Balance Sheet at 31 December 2010 of BBVA

The defined benefit commitments as of December 31, 2010 and 2009 were as follows:
Millions of Euros
Pension commitments in defined-benefits plans 2010 2009
Commitmentsto retired employees 2,193 2,252
Vested contingencies in respect of current employees 80 82
Total 2,273 2,334
Heaging at the end of the year
With insurances contracts to related companies 1,847 1,883
With insurances contracts to non-related companies 426 451
Total 2,273 2,334
The commitments mentioned in the previous table include commitments by defined benefit for which
insurance contracts have been contracted with BBVA Seguros, S.A. de Seguros y Reaseguros, which is
owned by the Group. The commitments are registered under the heading "Provisions - Pension funds and
similar obligations" of the accompanying balance sheets (Note 21) and the insurance contract assets are
recognized in the heading “Insurance contracts linked to pensions”. Insurance contracts have been
contracted with insurance companies not related to the Bank.
These commitments are covered by assets and therefore are presented in the accompanying balance
sheets for the net amount commitment less plan assets. As of December 31, 2010 and 2009, the amount of
the plan assets to the mentioned insurance contracts equaled the amount of the commitments covered,
therefore its net value was zero in the accompanying balance sheets.
The current contributions made by the Bank in relation to defined benefit retirement commitments are
recorded with a charge to the “Personnel Expenses – Contributions to external pension funds” account of the
accompanying income statement and amounted to €13 and €18 million in 2010 and 2009, respectively.
• Early retirements
The commitments to early retirees include the compensation and indemnities and contributions to external
pension funds payable during the period of early retirement. The commitments relating to this group of
employees after they have reached the age of effective retirement are included in the employee welfare
system.
In 2010 and 2009 the Bank offered certain employees the possibility of taking early retirement before
reaching the age stipulated in the collective labor agreement in force. This offer was accepted by 670 and
845 employees, respectively. The total cost of these agreements amounts to €290 and €423 million and the
corresponding provisions were recognized with a charge to the heading “Provisioning Expense (Net) -
Transfers to Funds for Pensions and Similar Obligations - Early Retirements” in the accompanying income
statement.
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