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o | REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 |
þ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
o | SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(Jurisdiction of incorporation)
48005 Bilbao
Spain
(Address of principal executive offices)
Paseo de la Castellana, 81
28046 Madrid
Spain
Telephone number +34 91 537 7000
Fax number +34 91 537 6766
Title of Each Class | Name of Each Exchange on which Registered | |
American Depositary Shares, each representing | New York Stock Exchange | |
the right to receive one ordinary share, | ||
par value€0.49 per share | ||
Ordinary shares, par value€0.49 per share | New York Stock Exchange* |
* | The ordinary shares are not listed for trading, but are listed only in connection with the registration of the American Depositary Shares, pursuant to requirements of the New York Stock Exchange. |
U.S. GAAPo | International Financial Reporting Standards as Issued by the International Accounting Standards Boardo | Otherþ |
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Exhibit 1.1 | ||||||||
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Exhibit 12.2 | ||||||||
Exhibit 12.3 | ||||||||
Exhibit 13.1 | ||||||||
Exhibit 15.1 |
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• | “Argentaria” means Argentaria, Caja Postal y Banco Hipotecario, S.A. and its consolidated subsidiaries, unless otherwise indicated or the context otherwise requires. | ||
• | “BBV” means Banco Bilbao Vizcaya, S.A. and its consolidated subsidiaries, unless otherwise indicated or the context otherwise requires. | ||
• | “BBVA”, “Bank” or “Group” means Banco Bilbao Vizcaya Argentaria, S.A. and its consolidated subsidiaries unless otherwise indicated or the context otherwise requires. BBVA was formed by the merger of BBV and Argentaria, which was approved by the shareholders of each institution on December 18, 1999. | ||
• | “Consolidated Financial Statements” means BBVA’s audited Consolidated Financial Statements as of and for the years ended December 31, 2007, 2006 and 2005 prepared in accordance with the International Financial Reporting Standards previously adopted by the European Union (“EU-IFRS”) required to be applied under the Bank of Spain’s Circular 4/2004. |
• | “Item 3. Key Information—Risk Factors”; | ||
• | “Item 4. Information on the Company”; | ||
• | “Item 5. Operating and Financial Review and Prospects”; and | ||
• | “Item 11. Quantitative and Qualitative Disclosures About Market Risk” |
• | general political, economic and business conditions in Spain, the European Union (“EU”), Latin America and other regions, countries or territories in which we operate; | ||
• | changes in applicable laws and regulations, including taxes; | ||
• | the monetary, interest rate and other policies of central banks in Spain, the EU, the United States (“U.S.”) and elsewhere; | ||
• | ongoing market adjustments in the real estate sector in Spain and the United States; | ||
• | changes or volatility in interest rates, foreign exchange rates (including the euro to U.S. dollar exchange rate), asset prices, equity markets, commodity prices, inflation or deflation; | ||
• | the effects of competition in the markets in which we operate, which may be influenced by regulation or deregulation; | ||
• | changes in consumer spending and savings habits, including changes in government policies which may influence investment decisions; | ||
• | our ability to hedge certain risks economically; | ||
• | the risk that the businesses of BBVA and Compass Bancshares, Inc. (“Compass”) will not be integrated successfully; | ||
• | the risk that the cost savings and any other synergies from the acquisition of Compass may not be fully realized or may take longer to realize than expected; | ||
• | our success in managing the risks involved in the foregoing, which depends, among other things, on our ability to anticipate events that cannot be captured by the statistical models we use; and | ||
• | force majeureand other events beyond our control. |
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• | Average balances, when used, are based on the beginning and the month-end balances during each year. We do not believe that such monthly averages present trends that are materially different from those that would be presented by daily averages. | ||
• | The book value of BBVA’s ordinary shares held by its consolidated subsidiaries has been deducted from stockholders’ equity. | ||
• | Unless otherwise stated, any reference to loans refers to both loans and leases. | ||
• | Interest income figures include interest income on non-accruing loans to the extent that cash payments have been received in the period in which they are due. | ||
• | Financial information with respect to subsidiaries may not reflect consolidation adjustments. |
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Year ended December 31, | ||||||||||||
2007 | 2006 | 2005 | ||||||||||
(in millions of euros, except per share/ | ||||||||||||
ADS data (in euros) | ||||||||||||
Consolidated Statement of Income data | ||||||||||||
Interest and similar income | 25,352 | 19,210 | 15,848 | |||||||||
Interest expense and similar charges | (15,931 | ) | (11,215 | ) | (8,932 | ) | ||||||
Income from equity instruments | 348 | 379 | 292 | |||||||||
Net interest income | 9,769 | 8,374 | 7,208 | |||||||||
Share of profit or loss of entities accounted for using the equity method | 242 | 308 | 121 | |||||||||
Fee and commission income | 5,592 | 5,119 | 4,669 | |||||||||
Fee and commission expenses | (869 | ) | (784 | ) | (729 | ) | ||||||
Insurance activity income | 729 | 650 | 487 | |||||||||
Gains/losses on financial assets and liabilities (net) | 2,261 | 1,656 | 980 | |||||||||
Exchange differences (net) | 409 | 378 | 287 | |||||||||
Gross income | 18,133 | 15,700 | 13,023 | |||||||||
Sales and income from the provision of non-financial services | 788 | 605 | 576 | |||||||||
Cost of sales | (601 | ) | (474 | ) | (451 | ) | ||||||
Other operating income | 240 | 117 | 134 | |||||||||
Personnel expenses | (4,335 | ) | (3,989 | ) | (3,602 | ) | ||||||
Other administrative expenses | (2,718 | ) | (2,342 | ) | (2,160 | ) | ||||||
Depreciation and amortization | (577 | ) | (472 | ) | (449 | ) | ||||||
Other operating expenses | (386 | ) | (263 | ) | (249 | ) | ||||||
Net operating income | 10,544 | 8,883 | 6,823 | |||||||||
Impairment losses (net) | (1,937 | ) | (1,504 | ) | (855 | ) | ||||||
Provision expense (net) | (210 | ) | (1,338 | ) | (454 | ) | ||||||
Finance income from non-financial activities | 2 | 58 | 2 | |||||||||
Finance expenses from non-financial activities | (1 | ) | (55 | ) | (2 | ) | ||||||
Other gains | 496 | 1,128 | 285 | |||||||||
Other losses | (399 | ) | (142 | ) | (208 | ) | ||||||
Income before tax | 8,495 | 7,030 | 5,591 | |||||||||
Income tax | (2,080 | ) | (2,059 | ) | (1,521 | ) | ||||||
Income from continuing operations | 6,415 | 4,971 | 4,070 | |||||||||
Income from discontinued operations (net) | — | — | — | |||||||||
Consolidated income for the year | 6,415 | 4,971 | 4,070 | |||||||||
Income attributed to minority interests | (289 | ) | (235 | ) | (264 | ) | ||||||
