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

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The item “Subordinated Liabilities” in the accompanying consolidated balance sheets includes the issue of convertible subordinated obligations at a value of €2,000 million issued by BBVA in September 2009. These obligations have a 5% annual coupon, payable quarterly, and can be converted into Bank shares after the first year, at the Bank’s discretion, at each of the coupon payment dates, and by obligation on the date of their final maturity date, October 15, 2014. These obligations have been recognized as financial liabilities given that the number of Bank shares to be delivered is variable. The number of said shares will be that value at the date of conversion (determined based on the quoted value of the five sessions preceding the conversion) is equal to the nominal value of the obligations. 23.4.3.2. PREFERRED SECURITIES: The breakdown by issuer of this heading in the accompanying consolidated balance sheets is as follows: Millions of Euros Preferred Securities by Issuer June December 2010 2009 BBVA International, Ltd. (1) 500 500 BBVA Capital Finance, S.A.U. 2,975 2,975 Banco Provincial, S.A 40 67 BBVA International Preferred, S.A.U. (2) 1,727 1,628 Phoenix Loan Holdings, Inc. 20 18 Total 5,262 5,188 (1) Traded on the Spanish AIAF market, (2) Traded on the London Stock Exchange and New York Stock Exchanges, These issues were fully subscribed by third parties outside the Group and are wholly or partially redeemable at the issuer company’s option after five or ten years from the issue date, depending on the terms of each issue. Of the above, the issuances of BBVA International, Ltd., BBVA Capital Finance, S.A.U. and BBVA International Preferred, S.A.U, are subordinately guaranteed by the Bank. The breakdown of this heading in the accompanying consolidated balance sheets, disregarding valuation adjustments, by currency of issuance and interest rate, is disclosed in Appendix VIII. 24. LIABILITIES UNDER INSURANCE CONTRACTS The breakdown of the balance of this item in the accompanying consolidated balance sheets is as follows: Millions of Euros Liabilities under Insurance Contracts Technical Reserve and Provisions June 2010 December 2009 Mathematical reserves 6,742 5,994 Provision for unpaid claims reported 768 712 Provisions for unexpired risks and other provisions 558 480 Total 8,068 7,186 94
25. PROVISIONS The breakdown of the balance of this item in the accompanying consolidated balance sheets is as follows: Millions of Euros Provisions. Breakdown by concepts June December 2010 2009 Provisions for pensions and similar obligations 5,999 6,246 Provisions for taxes and other legal contingents 332 299 Provisions for contingent exposures and commitments 313 243 Other provisions 1,839 1,771 Total 8,483 8,559 26. PENSION AND OTHER COMMITMENTS As described in Note 2.2.12, the Group has assumed both defined-benefit and defined-contribution postemployment commitments with its employees; the proportion of defined-contribution benefits is gradually increasing, mainly due to new hires. 26.1. PENSION COMMITMENTS THROUGH DEFINED-CONTRIBUTION PLANS The commitments with employees for pensions in post-employment defined-contribution plans correspond to current contributions the Group makes every year on behalf of active employees. These contributions are accrued and charged to the consolidated income statement in the corresponding financial year (see Note 2.2.12). No liability is therefore recognized in the accompanying consolidated balance sheets. The amounts recorded under this item in the accompanying consolidated income statements for contributions to these plans were €39 million and €34 million, respectively (see Note 46.1). 26.2 PENSION COMMITMENTS THROUGH DEFINED-BENEFIT PLANS AND OTHER LONG-TERM BENEFITS Pension commitments in defined-benefit plans correspond mainly to employees who have retired or taken early retirement from the Group and to certain groups of employees still active in the Group in the case of pension benefits, and to the majority of active employees in the case of permanent incapacity and death benefits. The breakdown of the BBVA Group’s aggregate amounts for pension commitments in defined-benefit plans and other post-employment commitments (such as early retirement and welfare benefits) recorded under the heading “Provisions - Provisions for pensions and similar obligations” of the accompanying consolidated balance sheets as of December 31, 2009 of the last five years and as of June 30, 2010 are as follows: Millions of Euros Commitments in Defined-Benefit Plans and Other June Commitment Post-employment 2010 2009 2008 2007 2006 2005 Pension and post-employment benefits 8,076 7,995 7,985 7,816 8,173 7,639 Assets and insurance contracts coverage 2,077 1,749 1,101 1,883 1,816 1,399 Net assets - - - (34) - - Net liabilities 5,999 6,246 6,359 5,967 6,357 6,240 95
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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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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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