank and to certain groups of employees still active in the Bank in the case of
pension benefits, and to the majority of active employees in the case of permanent incapacity and death
benefits. These commitments are hedged through insurance contracts and internal funds.
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