Income attributed to the Group | 6,126 | 4,736 | 3,806 | |||||||||
Per share/ADS(1) Data | ||||||||||||
Net operating income(2) | 2.93 | 2.61 | 2.01 | |||||||||
Numbers of shares outstanding (at period end) | 3,747,969,121 | 3,551,969,121 | 3,390,852,043 | |||||||||
Income attributed to the Group(2) | 1.70 | 1.39 | 1.12 | |||||||||
Dividends declared | 0.733 | 0.637 | 0.531 |
(*) | EU-IFRS required to be applied under the Bank of Spain’s Circular 4/2004. | |
(1) | Each American Depositary Share (“ADS” or “ADSs”) represents the right to receive one ordinary share. | |
(2) | Calculated on the basis of the weighted average number of BBVA’s ordinary shares outstanding during the relevant period (3,594 million, 3,406 million and 3,391 million shares in 2007, 2006 and 2005, respectively). |
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Year ended December, 31 | ||||||||||||
2007 | 2006 | 2005 | ||||||||||
(in millions of euros, except percentages) | ||||||||||||
Consolidated balance sheet data | ||||||||||||
Total assets | 502,204 | 411,916 | 392,389 | |||||||||
Capital stock | 1,837 | 1,740 | 1,662 | |||||||||
Loans and receivables (net) | 338,492 | 279,855 | 249,396 | |||||||||
Deposits from other creditors | 236,183 | 192,374 | 182,635 | |||||||||
Marketable debt securities and subordinated liabilities | 98,661 | 91,271 | 76,565 | |||||||||
Minority interests | 880 | 768 | 971 | |||||||||
Stockholders’ equity | 24,811 | 18,209 | 13,036 | |||||||||
Consolidated ratios | ||||||||||||
Profitability ratios: | ||||||||||||
Net interest margin(1) | 2.12 | % | 2.12 | % | 1.98 | % | ||||||
Return on average total assets(2) | 1.39 | % | 1.26 | % | 1.12 | % | ||||||
Return on average equity(3) | 34.2 | % | 37.6 | % | 37.0 | % | ||||||
Credit quality data | ||||||||||||
Loan loss reserve | 7,135 | 6,417 | 5,586 | |||||||||
Loan loss reserve as a percentage of total loans and receivables (net) | 2.11 | % | 2.29 | % | 2.24 | % | ||||||
Substandard loans | 3,358 | 2,492 | 2,346 | |||||||||
Substandard loans as a percentage of total loans and receivables (net) | 0.99 | % | 0.89 | % | 0.94 | % |
(*) | EU-IFRS required to be applied under the Bank of Spain’s Circular 4/2004. | |
(1) | Represents net interest income as a percentage of average total assets. | |
(2) | Represents consolidated income for the year as a percentage of average total assets. | |
(3) | Represents income attributed to the Group as a percentage of average stockholders’ equity. |
Year ended December 31, | ||||||||||||||||||||
2007 | 2006 | 2005 | 2004 | 2003 | ||||||||||||||||
(in millions of euros, except per share/ | ||||||||||||||||||||
ADS data (in euros) or as otherwise indicated) | ||||||||||||||||||||
Consolidated statement of income data | ||||||||||||||||||||
Net income | 5,409 | 4,972 | 2,018 | 3,095 | 1,906 | |||||||||||||||
Basic earnings per share/ADS(1)(2) | 1.505 | 1.460 | 0.595 | 0.918 | 0.60 | |||||||||||||||
Diluted earnings per share/ADS(1)(2) | 1.505 | 1.460 | 0.595 | 0.918 | 0.60 | |||||||||||||||
Dividends per share/ADS (in dollars) (1)(2)(3) | 1.011 | 0.807 | 0.658 | 0.552 | 0.34 | |||||||||||||||
Consolidated balance sheet data | ||||||||||||||||||||
Total assets(4) | 510,569 | 420,971 | 401,799 | 314,350 | 287,912 | |||||||||||||||
Stockholders’ equity(4) | 35,384 | 30,461 | 25,375 | 23,465 | 19,583 | |||||||||||||||
Basic stockholders’ equity per share/ADS(1)(2) | 9.85 | 8.94 | 7.48 | 6.96 | 6.13 | |||||||||||||||
Diluted stockholders’ equity per share/ADS(1)(2) | 9.85 | 8.94 | 7.48 | 6.96 | 6.13 |
(1) | Calculated on the basis of the weighted average number of BBVA’s ordinary shares outstanding during the relevant period. | |
(2) | Each ADS represents the right to receive one ordinary share. | |
(3) | Dividends per share/ADS are converted into dollars at the average exchange rate for the relevant year, calculated based on the average of the noon buying rates for euro from the Federal Reserve Bank of New York on the last date of each month during the relevant period. | |
(4) | At the end of the reported period. |
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Year ended December 31 | Average(1) | |||
2003 | 1.1411 | |||
2004 | 1.2478 | |||
2005 | 1.2400 | |||
2006 | 1.2661 | |||
2007 | 1.3797 | |||
2008 (through March 27) | 1.5275 |
(1) | The average of the noon buying rates for the euro on the last day of each month during the relevant period. |
Month ended | High | Low | ||||||
September 30, 2007 | 1.4219 | 1.3606 | ||||||
October 31, 2007 | 1.4291 | 1.4092 | ||||||
November 30, 2007 | 1.4862 | 1.4435 | ||||||
December 31, 2007 | 1.4759 | 1.4344 | ||||||
January 31, 2008 | 1.4877 | 1.4574 | ||||||
February 29, 2008 | 1.5187 | 1.4495 | ||||||
March 31, 2008 (through March 27) | 1.5798 | 1.5195 |
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• | department stores (for some credit products); | ||
• | leasing companies; | ||
• | factoring companies; |
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• | mutual funds; | ||
• | pension funds; and | ||
• | insurance companies. |
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- | Spain and Portugal |
§ | Financial services | ||
§ | Corporate and business banking |
- | Global Businesses |
§ | Global markets and customers | ||
§ | Asset management and private banking |
- | Mexico and the United States |
§ | Banking businesses | ||
§ | Pensions and insurance |
- | South America |
§ | Banking businesses | ||
§ | Pensions and insurance |
- | Corporate Activities |
Income/(Loss) Attributed to the | % of Income/(Loss) Attributed to | |||||||||||||||||||||||
Group | the Group | |||||||||||||||||||||||
(in millions of euros) | ||||||||||||||||||||||||
Year ended December 31, | ||||||||||||||||||||||||
2007 | 2006 | 2005 | 2007 | 2006 | 2005 | |||||||||||||||||||
Spain and Portugal | 2,397 | 1,919 | 1,692 | 39 | % | 41 | % | 44 | % | |||||||||||||||
Global Businesses | 909 | 862 | 497 | 15 | % | 18 | % | 13 | % | |||||||||||||||
Mexico and the United States | 2,084 | 1,775 | 1,370 | 34 | % | 37 | % | 36 | % | |||||||||||||||
South America | 623 | 509 | 379 | 10 | % | 11 | % | 10 | % | |||||||||||||||
Subtotal | 6,013 | 5,065 | 3,939 | 98 | % | 107 | % | 103 | % | |||||||||||||||
Corporate Activities | 113 | (329 | ) | (133 | ) | 2 | % | (7 | )% | (3 | )% | |||||||||||||
Income attributed to the Group | 6,126 | 4,736 | 3,806 | 100 | % | 100 | % | 100 | % | |||||||||||||||
Net interest income | ||||||||||||
(in millions of euros) | ||||||||||||
Year ended December 31, | ||||||||||||
2007 | 2006 | 2005 | ||||||||||
Spain and Portugal | 4,295 | 3,747 | 3,429 | |||||||||
Global Businesses | 124 | 150 | 212 | |||||||||
Mexico and the United States | 4,304 | 3,535 | 2,678 | |||||||||
South America | 1,657 | 1,310 | 1,039 | |||||||||
Subtotal | 10,379 | 8,742 | 7,357 | |||||||||
Corporate Activities | (610 | ) | (368 | ) | (149 | ) | ||||||
Net interest income | 9,769 | 8,374 | 7,208 | |||||||||
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- | Financial services: which manages business with private individuals and small businesses, and the consumer finance provided by Finanzia, Banco de Crédito, S.A. (“Finanzia”) and Uno-e Bank, S.A. (“Uno-e”); | ||
