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

12.4. GAINS/LOSSES
The changes in the gains/losses, net of taxes, recognized under the equity heading “Valuation adjustments –
Available-for-sale financial assets” of the accompanying consolidated balance sheets was as follows:
Changes in Valuation Adjustments - Available-for-
Sale Financial Assets
Millions of Euros
June
2010
December
2009
Balance at beginning 1,951 931
Valuation gains and losses (2,108) 1,520
Income tax 518 (483)
Amounts transferred to income 101 (17)
Balance at the end 462 1,951
Of which:
Debt securities (412) 456
Equity instruments 874 1,495
The losses recognized in the heading “Valuation adjustments – Available for sale financial assets” as of
June 30, 2010, correspond to Spanish government debt securities.
After analyzing these losses, it was concluded that they are temporary, since the deadlines for interest
payments have been met for all debt securities, there is no evidence that the issuer will not continue meeting
the payment terms and the future payments of principal and interest are sufficient to recover the cost of the
debt securities.
The losses recognized under the heading “Impairment losses on financial assets (net) - Other financial
instruments not valued at fair value through profit or loss” in the consolidated income statement for the six
months ended June 30, 2010 and 2009, amounted to €69 million and €76 respectively (see Note 49).
13. LOANS AND RECEIVABLES
13.1. BREAKDOWN OF THE BALANCE
The detail of the balance of this heading in the accompanying consolidated balance sheets, based on the
nature of the financial instrument, was as follows:
Millions of Euros
Loans and Receivables
June December
2010 2009
Loans and advances to credit institutions 21,846 22,239
Loans and advances to customers 339,259 323,442
Debt securities 661 436
Total 361,766 346,117
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