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

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Post-Employment Actuarial Hypothesis in Mexico June 2010 Mortality tables EMSSA 97 Discount rate (cumulative annual) 9.25% Consumer price index (cumulative annual) 3.75% Medical cost trend rates 6.75% Expected rate of return on plan assets 9.40% In the six-month period ended June, 30 2010, the estimated returns on plan assets linked to the commitments to post-employment welfare benefits recognized in the accompanying consolidated income statement was €3 million. As of June 30, 2010 the plan assets covering these obligations were all in fixedincome securities. • Pension Commitments in Portugal: The main actuarial assumptions used in quantifying the commitments with employees in Portugal as of June 30, 2010 have not varied significantly compared with those applied as of December 31, 2009 and they are as follows: Commitments in Defined-Benefit Plans and Other Commitment Post-employment June 2010 Mortality tables TV 88/90 Discount rate (cumulative annual) 5.35% Consumer price index (cumulative annual) 2.00% Salary growth rate (cumulative annual) 3.00% Expected rate of return on plan assets 4.50% In the six-month period ended June, 30, 2010, the estimated returns on plan assets designed to cover these pension commitments recognized in the accompanying consolidated income statement was €2 million. As of June 30, 2010 the plan assets for these commitments were all in debt securities. As of June 30, 2010 the plan assets covering these obligations were mainly in fixed-income securities. • Pension commitments in the United States: The main actuarial assumptions used in quantifying the commitments with employees in the United States as of June 30, 2010 have not varied significantly compared with those applied as of December 31, 2009: Post-Employment Actuarial Hypothesis in the United States June 2010 Mortality tables RP 2000 Projected Discount rate (cumulative annual) 5.93% Consumer price index (cumulative annual) 2.50% Salary growth rate (cumulative annual) 3.50% Expected rate of return on plan assets 7.50% Medical cost trend rates 8,50% to 5% in 2013 In the six-month period ended June, 30 2010, the estimated returns on plan assets designed to cover these pension commitments recognized in the accompanying consolidated income statement was €1 million. As of 102
June 30, 2010, the plan assets covering these obligations were invested in both equity and fixed-income securities. 26.2.3 Estimated future payments for commitments with employees in the BBVA Group The estimated benefit payments in millions of euros over the next 10 years for all the companies in Spain, Mexico, Portugal and the United States are as follows: Millions of Euros Future Estimated Payments for Post-Employment Commitments 2011 2012 2013 2014 2015 2016-2020 Pensions Spain 175 174 173 170 170 823 Early-Retirement Spain 546 504 460 412 400 1,198 Welfare Benefits Spain 19 18 17 17 17 83 Pensions México 30 31 31 32 31 191 Pensions Portugal 16 17 18 18 18 102 Pensions United States 8 8 9 10 10 63 Total 794 752 708 659 646 2,460 27. COMMON STOCK As of June 30, 2010, the share capital of BBVA amounted to €1,836,504,869.29, divided into 3,747,969,121 fully subscribed and paid-up registered shares, all of the same class and series, at €0.49 par value each, represented through book-entry accounts. All BBVA shares carry the same voting and dividend rights and no single stockholder enjoys special voting rights. BBVA shares are traded on the continuous market in Spain, as well as on the London and Mexico stock markets. American Depositary Shares (ADSs) listed in New York are also traded on the Lima (Peru) Stock Exchange, by virtue of an exchange agreement between these two exchanges. Also, as of June 30, 2010, the shares of BBVA Banco Continental, S.A., Banco Provincial S.A., BBVA Colombia, S.A., BBVA Chile, S.A., BBVA Banco Frances, S.A. and AFP Provida were listed on their respective local stock markets, the latter two also being listed on the New York Stock Exchange. BBVA Banco Frances, S.A. is also listed on the Latin-American market of the Madrid Stock Exchange. As of June 30, 2010, Manuel Jove Capellán held 4.22% of BBVA common stock through the companies Inveravante Inversiones Universales, S.L. and Bourdet Inversiones, SICAV, S.A. As a result of the acquisition of the business of Barclays Global Investors (BGI) as of December 1, 2009, the company Blackrock Inc, whose registered office is in the United Kingdom, had an indirect holding of 4.45% in BBVA's common stock as of June 30, 2010, through the company Blackrock Investment Management (UK). In addition, as of the same date, Chase Nominees Ltd, State Street Bank and Trust Co. and the Bank of New York Mellon, in their capacity as international custodian/depositary banks, held 6.55%, 4.97% and 3.84% of BBVA common stock, respectively. BBVA is not aware of any direct or indirect interests through which ownership or control of the Bank may be exercised. BBVA has not been notified of the existence of any agreements between shareholders to regulate the exercise of voting rights at the Bank’s AGMs, or to restrict or place conditions upon the free transferability of BBVA shares. It is also not aware of any agreement that might result in changes in the control of the issuer. At the AGM held on March 13, 2009 the shareholders resolved to delegate to the Board of Directors, in accordance with Article 153.1.b) of the Spanish Corporations Act, the power to increase capital, on one or more occasions, by a maximum par value equal to 50% of the Company’s subscribed and paid-up share capital at the date of the resolution, i.e. €918,252,434.60. Article 159.2 of the Corporations Act empowers the Board to exclude the preferred subscription right in relation to these share issues, although these powers will be limited to 20% of the Company's common stock. The directors have the legally-established time period 103
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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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Management & Asset Allocation, Risk
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Maximum exposure to credit risk The
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Page 56 and 57: Policies and procedures for prevent
Page 58 and 59: December 2009 Less than 6 Months Pa
Page 60 and 61: 7.2 MARKET RISK a) Market Risk Mark
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Page 66 and 67: Determining the fair value of finan
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Page 72 and 73: 10.2. DEBT SECURITIES The breakdown
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Page 78 and 79: 13.2. LOANS AND ADVANCES TO CREDIT
Page 80 and 81: Millions of Euros December 2009 Amo
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Page 86 and 87: 17.3. INFORMATION ABOUT ASSOCIATES
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Page 90 and 91: 21.3 RECONCILIATION The reconciliat
Page 92 and 93: 23. FINANCIAL LIABILITIES AT AMORTI
Page 94 and 95: Millions of Euros December 2009 Dem
Page 96 and 97: The item “Subordinated Liabilitie
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Page 102 and 103: Post-employments Benefits in Spain
Page 106 and 107: during which to increase the common
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
Page 116 and 117: 39.3. AVERAGE RETURN ON INVESTMENTS
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Page 122 and 123: linked to the movement of the Total
Page 124 and 125: 48. PROVISIONS (NET) The net allowa
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Page 134 and 135: APPENDIX I. FINANCIAL STATEMENTS OF
Page 136 and 137: Millions of Euros LIABILITIES AND E
Page 142 and 143: Millions of Euros (Continued) June
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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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