- | Corporate and Business Banking: which manages business with SMEs, large companies and institutions in the Spanish market; | ||
- | European Insurance: this unit handles the insurance business in Spain and Portugal; and | ||
- | BBVA Portugal: this unit manages the banking business in Portugal. |
— | Total net lending was approximately€199,929 million, an increase of 11.5% from€179,370 million as of December 31, 2006. The increase due primarily to increases in lending by the principal business units, Financial Services and Corporate and Business Banking, which increased lending by 12.3% and 11.0%, respectively, as of December 31, 2007. | ||
— | Total customer deposits were€91,928 million as of December 31, 2007 compared to€85,309 million as of December 31, 2006, an increase of 7.8%. | ||
— | Mutual funds under management were€40,024 million as of December 31, 2007, a decrease of 6.9% from€43,006 million as of December 31, 2006. | ||
— | Pension fund assets under management were€10,064 million as of December 31, 2007, an increase of 6.3% from€9,471 million as of December 31, 2006. |
• | Financial Services for Individuals: focused on retail customers and aimed at providing customers with more value from their relationship with us by offering a wide range of products and services at attractive prices, which are made available through different channels, along with solutions tailored to their specific needs. | ||
• | Financial Services for Small Businesses: focused on small businesses (including professional practices, the self-employed, retailers and farmers) by providing them with customized services, a comprehensive range of products and continuous, quality financial advice. | ||
• | Consumer Finance: focused on the following lines of business (through Finanzia Bank, our online bank, Uno-e Bank, S.A., Finanzia Autorenting and Finanziamento Portugal): financing of cars, consumer items and equipment; e-banking; bill payment; and car and equipment rental. |
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- | Global Customers and Markets: This unit combines the management of products of investment banking, and market unit, with services to lange internacional companies. | ||
- | Asset Management and Private Banking: this unit designs and manages the products that are marketed through the Group’s different branch networks. | ||
- | Business and Real Estate Projects: this unit contains two businesses: business projects, which includes management of direct and private equity holdings and real estate projects through Anida Group. |
— | Total net lending was approximately€35,848 million, an increase of 23.4% from€29,049 million as of December 31, 2006. | ||
— | Total customer deposits were€42,742 million as of December 31, 2007 compared to€35,400 million as of December 31, 2006, an increase of 20.7%. | ||
— | Mutual funds under management were€4,859 million as of December 31, 2007, an increase of 21.5% from€4,000 million as of December 31, 2006. | ||
— | Pension fund assets under management were€7,370 million as of December 31, 2007, an increase of 2.7% from€7,179 million as of December 31, 2006. |
• | Global customers and investment banking: The global customers division services large international companies via expert teams with offices in Spain, in the main European centers, New York, Asia and in BBVA’s franchise in Latin America. The investment banking division includes the structured-finance product teams (project finance, real estate, acquisition finance...), corporate finance, equity origination and global trade finance. | ||
• | Global Markets and Distribution: The division consists of the trading rooms in Europe and New York, distribution of fixed-income securities and equities, relations with financial institutions, custodial services, fixed-income origination and syndicated loans. | ||
• | Asia: As part of the strategic alliance with the CITIC Group, the planned investment has been made in China CITIC Bank (CNBC) and in CITIC International Financial Holdings (CIFH), and progress has been made in identifying opportunities for co-operation in different lines of business. Agreements have also been signed with the Korean banks Korea Eximbank and Kookmin Bank, and a representative office has been opened in Mumbai (India). |
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Mexico and the United States |
The business units included in the Mexico and the United States area are: | |||
- | Banking Businesses, and | ||
- | Pensions and Insurance Businesses in Mexico and the United States (including Puerto Rico). |
— | Total net lending was approximately€53,052 million, an increase of 68.7% from€31,449 million as of December 31, 2006. | ||
— | Total customer deposits were€56,820 million as of December 31, 2007 compared to€41,309 million as of December 31, 2006, an increase of 37.5%. | ||
— | Mutual funds under management were€11,214 million as of December 31, 2007, an increase of 13.8% from€9,853 million as of December 31, 2006. | ||
— | Pension fund assets under management were€8,648 million as of December 31, 2007, an increase of 0.3% from€8,625 million as of December 31, 2006. |
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- | Banking Businesses, including banks in Argentina, Chile, Colombia, Panama, Paraguay, Peru, Uruguay and Venezuela; | ||
- | Pension in Argentina, Bolivia, Chile, Colombia, Ecuador, Peru and Dominican Republic; and | ||
- | Insurance in Argentina, Chile, Colombia, Dominican Republic and Venezuela. |
— | Total net lending was€21,839 million, an increase of 25.8% from€17,366 million as of December 31, 2006. | ||
— | Total customer deposits were€25,310 million as of December 31, 2007, an increase of 11.1% from€22,773 million as of December 31, 2006,. | ||
— | Mutual funds under management were€1,725 million as of December 31, 2007, an increase of 9.5% from€1,575 million as of December 31, 2006. | ||
— | Pension fund assets under management were€34,826 million as of December 31, 2007, an increase of 9.3% from€31,872 million as of December 31, 2006. |
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- | Financial Planning, carried out by the Assets and Liabilities Committee (“ALCO”) which administers the Group’s interest- and exchange-rate structure as well as its overall liquidity and shareholders’ funds. | ||
- | Holdings in Industrial and Financial Companies. This unit manages the Group’s investment portfolio in industrial and financial companies applying strict criteria for risk-control, economic capital consumption and return on investment, with diversification over different industries. |
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• | defining and implementing the ESCB’s monetary policy, with the principal aim of maintaining price stability across the euro area; | ||
• | conducting currency exchange operations consistent with the provisions of Article 109 of the Treaty on European Union (“EU Treaty”), and holding and managing the States’ official currency reserves; | ||
• | promoting the sound working of payment systems in the euro area; and | ||
• | issuing legal tender banknotes. |
