Balance Sheet at 31 December 2010 of BBVA

24. SHARE PREMIUM
The amounts under this heading in the accompanying balance sheets total €17,104 and €12,453 million as
of 31 December, 2010 and 2009, respectively.
The change in the amount in 2010 is due to the share premium of the aforementioned capital increase.
The change in the balance in 2009 is the result of a charge of €317 million corresponding to the payment to
shareholders on April 20, 2009 as a complement to dividends for 2008, which was approved at the AGM on
March 13, 2009.
This payment consisted in a total of 60,451,115 treasury stock (see Note 26) at one (1) share for each sixtytwo
(62) held by shareholders at market close on April 9, 2009. These shares are valued at €5.25 each (the
average weighted price per share of Banco Bilbao Vizcaya Argentaria, S.A. in the Spanish stock market
(continuous market) on March 12, the day before that of the AGM mentioned above.
The amended Spanish Corporation Act expressly permits the use of the share premium balance to increase
capital and establishes no specific restrictions as to its use.
25. RESERVES
The breakdown of the balance of this heading in the accompanying balance sheets as of December 31,
2010 and 2009 is as follows:
Millions of Euros
Reserves. Breakdown by concepts 2010 2009
Restricted reserves:
Legal reserve 367 367
Restricted reserve for retired capital 88 88
Restricted reserve for Parent Company shares 457 470
Restricted reserve for redenomination of capital in euros 2 2
Revaluation Royal Decree-Law 7/1996 32 48
Voluntary reserves:
Voluntary and others 4,168 2,918
Total 5,114 3,893
25.1. LEGAL RESERVE
Under the amended Corporations Act, 10% of any profit made each year must be transferred to the legal
reserve until the balance of this reserve reaches 20% of the share capital. This limit of 20% of share capital
had already been reached by Banco Bilbao Vizcaya Argentaria, S.A. as of December 31, 2010, once the
proposal for applying the 2010 earnings was considered (see Note 3). The legal reserve may also be used to
increase the share capital in the part of its balance exceeding the 10% of the capital already increased.
Until the legal reserve exceeds 20% of capital, it can only be used to offset losses, provided that sufficient
other reserves are not available for this purpose.
25.2. RESTRICTED RESERVES
BBVA has recognized a restricted reserve resulting from the reduction of the nominal value of each share in
April 2000, and another restricted reserve resulting from the amount of treasury stock held by the Bank at
each period-end, as well as by the amount of customer loans outstanding at those dates that were granted
for the purchase of, or are secured by, the Bank’s shares.
Finally, pursuant to Act 46/1998 on the introduction of the euro, a restricted reserve is recognized as a result
of the rounding effect of the redenomination of the share capital in euros.
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