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

December 2009
Currency
Risk
Interest Rate
Risk
Millions of Euros
Equity Price
Risk
Other Risks
OTC markets
Credit institutions
Fair value hedge - 1,985 (32) - 1,953
Cash flow hedge 17 258 (4) (4) 267
Net investment in a foreign operation hedge 1 (27) - - (26)
Subtotal 18 2,216 (36) (4) 2,194
Other financial Institutions
Fair value hedge - 123 (21) - 102
Cash flow hedge - - - - -
Net investment in a foreign operation hedge - - - - -
Subtotal - 123 (21) - 102
Other sectors
Fair value hedge - (9) - - (9)
Cash flow hedge - - - - -
Net investment in a foreign operation hedge - - - - -
Subtotal - (9) - - (9)
Total 18 2,330 (57) (4) 2,287
Of which: Asset Hedging Derivatives 22 3,492 81 - 3,595
Of which: Liability Hedging Derivatives (4) (1,162) (138) (4) (1,308)
Total
The most significant cash flows forecasted for the coming years for cash flow hedging held on the balance
sheet as of June 30, 2010 are shown below:
Cash Flows of Hedging Instruments
3 Months or
Less
From 3
Months to 1
Year
Millions of Euros
From 1 to 5
Years
More than 5
Years
Receivable cash inflows 141 243 1,129 2,599 4,112
Payable cash outflows 72 278 783 2,677 3,810
Total
The forecast cash flows in the table above will at most impact on the accompanying consolidated income
statement until the year 2049. The amounts previously recognized in equity from cash flow hedges that were
removed from equity and included in the consolidated income statement, either in the heading “Net gains
(losses) on financial assets and liabilities” or in the heading “Exchange differences (net)”, for the six months
ended June 30, 2010 and 2009 were €12 million and -€2 million respectively.
The amount for derivatives designated as accounting hedges that did not pass the effectiveness test in 2010
was not significant.
As of June 30, 2010 and December 31, 2009, there were no hedges of highly probable forecast transactions
in the Group.
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