• | holding and managing currency and precious metal reserves not transferred to the ECB; | ||
• | supervising the solvency and behavior of credit institutions, other entities and financial markets, for which it has been assigned supervisory responsibility, in accordance with the provisions in force; | ||
• | promoting the sound working and stability of the financial system and, without prejudice to the functions of the ECB, of national payment systems; | ||
• | placing coins in circulation and the performance, on behalf of the State, of all such other functions entrusted to it in this connection; | ||
• | preparing and publishing statistics relating to its functions, and assisting the ECB in the compilation of the necessary statistical information; | ||
• | providing treasury services and acting as financial agent for government debt; | ||
• | advising the government, preparing the appropriate reports and studies; and | ||
• | exercising all other powers attributed to it by legislation. |
• | conducting periodic inspections of Spanish banks to evaluate a bank’s compliance with current regulations including the preparation of financial statements, account structure and credit policies; | ||
• | advising a bank’s board of directors and management on its dividend policy; | ||
• | undertaking extraordinary inspections of banks; and | ||
• | collaborating with other regulatory entities to impose penalties for infringement or violation of applicable regulations. |
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• | deposits; | ||
• | debt securities issued; and | ||
• | monetary market instruments. |
• | voting equity; | ||
• | certain nonvoting equity, including certain nonvoting guaranteed preference shares of subsidiaries; | ||
• | most reserves and generic allowances; | ||
• | less participation in other financial institutions; and | ||
• | treasury stock and financing for the acquisition, by persons other than the issuer’s employees, of the issuer’s shares. |
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• | credits to Spanish governmental autonomous bodies, credits to Social Security, and credits to certain Spanish governmental public entities; | ||
• | certain debt securities related to the securitization of the Spanish Nuclear Moratorium; and | ||
• | credits guaranteed by: |
(a) | the EU and the Organization for Economic Co-operation and Development (“OECD”) countries’ governments or central banks, | ||
(b) | governments or central banks of countries with special loan agreements with the International Monetary Fund (provided such countries have not renegotiated their external debt in the five preceding years), or | ||
(c) | Spanish governmental public entities. Loans to autonomous communities, the EU and the OECD regional and local governments, banks, savings banks, brokerage firms and multilateral development banks receive at least a 20% weighting. Residential mortgage loans receive at least a 50% weighting. |
• | definitions for “Tier 1” (core) capital and “Tier 2” (supplemental) capital; | ||
• | a system for weighting assets and off balance sheet items according to credit risk; and | ||
• | a requirement that banks engaged in international operations maintain Tier 1 capital of at least 4% of risk-weighted assets and “total” capital, Tier 1 capital plus up to an equal amount of Tier 2 capital, of at least 8% of risk-weighted assets. |
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• | all derivative related transactions between the parties form a single agreement; | ||
• | the incumbent bank has submitted to the Bank of Spain two legal opinions with regard to the validity of the netting provisions; and | ||
• | the incumbent bank has implemented the appropriate procedures to revise the treatment of netting if there is an amendment of the regulations in force. |
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• | defining and implementing the single monetary policy of the EU; | ||
• | conducting foreign exchange operations in accordance with the set exchange policy; | ||
• | lending to national monetary financial institutions in collateralized operations; | ||
• | holding and managing the official foreign reserves of the member states; and | ||
• | promoting the smooth operation of the payment systems. |
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BBVA | ||||||||||||||||
Country of | Voting | BBVA | Total | |||||||||||||
Subsidiary | Incorporation | Activity | Power | Ownership | Assets | |||||||||||
(in millions | ||||||||||||||||
(percentages) | of euros) | |||||||||||||||
BBVA BANCOMER, S.A. DE C.V. | Mexico | Bank | 100.00 | 99.97 | 62,314 | |||||||||||
COMPASS BANK | U.S.A. | Bank | 100.00 | 100.00 | 30,908 | |||||||||||
BANCO DE CREDITO LOCAL, S.A. | Spain | Bank | 100.00 | 100.00 | 13,087 | |||||||||||
BBVA SEGUROS, S.A. | Spain | Insurance | 99.94 | 99.94 | 11,620 | |||||||||||
BANCO BILBAO VIZCAYA ARGENTARIA CHILE, S.A. | Chile | Bank | 68.17 | 68.16 | 7,964 | |||||||||||
BANCO PROVINCIAL S.A. — BANCO UNIVERSAL | Venezuela | Bank | 55.60 | 55.60 | 6,935 | |||||||||||
BBVA FACTORING E.F.C., S.A. | Spain | Financial services | 100.00 | 100.00 | 6,749 | |||||||||||
FINANZIA, BANCO DE CREDITO, S.A. | Spain | Bank | 100.00 | 100.00 | 6,356 | |||||||||||
BANCO BILBAO VIZCAYA ARGENTARIA(PORTUGAL), S.A. | Portugal | Bank | 100.00 | 100.00 | 6,190 | |||||||||||
BBVA COLOMBIA, S.A. | Colombia | Bank | 95.43 | 95.43 | 5,898 | |||||||||||
TEXAS STATE BANK | U.S.A. | Bank | 100.00 | 100.00 | 5,782 | |||||||||||
BBVA BANCO DE FINANCIACION S.A. | Spain | Bank | 100.00 | 100.00 | 5,631 | |||||||||||
BANCO CONTINENTAL, S.A. | Peru | Bank | 92.08 | 46.04 | 5,624 | |||||||||||
COMPASS CAPITAL MARKETS, INC. | U.S.A. | Financial services | 100.00 | 100.00 | 4,774 | |||||||||||
BANCO BILBAO VIZCAYA ARGENTARIA PUERTO RICO | Puerto Rico | Bank | 100.00 | 100.00 | 4,466 | |||||||||||
BBVA BANCO FRANCES, S.A. | Argentina | Bank | 76.06 | 76.00 | 4,130 | |||||||||||
BBVA IRELAND PUBLIC LIMITED COMPANY | Ireland | Financial services | 100.00 | 100.00 | 3,633 | |||||||||||
COMPASS SOUTHWEST, LP | U.S.A. | Bank | 100.00 | 100.00 | 3,421 | |||||||||||
THE LAREDO NATIONAL BANK | U.S.A. | Bank | 100.00 | 100.00 | 3,299 | |||||||||||
BBVA INTERNATIONAL INVESTMENT CORPORATION | Puerto Rico | Financial services | 100.00 | 100.00 | 2,027 | |||||||||||
BANCO DEPOSITARIO BBVA, S.A. | Spain | Bank | 100.00 | 99.99 | 1,986 | |||||||||||
UNO-E BANK, S.A | Spain | Bank | 100.00 | 100.00 | 1,685 |
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Average Balance Sheet - Assets and Interest from Earning Assets | ||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2007 | Year Ended December 31, 2006 | Year Ended December 31, 2005 | ||||||||||||||||||||||||||||||||||
Average | Average | Average | Average | Average | Average | |||||||||||||||||||||||||||||||
Balance | Interest | Yield(1) | Balance | Interest | Yield(1) | Balance | Interest | Yield(1) | ||||||||||||||||||||||||||||
(in millions of euros, except percentages) | ||||||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||
Cash and balances with central banks | 16,038 | 458 | 2.86 | % | 11,903 | 444 | 3.73 | % | 10,494 | 458 | 4.37 | % | ||||||||||||||||||||||||
