Balance Sheet at 31 December 2010 of BBVA

25.3. REVALUATION OF ROYAL DECREE-LAW 7/1996 (REVALUATION AND REGULARIZATION OF
THE BALANCE SHEET)
Prior to the merger, Banco de Bilbao, S.A. and Banco de Vizcaya, S.A. availed themselves of the legal
provisions applicable to the regularization and revaluation of balance sheets. In addition, on December 31,
1996, the Bank revalued its tangible assets pursuant to Royal Decree-Law 7/1996 by applying the maximum
coefficients authorized, up to the limit of the market value arising from the existing valuations. The resulting
increases in the cost and accumulated depreciation of tangible assets and, where appropriate, in the cost of
equity securities, were allocated as follows:
Millions of Euros
Revaluation and Regularization of the Balance Sheet 2010 2009
Legal revaluations and regularizations of tangible assets:
Cost 187 187
Less:
Single revaluation tax (3%) (6) (6)
Balance as of December 31, 1999 181 181
Rectification as a result of review by the tax authorities in 2000 (5) (5)
Transfer to voluntary reserves (144) (128)
Total 32 48
Following the review of the balance of the account Revaluation Reserve Royal Decree-Law 7/1996 on June
7, by the tax authorities in 2000, this balance would only be used, free of tax, to offset recorded losses and to
increase capital through January 1, 2007. From that date, the remaining balance of this account can also be
taken to unrestricted reserves, provided that the surplus has been depreciated or the revalued assets have
been transferred or derecognized. If this balance were used in a manner other than that described above, it
would be subject to tax.
26. TREASURY STOCK
The Bank companies in 2010 and 2009 performed the following transactions involving Bank shares:
2010 2009
Treasury Stock
Number of Millions of Number of Millions of
Shares
Euros
Shares
Euros
Balance at beginning 16,642,054 224 61,539,883 720
+ Purchases 821,828,799 7,828 688,601,601 6,431
- Sales and other changes (780,423,886) (7,545) (733,499,430) (6,835)
+/- Derivatives over BBVA shares - 45 - (92)
Balance at the end 58,046,967 552 16,642,054 224
Of which:
Held by BBVA 2,838,798 84 8,900,623 128
Held by Corporación General Financiera, S.A. 55,207,640 469 7,740,902 96
Held by other subsidiaries 529 - 529 -
Average purchase price in euros 9.53 9.34
Average selling price in euros 9.48 8.95
Net gain or losses on transactions
(Stockholders' funds-Reserves) (106) (238)
The amount under the heading of "Sales and other changes" in the above table in 2009 includes the
allocation of treasury stock to the shareholders as an additional remuneration to complement the dividends
for 2008 (see Note 24).
93