Balance Sheet at 31 December 2010 of BBVA

The percentages of treasury stock held by the Bank in 2010 and 2009 were as follows:
2010 2009
Treasury Stock Min Max Min Max
% treasury stock 0.352% 2.396% 0.020% 2.850%
The number of shares of BBVA with nominal value per share €0.49, accepted in pledge as of December 31,
2010 and 2009 was as follow:
Shares of BBVA Accepted in Pledge 2010 2009
Number of shares in pledge 107,180,992 92,503,914
Nominal value 0.49 0.49
% of share capital 2.39% 2.47%
The number of BBVA shares owned by third parties but managed by the Bank as of December 31, 2010 and
2009 was as follows:
Shares of BBVA Owned by Third Parties but Managed by
the Group
2010 2009
Number of shares property of third parties 96,107,765 82,319,422
Nominal value 0.49 0.49
% of share capital 2.14% 2.20%
27. VALUATION ADJUSTMENTS
The breakdown of the balance under this heading in the accompanying balance sheets as of December 31,
2010 and 2009 is as follows:
Millions of Euros
Valuation Adjustments Notes 2010 2009
Available-for-sale financial assets 10 39 1,567
Cash flow hedging (62) 80
Hedging of net investments in foreign transactions - -
Exchange differences (3) (4)
Non-current assets held for sale - -
Other valuation adjustments - -
Total (26) 1,643
The balances recorded under these headings are presented net of tax.
28. CAPITAL BASE AND CAPITAL MANAGEMENT
Capital base
Bank of Spain Circular 3/2008, of May 22, on the calculation and control of minimum capital base
requirements (Circular 3/2008), and subsequent amendments, regulates the minimum capital base
requirements for Spanish credit institutions –both as individual entities and as consolidated groups– and how
to calculate them, as well as the various internal capital adequacy assessment processes they should have
in place and the information they should disclose to the market.
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