Debt securities, equity instruments and derivatives | 107,236 | 3,961 | 3.69 | % | 103,387 | 4,156 | 4.02 | % | 116,373 | 4,328 | 3.72 | % | ||||||||||||||||||||||||
Loans and receivables | 311,543 | 21,064 | 6.76 | % | 256,463 | 14,792 | 5.77 | % | 213,520 | 11,171 | 5.23 | % | ||||||||||||||||||||||||
Loans and advances to credit institutions | 31,084 | 1,776 | 5.72 | % | 23,671 | 992 | 4.19 | % | 20,600 | 767 | 3.72 | % | ||||||||||||||||||||||||
In euros(2) | 21,097 | 1,138 | 5.39 | % | 14,090 | 452 | 3.21 | % | 10,653 | 276 | 2.59 | % | ||||||||||||||||||||||||
In other currencies(3) | 9,987 | 638 | 6.39 | % | 9,581 | 540 | 5.63 | % | 9,947 | 491 | 4.94 | % | ||||||||||||||||||||||||
Loans and advances to customers | 280,459 | 19,288 | 6.88 | % | 232,792 | 13,801 | 5.93 | % | 192,920 | 10,404 | 5.39 | % | ||||||||||||||||||||||||
In euros(2) | 205,857 | 10,747 | 5.22 | % | 177,331 | 7,366 | 4.15 | % | 150,358 | 5,699 | 3.79 | % | ||||||||||||||||||||||||
In other currencies(3) | 74,602 | 8,541 | 11.45 | % | 55,461 | 6,435 | 11.60 | % | 42,562 | 4,705 | 11.06 | % | ||||||||||||||||||||||||
Other financial income | — | 217 | — | — | 196 | — | — | 183 | — | |||||||||||||||||||||||||||
Non-earning assets | 26,851 | — | — | 24,198 | — | — | 23,669 | — | — | |||||||||||||||||||||||||||
Total average assets | 461,668 | 25,700 | 5.57 | % | 395,951 | 19,589 | 4.95 | % | 364,056 | 16,140 | 4.43 | % | ||||||||||||||||||||||||
(1) | Rates have been presented on a non-taxable equivalent basis. | |
(2) | Amounts reflected in euro correspond to predominantly domestic activities. | |
(3) | Amounts reflected in other currencies correspond to predominantly foreign activities. |
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Table of Contents
Average Balance Sheet - Liabilities and Interest paid on Interest Bearing Liabilities | ||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2007 | Year Ended December 31, 2006 | Year Ended December 31, 2005 | ||||||||||||||||||||||||||||||||||
Average | Average | Average | Average | Average | Average | |||||||||||||||||||||||||||||||
Balance | Interest | Yield(1) | Balance | Interest | Yield(1) | Balance | Interest | Yield(1) | ||||||||||||||||||||||||||||
(in millions of euros, except percentages) | ||||||||||||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||||
Deposits from central banks and credit institutions | 65,822 | 3,298 | 5.01 | % | 63,730 | 2,420 | 3.80 | % | 64,804 | 2,176 | 3.36 | % | ||||||||||||||||||||||||
In euros | 27,388 | 1,090 | 3.98 | % | 34,550 | 983 | 2.85 | % | 36,453 | 797 | 2.19 | % | ||||||||||||||||||||||||
In other currencies | 38,434 | 2,208 | 5.75 | % | 29,180 | 1,437 | 4.92 | % | 28,351 | 1,379 | 4.86 | % | ||||||||||||||||||||||||
Customer deposits | 219,732 | 7,584 | 3.45 | % | 177,927 | 5,392 | 3.03 | % | 159,103 | 4,433 | 2.79 | % | ||||||||||||||||||||||||
In euros(2) | 123,597 | 3,706 | 3.00 | % | 99,148 | 1,736 | 1.75 | % | 87,418 | 1,078 | 1.23 | % | ||||||||||||||||||||||||
In other currencies(3) | 96,135 | 3,878 | 4.03 | % | 78,779 | 3,656 | 4.64 | % | 71,685 | 3,355 | 4.68 | % | ||||||||||||||||||||||||
Debt securities and subordinated liabilities | 99,539 | 4,642 | 4.66 | % | 87,526 | 3,026 | 3.46 | % | 68,925 | 1,886 | 2.74 | % | ||||||||||||||||||||||||
In euros(2) | 82,905 | 3,659 | 4.41 | % | 77,483 | 2,506 | 3.23 | % | 64,188 | 1,573 | 2.45 | % | ||||||||||||||||||||||||
In other currencies(3) | 16,634 | 983 | 5.91 | % | 10,043 | 520 | 5.18 | % | 4,737 | 313 | 6.61 | % | ||||||||||||||||||||||||
Other financial costs | — | 407 | — | — | 377 | — | — | 437 | — | |||||||||||||||||||||||||||
Non-interest-bearing liabilities | 51,960 | — | — | 47,979 | — | — | 55,544 | — | — | |||||||||||||||||||||||||||
Stockholders’ equity | 24,615 | — | — | 18,787 | — | — | 15,680 | — | — | |||||||||||||||||||||||||||
Total average liabilities | 461,668 | 15,931 | 3.45 | % | 395,949 | 11,215 | 2.83 | % | 364,056 | 8,932 | 2.45 | % | ||||||||||||||||||||||||
(1) | Rates have been presented on a non-taxable equivalent basis. | |
(2) | Amounts reflected in euro correspond to predominantly domestic activities. | |
(3) | Amounts reflected in other currencies correspond to predominantly foreign activities. |
2007/2006 | ||||||||||||
Increase (Decrease) due to changes in | ||||||||||||
Volume(1) | Rate(1) (2) | Net Change | ||||||||||
(in millions of euros) | ||||||||||||
Interest income | ||||||||||||
Cash and balances with central bank | 154 | (140 | ) | 14 | ||||||||
Debt securities, equity instruments and derivatives | 155 | (349 | ) | (194 | ) | |||||||
Loans and advances to credit institutions | 310 | 475 | 785 | |||||||||
In euros | 224 | 462 | 686 | |||||||||
In other currencies | 23 | 76 | 99 | |||||||||
Loans and advances to customers | 2,826 | 2,662 | 5,488 | |||||||||
In euros | 1,185 | 2,197 | 3,382 | |||||||||
In other currencies | 2,221 | (114 | ) | 2,107 | ||||||||
Other financial income | — | 18 | 18 | |||||||||
Total income | 3,251 | 2,859 | 6,111 | |||||||||
Interest expense | ||||||||||||
Deposits from central banks and credit institutions | 80 | 798 | 878 | |||||||||
In euros | (204 | ) | 310 | 106 | ||||||||
In other currencies | 456 | 316 | 772 | |||||||||
Customer deposits | 1,267 | 925 | 2,192 | |||||||||
In euros | 428 | 1,542 | 1,970 | |||||||||
In other currencies | 805 | (583 | ) | 222 | ||||||||
Debt certificates and subordinated liabilities | 416 | 1,200 | 1,616 | |||||||||
In euros | 175 | 977 | 1,152 | |||||||||
In other currencies | 341 | 122 | 463 | |||||||||
Other financial costs | — | 30 | 30 | |||||||||
Total expense | 1,862 | 2,854 | 4,716 | |||||||||
Net interest income | 1,389 | 5 | 1,395 | |||||||||
(1) | Variances caused by changes in both volume and rate have been allocated proportionally to volume and rate. | |
(2) | Rates have been presented on a non-taxable equivalent basis. |
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Table of Contents
2006/2005 | ||||||||||||
Increase (Decrease) due to changes in | ||||||||||||
Volume(1) | Rate(1) (2) | Net Change | ||||||||||
(in millions of euros) | ||||||||||||
Interest income | ||||||||||||
Cash and balances with central banks | 61 | (76 | ) | (14 | ) | |||||||
Debt securities, equity instruments and derivatives | (483 | ) | 311 | (172 | ) | |||||||
Loans and advances to credit institutions | 114 | 110 | 224 | |||||||||
In euros | 89 | 86 | 175 | |||||||||
In other currencies | (18 | ) | 67 | 49 | ||||||||
Loans and advances to customers | 2,150 | 1,246 | 3,396 | |||||||||
In euros | 1,022 | 644 | 1,667 | |||||||||
In other currencies | 1,426 | 303 | 1,729 | |||||||||
Other financial income | — | 16 | 16 | |||||||||
Total income | 1,414 | 2,036 | 3,449 | |||||||||
Interest expense | ||||||||||||
Deposits from central banks and credit institutions | (36 | ) | 281 | 245 | ||||||||
In euros | (42 | ) | 228 | 187 | ||||||||
In other currencies | 40 | 18 | 58 | |||||||||
Customer deposits | 524 | 435 | 959 | |||||||||
In euros | 145 | 514 | 658 | |||||||||
In other currencies | 332 | (32 | ) | 301 | ||||||||
Debt certificates and subordinated liabilities | 509 | 631 | 1,140 | |||||||||
In euros | 326 | 607 | 933 | |||||||||
