Balance Sheet at 31 December 2010 of BBVA

• Estimated future payments for commitments with employees in the Bank
The estimated benefit payments in millions of euros over the next 10 years for commitments with employees
in Spain, are as follows:
Millions of Euros
Estimated Future Payments for Post-
Employment Commitments in Spain
2011 2012 2013 2014 2015 2016-2020
Post-employment benefits 788 731 685 634 577 1,928
Of which:
Early retirements 592 538 494 445 390 1032
22.2.2. Commitments abroad:
Part of the Bank’s foreign network has post-employment defined benefit commitments to certain current
and/or retired employees. Those commitments are not available for new employees. The most salient data
relating to these commitments are as follows:
• Defined-benefit commitments:
the accrued liability for defined benefit commitments to current and/or retired employees, net, where
appropriate, of the specific assets assigned to fund them, amounted to €28 and €32 million as of 31
December 2010 and 2009, respectively, and is included under Provisions – Provisions for Pensions and
Similar Obligations in the accompanying balance sheets.
The present values of the vested obligations of the foreign network are quantified on a case-by-case basis,
and the projected unit credit valuation method is used for current employees. As a general rule, the actuarial
assumptions used are as follows: the discount rate is the AA corporate bond yield curve; the mortality tables
are those applicable in each local market when an insurance contract is arranged; and the inflation and
salary growth rates are those applicable in each local market.
These assumptions should be prudent and mutually compatible. The changes in 2010 and 2009, in the
foreign network as a whole, in the balances of Provisions – Pension funds and similar obligations were as
follows:
Millions of Euros
Net Commitments in Branches Abroad
Changes in the year
2010 2009
Balance at the beginning 32 28
+ Interest costs 1 -
+ Current service cost - -
- Payments and settelments (2) (2)
+/- Other changes 1 -
+/- Actuarial losses (gains) (5) 5
+/- Exchange differences 1 1
Balance at the end 28 32
89