BANCO BILBAO VIZCAYA ARGENTARIA, S.A. AND ... - BBVA

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June 30, 2010 and December 31, 2009, the plan assets related to the insurance contracts mentioned (shown in the previous table under the heading “Insurance contract cover”) equaled the amount of the commitments covered, therefore its net value was zero in the accompanying consolidated balance sheets. The rest of the commitments included in the previous table include defined-benefit commitments for which insurance has been contracted with <strong>BBVA</strong> Seguros, S.A. de Seguros y Reaseguros, which is 99.95% owned by the Group. The assets in which the insurance company has invested the amount of the policies cannot be considered plan assets under IAS 19 and are presented in the accompanying consolidated balance sheets under different headings of “assets”, depending on the classification of their corresponding financial instruments. The commitments are recognized under the heading "Provisions – Provision for pensions and similar obligations" of the accompanying consolidated balance sheets (see Note 25). • Early retirements in Spain In the six months ended June 30, 2010, the Group in Spain offered certain employees the possibility of taking early retirement before the age stipulated in the collective labor agreement in force. This offer was accepted by 281 employees (223 in the six months ended June 30, 2009). The early retirements commitments in Spain as of June 30, 2010 and December 31, 2009 recognized under the heading “Provisions – Provisions for pensions and similar obligations” (see Note 25) in the accompanying consolidated balance sheets amounted to €3,163 million and €3,309 million, respectively. The cost of early retirements for the year was recognized under the heading “Provision Expense (Net) – Transfers to funds for pensions and similar obligations – Early retirements” in the accompanying consolidated income statements (see Note 48). • Other long-term commitments with employees in Spain The long-term commitments with employees include post-employment welfare benefits and other commitments with employees. - Post-employment welfare benefits in Spain The breakdown of these commitments as of June 30, 2010 and December 31, 2009 is as follows: Millions of Euros Post-Employment Welfare Benefits Commitments in Spain June December 2010 2009 employees 175 183 Vested post-employment welfare benefit contingencies in respect of current employees 40 39 Total Commitments (*) 215 222 (*) Recognized under the heading "Provisions-Provisions for pension and similar obligation" in the accompanyng consolidated balabce sheets - Other commitments with employees - Long-service bonuses In addition to the post-employment welfare benefits mentioned above, the Group maintained certain commitments in Spain with some employees, called "Long-service bonuses". These commitments are for the payment of a certain amount in cash and for the allotment of Banco Bilbao Vizcaya Argentaria, S.A. shares when these employees complete a given number of years of effective service. The Group has offered these employees the option to redeem the accrued value of such share benefits prior to the established date of seniority. The value of the long-service bonuses as of June 30, 2010 and December 31, 2009 for employees who did not choose early settlement is recognized under the heading "Provisions – Other provisions" (see Note 25) of the accompanying consolidated balance sheets with the figure of €11 million and €13 million, respectively. 98
Breakdown of changes in commitments with employees in Spain The changes in these net commitments with employees in Spain during the six months ended June 30, 2010 and 2009 were as follows: Net Commitments in Spain : Changes in the period January 1, - June 30, 2010 Pensions Millions of Euros Early Retirements Welfare Benefits Total Spain Balance at beginning 2,491 3,309 222 6,022 Interest costs 54 68 5 127 Interest incomes - - - - Current service cost 3 - 1 4 Current service cost for early retirements - 115 - 115 Prior service cost or changes in the plan 6 - - 6 Payments made in the period (84) (329) (14) (427) Adquisitions and divestments - - - - Effect of reductions and settlements - - - - Contributions in the period - - - - Actuarial losses (gains) (5) 2 (1) (4) Exchage differences - - - - Other changes 1 (2) 2 1 Balance at end 2,466 3,163 215 5,844 Net Commitments in Spain : Changes in the year 2009 Pensions Millions of Euros Early Retirements Welfare Benefits Total Spain Balance at beginning 2,624 3,437 221 6,282 Interest costs 114 135 10 259 Interest incomes - - - - Current service cost 18 - 2 20 Current service cost for early retirements - 430 - 430 Prior service cost or changes in the plan 31 - 5 36 Payments made in the period (249) (712) (19) (980) Effect of reductions and settlements - - - - Contributions in the period - - - - Actuarial losses (gains) 2 4 (3) 3 Other changes (49) 15 6 (28) Balance at end 2,491 3,309 222 6,022 The net charges recognized in the accompanying consolidated income statements and under the heading “Reserve" of the accompanying consolidated balance sheets (see Note 2.2.12) of the <strong>BBVA</strong> Group for pensions commitments and other post-employment benefits in entities in Spain are as follows: 99
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BANCO BILBAO VIZCAYA ARGENTARIA, S.
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27. COMMON STOCK...................
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Translation of consolidated financi
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Millions of Euros LIABILITIES AND E
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Millions of Euros June June Notes 2
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The BBVA Group ICFR Model is summar
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2.2. ACCOUNTING POLICIES AND VALUAT
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- Other financial instruments The f
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In the case of unsecured transactio
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2.2.2. TRANSFERS AND DERECOGNITION
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The fair value of non-current asset
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2.2.7. BUSINESS COMBINATIONS The re
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insurees, as the case may be, based
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• The discount rate used is deter
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2.2.16. FOREIGN CURRENCY TRANSACTIO
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2.2.22. CONSOLIDATED STATEMENTS OF
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IFRIC 17 - Distributions of non-cas
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The Group’s activity is mainly lo
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Changes in the Group The most signi
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- In the denominator, the average n
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The breakdown of the consolidated n
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Page 52 and 53: Maximum exposure to credit risk The
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Page 56 and 57: Policies and procedures for prevent
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Page 60 and 61: 7.2 MARKET RISK a) Market Risk Mark
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Page 72 and 73: 10.2. DEBT SECURITIES The breakdown
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Page 92 and 93: 23. FINANCIAL LIABILITIES AT AMORTI
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Page 102 and 103: Post-employments Benefits in Spain
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Page 108 and 109: Reserves Assigned to the Consolidat
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Page 112 and 113: on equity (ROE) by each business; a
Page 114 and 115: 39. INTEREST, INCOME AND SIMILAR EX
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Page 134 and 135: APPENDIX I. FINANCIAL STATEMENTS OF
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Page 142 and 143: Millions of Euros (Continued) June
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APPENDIX II. Additional information
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APPENDIX III. Additional informatio
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APPENDIX V. Changes and notificatio
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APPENDIX VI. Fully consolidated sub
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APPENDIX VIII. Breakdown of the mos
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Outsanding as of June 30, 2010 of S
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APPENDIX IX. Consolidated balance s
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Diluted earnings per share Early re
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Other financial assets/liabilities
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The explanations of the changes in
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4. SUMMARIZED INTERIM CONSOLIDATED
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Spain and Portugal Millions of Euro
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Mexico Millions of Euros Mexico Jun
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South America Millions of Euros Sou
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The United States Millions of Euros
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Wholesale Banking and Asset Managem
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The changes in the principal headin
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Aggregating Tier I and Tier II, as
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BANCO BILBAO VIZCAYA ARGENTARIA, S.A. AND ... - BBVA

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