In other currencies | 351 | (144 | ) | 207 | ||||||||
Other financial costs | — | (60 | ) | (60 | ) | |||||||
Total expense | 783 | 1,501 | 2,283 | |||||||||
Net interest income | 631 | 535 | 1,166 | |||||||||
(1) | Variances caused by changes in both volume and rate have been allocated proportionally to volume and rate. | |
(2) | Rates have been presented on a non-taxable equivalent basis. |
December 31, | ||||||||||||
2007 | 2006 | 2005 | ||||||||||
(in millions of euros, except percentages) | ||||||||||||
Average interest earning assets | 434,817 | 371,752 | 340,387 | |||||||||
Gross yield(1) | 5.91 | % | 5.27 | % | 4.74 | % | ||||||
Net yield(2) | 5.57 | % | 4.95 | % | 4.43 | % | ||||||
Net interest margin(3) | 2.25 | % | 2.25 | % | 2.12 | % | ||||||
Average effective rate paid on all interest-bearing liabilities | 3.45 | % | 2.83 | % | 2.45 | % | ||||||
Spread(4) | 2.46 | % | 2.44 | % | 2.29 | % |
(1) | Gross yield represents total interest income divided by average interest earning assets. | |
(2) | Net yield represents total interest income divided by total average assets. | |
(3) | Net interest margin represents net interest income as percentage of average interest earning assets. | |
(4) | Spread is the difference between gross yield and the average cost of interest-bearing liabilities. |
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2007 | 2006 | 2005 | ||||||||||||||||||||||
Amortized | Amortized | Amortized | ||||||||||||||||||||||
Cost | Fair Value | Cost | Fair Value | Cost | Fair Value | |||||||||||||||||||
(Millions of euros) | ||||||||||||||||||||||||
DEBT SECURITIES - | ||||||||||||||||||||||||
AVAILABLE FOR SALE PORTFOLIO | ||||||||||||||||||||||||
Domestic- | 10,088 | 10,161 | 9,233 | 9,506 | 15,818 | 16,705 | ||||||||||||||||||
Spanish Government | 5,226 | 5,274 | 6,596 | 6,859 | 13,490 | 14,274 | ||||||||||||||||||
Other debt securities | 4,862 | 4,887 | 2,637 | 2,647 | 2,328 | 2,431 | ||||||||||||||||||
International- | 26,725 | 27,175 | 22,002 | 22,724 | 33,296 | 34,267 | ||||||||||||||||||
United States - | 9,051 | 9,056 | 5,514 | 5,506 | 3,993 | 3,989 | ||||||||||||||||||
U.S. Treasury and other U.S. Government agencies | 60 | 61 | 342 | 343 | 2,971 | 2,958 | ||||||||||||||||||
States and political subdivisions | 515 | 518 | 310 | 310 | 51 | 51 | ||||||||||||||||||
Other debt securities | 8,476 | 8,477 | 4,862 | 4,853 | 971 | 980 | ||||||||||||||||||
Other countries - | 17,674 | 18,119 | 16,488 | 17,218 | 29,303 | 30,278 | ||||||||||||||||||
Securities of other foreign Governments | 10,844 | 11,278 | 9,858 | 10,386 | 20,885 | 21,793 | ||||||||||||||||||
Other debt securities | 6,830 | 6,841 | 6,630 | 6,832 | 8,418 | 8,485 | ||||||||||||||||||
TOTAL AVAILABLE FOR SALE PORTFOLIO | 36,813 | 37,336 | 31,235 | 32,230 | 49,114 | 50,972 | ||||||||||||||||||
HELD TO MATURITY PORTFOLIO | ||||||||||||||||||||||||
Domestic- | 2,402 | 2,271 | 2,404 | 2,337 | 1,205 | 1,237 | ||||||||||||||||||
Spanish Government | 1,417 | 1,349 | 1,417 | 1,378 | 363 | 375 | ||||||||||||||||||
Other debt securities | 985 | 922 | 987 | 959 | 842 | 862 | ||||||||||||||||||
International- | 3,182 | 3,063 | 3,502 | 3,421 | 2,754 | 2,798 | ||||||||||||||||||
TOTAL HELD TO MATURITY PORTFOLIO | 5,584 | 5,334 | 5,906 | 5,758 | 3,959 | 4,035 | ||||||||||||||||||
TOTAL DEBT SECURITIES | 42,397 | 42,670 | 37,141 | 37,989 | 53,073 | 55,007 | ||||||||||||||||||
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Table of Contents
2007 | 2006 | 2005 | ||||||||||||||||||||||
Amortized | Amortized | Amortized | ||||||||||||||||||||||
Cost | Fair Value(1) | Cost | Fair Value(1) | Cost | Fair Value(1) | |||||||||||||||||||
(Millions of euros) | ||||||||||||||||||||||||
EQUITY SECURITIES - | ||||||||||||||||||||||||
AVAILABLE FOR SALE PORTFOLIO | ||||||||||||||||||||||||
Domestic- | 3,783 | 7,164 | 4,564 | 7,381 | 5,103 | 7,396 | ||||||||||||||||||
Equity listed | 3,710 | 7,032 | 4,525 | 7,342 | 5,094 | 7,324 | ||||||||||||||||||
Equity Unlisted | 73 | 132 | 39 | 39 | 9 | 72 | ||||||||||||||||||
International- | 2,841 | 3,932 | 1,860 | 2,656 | 936 | 1,666 | ||||||||||||||||||
United States- | 490 | 489 | 53 | 54 | 52 | 50 | ||||||||||||||||||
Equity listed | 420 | 419 | 27 | 28 | 42 | 40 | ||||||||||||||||||
Equity Unlisted | 70 | 70 | 26 | 26 | 10 | 10 | ||||||||||||||||||
Other countries- | 2,351 | 3,443 | 1,807 | 2,602 | 884 | 1,616 | ||||||||||||||||||
Equity listed | 2,242 | 3,346 | 1,702 | 2,497 | 839 | 1,571 | ||||||||||||||||||
Equity Unlisted | 109 | 97 | 105 | 105 | 45 | 45 | ||||||||||||||||||
TOTAL AVAILABLE FOR SALE PORTFOLIO | 6,624 | 11,096 | 6,424 | 10,037 | 6,039 | 9,062 | ||||||||||||||||||
TOTAL EQUITY SECURITIES | 6,624 | 11,096 | 6,424 | 10,037 | 6,039 | 9,062 | ||||||||||||||||||
TOTAL INVESTMENT SECURITIES | 49,021 | 53,766 | 43,565 | 48,026 | 59,112 | 64,069 | ||||||||||||||||||
(1) | Fair values for listed securities are determined on the basis of their quoted values at the end of the year. Appraised values are used for unlisted securities based on our estimate or on unaudited financial statements, when available. |
Maturing at one year or less | Maturing after one year to five years | Maturing after five year to ten years | Maturing after ten years | |||||||||||||||||||||||||||||||||
Amount | Yield %(1) | Amount | Yield %(1) | Amount | Yield %(1) | Amount | Yield %(1) | Total | ||||||||||||||||||||||||||||
(Millions of euros, except percentages) | ||||||||||||||||||||||||||||||||||||
AVAILABLE FOR SALE PORTFOLIO | ||||||||||||||||||||||||||||||||||||
Domestic: | ||||||||||||||||||||||||||||||||||||
Spanish Government | 437 | 6.04 | 796 | 6.04 | 1,062 | 6.04 | 2,980 | 6.04 | 5,274 | |||||||||||||||||||||||||||
Other debt securities | 453 | 4.91 | 2,935 | 4.91 | 326 | 4.91 | 1,173 | 4.91 | 4,887 | |||||||||||||||||||||||||||
Total Domestic | 890 | 5.44 | 3,731 | 5.44 | 1,388 | 5.44 | 4,153 | 5.44 | 10,161 | |||||||||||||||||||||||||||
International: | ||||||||||||||||||||||||||||||||||||
United States: | 1,006 | 4.72 | 3,818 | 4.72 | 2,169 | 4.72 | 2,062 | 4.72 | 9,055 | |||||||||||||||||||||||||||
U.S. Treasury and other U.S. government securities | 14 | 3.27 | 43 | 3.27 | 3 | 3.27 | — | 3.27 | 61 | |||||||||||||||||||||||||||
States and political subdivisions | 54 | 3.75 | 114 | 3.75 | 181 | 3.75 | 169 | 3.75 | 518 | |||||||||||||||||||||||||||
Other debt securities | 938 | 4.80 | 3,661 | 4.80 | 1,985 | 4.80 | 1,893 | 4.80 | 8,477 | |||||||||||||||||||||||||||
Other countries: | 1,792 | 2.87 | 4,812 | 2.87 | 5,532 | 2.87 | 5,983 | 2.87 | 18,119 | |||||||||||||||||||||||||||
Securities of other foreign Governments | 498 | 3.39 | 2,408 | 3.39 | 4,199 | 3.39 | 4,173 | 3.39 | 11,278 | |||||||||||||||||||||||||||
Other debt securities | 1,294 | 2.68 | 2,404 | 2.68 | 1,333 | 2.68 | 1,810 | 2.68 | 6,841 | |||||||||||||||||||||||||||
Total International | 2,798 | 3.60 | 8,630 | 3.60 | 7,701 | 3.60 | 8,045 | 3.60 | 27,175 | |||||||||||||||||||||||||||
Total Available for sale | 3,688 | 4.09 | 12,361 | 4.09 | 9,089 | 4.09 | 12,198 | 4.09 | 37,336 | |||||||||||||||||||||||||||
HELD TO MATURITY PORTFOLIO | ||||||||||||||||||||||||||||||||||||
Domestic: | 9 | 5.09 | 485 | 4.53 | 1,727 | 3.51 | 181 | 3.92 | 2,402 | |||||||||||||||||||||||||||
Spanish Government | 5 | 6.00 | 292 | 4.82 | 1,066 | 3.23 | 54 | 4.20 | 1,417 | |||||||||||||||||||||||||||
Other debt securities | 4 | 3.75 | 193 | 4.13 | 661 | 3.96 | 127 | 3.80 | 985 | |||||||||||||||||||||||||||
International: | 282 | 3.46 | 936 | 3.98 | 1,738 | 4.15 | 227 | 3.75 | 3,182 | |||||||||||||||||||||||||||
Total Held to maturity | 291 | 3.51 | 1,421 | 4.17 | 3,465 | 3.83 | 408 | 3.83 | 5,585 | |||||||||||||||||||||||||||
TOTAL DEBT SECURITIES | 3,979 | 4.06 | 13,782 | 4.10 | 12,554 | 4.02 | 12,606 | 4.08 | 42,921 |
(1) | Rates have been presented on a non-taxable equivalent basis. |
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Table of Contents
As of December 31, | ||||||||||||
2007 | 2006 | 2005 | ||||||||||
(in millions of euros) | ||||||||||||
Domestic | 204,311 | 183,231 | 156,127 | |||||||||
Foreign | ||||||||||||
Western Europe | 22,966 | 17,999 | 14,663 | |||||||||
Central and South America | 57,060 | 49,160 | 43,491 | |||||||||
United States | 28,766 | 9,597 | 6,196 | |||||||||
Other | 4,255 | 2,390 | 1,519 | |||||||||
Total Foreign | 113,047 | 79,146 | 65,869 | |||||||||
Total loans and leases | 317,358 | 262,377 | 221,996 | |||||||||
Valuation adjustments | (6,476 | ) | (5,812 | ) | (5,146 | ) | ||||||
Total net lending | 310,882 | 256,565 | 216,850 | |||||||||
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Table of Contents
As of December 31, | ||||||||||||
2007 | 2006 | 2005 | ||||||||||
(in millions of euros) | ||||||||||||
Domestic | ||||||||||||
Government | 16,013 | 15,987 | 16,089 | |||||||||
Agriculture | 1,987 | 1,818 | 1,550 | |||||||||
Industrial | 18,404 | 15,965 | 14,774 | |||||||||
Real estate and construction | 36,261 | 33,803 | 24,937 | |||||||||
Commercial and financial | 15,220 | 15,231 | 11,736 | |||||||||
Loans to individuals | 88,853 | 78,190 | 67,964 | |||||||||
Lease financing | 7,698 | 6,717 | 5,910 | |||||||||
Other | 19,875 | 15,522 | 13,169 | |||||||||
Total domestic | 204,311 | 183,234 | 156,129 | |||||||||
Foreign | ||||||||||||
Government | 5,052 | 5,207 | 6,036 | |||||||||
Agriculture | 1,750 | 1,315 | 955 | |||||||||
Industrial | 21,518 | 8,765 | 3,155 | |||||||||
Real estate and construction | 18,895 | 7,698 | 11,624 | |||||||||
Commercial and financial | 21,151 | 23,679 | 24,459 | |||||||||
Loans to individuals | 32,609 | 25,728 | 14,619 | |||||||||
Lease financing | 1,450 | 975 | 816 | |||||||||
Other | 10,622 | 5,775 | 4,203 | |||||||||
Total foreign | 113,047 | 79,143 | 65,867 | |||||||||
Total loans and leases | 317,358 | 262,377 | 221,996 | |||||||||
Valuation adjustments | (6,476 | ) | (5,812 | ) | (5,146 | ) | ||||||
Total net lending | 310,882 | 256,565 | 216,850 | |||||||||
As of December 31, | ||||||||||||
2007 | 2006 | 2005 | ||||||||||
(in millions of euros) | ||||||||||||
In euros | 217,458 | 193,253 | 164,309 | |||||||||
In other currencies | 93,424 | 63,312 | 52,541 | |||||||||
Total net lending | 310,882 | 256,565 | 216,850 | |||||||||
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Table of Contents
Maturity | ||||||||||||||||
Due After One | ||||||||||||||||
Due in One | Year Through | Due After | ||||||||||||||
Year or Less | Five Years | Five Years | Total | |||||||||||||
(in millions of euros) | ||||||||||||||||
Domestic: | ||||||||||||||||
Government | 5,054 | 4,604 | 6,355 | 16,013 | ||||||||||||
Agriculture | 847 | 719 | 421 | 1,987 | ||||||||||||
Industrial | 14,103 | 3,022 | 1,279 | 18,404 | ||||||||||||
Real estate and construction | 16,031 | 7,957 | 12,274 | 36,261 | ||||||||||||
Commercial and financial | 8,617 | 3,570 | 3,033 | 15,220 | ||||||||||||
Loans to individuals | 10,130 | 17,979 | 60,745 | 88,853 | ||||||||||||
Lease financing | 511 | 3,855 | 3,333 | 7,698 | ||||||||||||
Other | 12,711 | 4,322 | 2,842 | 19,875 | ||||||||||||
Total domestic | 68,003 | 46,027 | 90,282 | 204,311 | ||||||||||||
Foreign: | ||||||||||||||||
Government | 1,487 | 2,865 | 699 | 5,052 | ||||||||||||
Agriculture | 855 | 792 | 103 | 1,750 | ||||||||||||
Industrial | 7,406 | 12,083 | 2,029 | 21,518 | ||||||||||||
Real estate and construction | 7,681 | 5,259 | 5,955 | 18,895 | ||||||||||||
Commercial and financial | 11,552 | 6,037 | 3,563 | 21,151 | ||||||||||||
Loans to individuals | 5,437 | 8,334 | 18,838 | 32,609 | ||||||||||||
Lease financing | 523 | 700 | 228 | 1,450 | ||||||||||||
Other | 3,836 | 4,655 | 2,131 | 10,622 | ||||||||||||
Total foreign | 38,777 | 40,725 | 33,547 | 113,047 | ||||||||||||
Total loans and leases | 106,780 | 86,752 | 123,828 | 317,358 | ||||||||||||
Interest Sensitivity of | ||||||||||||
Outstanding Loans and Leases | ||||||||||||
Maturing in More Than One | ||||||||||||
Year | ||||||||||||
Domestic | Foreign | Total | ||||||||||
(in millions of euros) | ||||||||||||
Fixed rate | 20,884 | 32,913 | 53,797 | |||||||||
Variable rate | 115,426 | 41,357 | 156,783 | |||||||||
Total loans and leases | 136,310 | 74,270 | 210,580 | |||||||||
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At December 31, | ||||||||||||||||
2007 | 2006 | 2005 | 2004 | |||||||||||||
(in millions of euros, except percentages) | ||||||||||||||||
Loan loss reserve at beginning of period: | ||||||||||||||||
Domestic | 3,734 | 3,079 | 2,374 | 1,771 | ||||||||||||
Foreign | 2,683 | 2,508 | 2,248 | 3,274 | ||||||||||||
Total loan loss reserve at beginning of period | 6,417 | 5,587 | 4,622 | 5,046 | ||||||||||||
Loans charged off: | ||||||||||||||||
Government and other Agencies | — | — | — | — | ||||||||||||
Real estate and loans to individuals | (361 | ) | (255 | ) | (138 | ) | (103 | ) | ||||||||
Commercial and financial | (7 | ) | (2 | ) | (76 | ) | (36 | ) | ||||||||
Other | — | — | — | — | ||||||||||||
Total Domestic | (368 | ) | (257 | ) | (214 | ) | (134 | ) | ||||||||
Foreign | (928 | ) | (289 | ) | (452 | ) | (579 | ) | ||||||||
Total loans charged off | (1,296 | ) | (546 | ) | (666 | ) | (713 | ) | ||||||||
Provision for loan losses: | ||||||||||||||||
Domestic | 807 | 883 | 624 | 737 | ||||||||||||
Foreign | 1,321 | 778 | 196 | 408 | ||||||||||||
Total provision for loan losses | 2,128 | 1,661 | 820 | 1,145 | ||||||||||||
Acquisition and disposition of subsidiaries | 250 | 69 | 144 | — | ||||||||||||
Effect of foreign currency translation | (420 | ) | (333 | ) | 370 | (146 | ) | |||||||||
Other | 56 | (21 | ) | 297 | (708 | ) | ||||||||||
Loan loss reserve at end of period: | ||||||||||||||||
Domestic | 3,459 | 3,734 | 3,079 | 2,374 | ||||||||||||
Foreign | 3,676 | 2,683 | 2,508 | 2,248 | ||||||||||||
Total loan loss reserve at end of period | 7,135 | 6,417 | 5,587 | 4,622 | ||||||||||||
Loan loss reserve as a percentage of total loans and leases at end of period | 2.25 | % | 2.45 | % | 2.52 | % | 2.63 | % | ||||||||
Net loan charge-offs as a percentage of total loans and leases at end of period | 0.41 | % | 0.21 | % | 0.30 | % | 0.41 | % |
(*) | EU-IFRS required to be applied under the Bank of Spain’s Circular 4/2004. |
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At December 31, | ||||
2003 | ||||
(in millions of euros, | ||||
except percentages) | ||||
Loan loss reserve at beginning of period: | ||||
Domestic | 1,599 | |||
Foreign | 3,747 | |||
Acquisition and disposition of subsidiaries | — | |||
Total loan loss reserve at beginning of period | 5,346 | |||
Loans written off: | ||||
Domestic | (292 | ) | ||
Foreign | (931 | ) | ||
Total loans written off | (1,223 | ) | ||
Recoveries of loans previously written off: | ||||
Domestic | 105 | |||
Foreign | 122 | |||
Total recoveries of loans previously written off | 227 | |||
Net loans written off | (996 | ) | ||
Provision for possible loan losses: | ||||
Domestic | 468 | |||
Foreign | 809 | |||
Total | 1,277 | |||
Effect of foreign currency translation | (711 | ) | ||
Other | (179 | ) | ||
Total provision for possible loan losses | 387 | |||
Loan loss reserve at end of period: | ||||
Domestic | 1,832 | |||
Foreign | 2,905 | |||
Total loan loss reserve at end of period | 4,737 | |||
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At December 31, | ||||||||||||||||
2007 | 2006 | 2005 | 2004 | |||||||||||||
(in millions of euros, except percentages) | ||||||||||||||||
Substandard loans: | ||||||||||||||||
Domestic | 1,620 | 1,129 | 850 | 954 | ||||||||||||
Public sector | 136 | 152 | 33 | 33 | ||||||||||||
Other resident sectors | 1,446 | 953 | 721 | 832 | ||||||||||||
Non-resident sector | 38 | 24 | 96 | 89 | ||||||||||||
Foreign | 1,738 | 1,363 | 1,497 | 1,248 | ||||||||||||
Public sector | 38 | 62 | 89 | 74 | ||||||||||||
Other resident sectors | — | — | 73 | 48 | ||||||||||||
Non-resident sector | 1,700 | 1,301 | 1,335 | 1,126 | ||||||||||||
Total substandard loans | 3,358 | 2,492 | 2,347 | 2,202 | ||||||||||||
Total loan loss reserve | (7,135 | ) | (6,417 | ) | (5,587 | ) | (4,622 | ) | ||||||||
Substandard loans net of reserves | (3,777 | ) | (3,925 | ) | (3,241 | ) | (2,420 | ) | ||||||||
Substandard loans as a percentage of loans and leases | 1.06 | % | 0.95 | % | 0.92 | % | 1.10 | % | ||||||||
Substandard loans (net of reserves) as a percentage of loans and leases | (1.19 | )% | (1.50 | )% | (1.27 | )% | (1.21 | )% |
(*) | EU-IFRS required to be applied under the Bank of Spain’s Circular 4/2004. |
At December 31, | ||||
2003 | ||||
(in millions of euros, | ||||
except percentages) | ||||
Substandard loans: | ||||
Non-performing loans | 2,672 | |||
Public sector | 535 | |||
Other resident sectors | 733 | |||
Non-resident sector | ||||
Country risk | 12 | |||
Other | 1,392 | |||
Other non-performing loans | 454 | |||
Resident sector | — | |||
Non-resident sector | 454 | |||
Total substandard loans | 3,127 | |||
Loan loss reserve | ||||
Credit loan loss reserve | 4,444 | |||
Other loan loss reserve—Fixed income portfolio | 121 | |||
Credit entities | 171 | |||
Total loan loss reserve | (4,736 | ) | ||
Substandard loans net of reserves | (1,609 | ) | ||
Non-performing loans as a percentage of total loans and leases | 1.74 | % | ||
Non performing loans (net of reserves) as a percentage of total loans | (1.16 | )% |
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Substandard | ||||||||||||
Loans as a | ||||||||||||
Loan | percentage | |||||||||||
Substandard | Loss | of Loans in | ||||||||||
Loans | Reserve | Category | ||||||||||
(in millions of euros) | ||||||||||||
Domestic: | ||||||||||||
Government | 121 | 63 | 0.76 | % | ||||||||
Agricultural | 24 | 10 | 1.21 | % | ||||||||
Industrial | 142 | 72 | 0.77 | % | ||||||||
Real estate and construction | 237 | 91 | 0.65 | % | ||||||||
Commercial and financial | 162 | 62 | 1.06 | % | ||||||||
Loans to individuals | 894 | 240 | 1.01 | % | ||||||||
Other | 40 | 25 | 0.14 | % | ||||||||
Total domestic | 1,620 | 563 | 0.79 | % | ||||||||
Total foreign | 1,807 | 1,404 | 1.54 | % | ||||||||
General reserve | 5,168 | |||||||||||
Total substandard loans | 3,358 | 7,135 | 1.04 | % | ||||||||
At December 31, | ||||||||||||||||||||||||
2007 | 2006 | 2005 | ||||||||||||||||||||||
% of Total | % of Total | % of Total | ||||||||||||||||||||||
Amount | Assets | Amount | Assets | Amount | Assets | |||||||||||||||||||
(in millions of euros, except percentages) | ||||||||||||||||||||||||
OECD | ||||||||||||||||||||||||
United Kingdom | 6,201 | 1.23 | 5,612 | 1.36 | 5,497 | 1.4 | ||||||||||||||||||
Mexico | 2,812 | 0.56 | 2,337 | 0.57 | 5,961 | 1.52 | ||||||||||||||||||
Other OECD | 6,134 | 1.22 | 5,460 | 1.33 | 5,239 | 1.34 | ||||||||||||||||||
Total OECD | 15,147 | 3.02 | 13,409 | 3.26 | 16,697 | 4.26 | ||||||||||||||||||
Central and South America | 3,345 | 0.67 | 2,725 | 0.66 | 3,747 | 0.95 | ||||||||||||||||||
Others | 4,810 | 0.96 | 3,460 | 0.84 | 1,785 | 0.45 | ||||||||||||||||||
Total | 23,302 | 4.64 | 19,594 | 4.76 | 22,229 | 5.67 | ||||||||||||||||||
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Banks and | ||||||||||||||||
Other | Commercial, | |||||||||||||||
Financial | Industrial | |||||||||||||||
Governments | Institutions | and Other | Total | |||||||||||||
(in millions of euros) | ||||||||||||||||
2007 | ||||||||||||||||
Mexico | 26 | 133 | 2,653 | 2,812 | ||||||||||||
United Kingdom | — | 3,450 | 2,751 | 6,201 | ||||||||||||
Total | 26 | 3,583 | 5,404 | 9,013 | ||||||||||||
2006 | ||||||||||||||||
Mexico | 4 | 108 | 2,225 | 2,337 | ||||||||||||
United Kingdom | — | 3,386 | 2,226 | 5,612 | ||||||||||||
Total | 4 | 3,494 | 4,451 | 7,949 | ||||||||||||
2005 | ||||||||||||||||
Mexico | 2,650 | 739 | 2,572 | 5,961 | ||||||||||||
United Kingdom | — | 3,701 | 1,796 | 5,497 | ||||||||||||
Total | 2,650 | 4,440 | 4,368 | 11,458 | ||||||||||||
Minimum Percentage of | ||||
Coverage (Outstandings | ||||
Categories(1) | Within Category) | |||
Countries belonging to the OECD whose currencies are listed in the Spanish foreign exchange market | 0.0 | |||
Countries with transitory difficulties(2) | 10.1 | |||
Doubtful countries(2) | 22.8 | |||
Very doubtful countries(2)(3) | 83.5 | |||
Bankrupt countries(4) | 100.0 |
(1) | Any outstanding which is guaranteed may be treated, for the purposes of the foregoing, as if it were an obligation of the guarantor. | |
(2) | Coverage for the aggregate of these three categories (doubtful countries, very doubtful countries, and bankrupt countries) must equal at least 35% of outstanding loans within the three categories. The Bank of Spain has recommended up to 50% aggregate coverage. | |
(3) | Outstandings to very doubtful countries are treated as substandard under Bank of Spain regulations. | |
(4) | Outstandings to bankrupt countries must be charged off immediately. As a result, no such outstandings are reflected on our consolidated balance sheet. Notwithstanding the foregoing minimum required reserves, certain interbank outstandings with an original maturity of three months or less have minimum required reserves of 50%. We met or exceeded the minimum percentage of required coverage with respect to each of the foregoing categories. |
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At December 31, 2007 | ||||||||||||||||
Bank of Spain and | Other | |||||||||||||||
Customer | Other Central | Credit | ||||||||||||||
Deposits | Banks | Institutions | Total | |||||||||||||
(in millions of euros) | ||||||||||||||||
Total domestic | 113,423 | 24,078 | 9,276 | 146,777 | ||||||||||||
Foreign: | ||||||||||||||||
Western Europe | 15,932 | 1,705 | 17,300 | 34,937 | ||||||||||||
Latin America | 58,388 | 43 | 18,218 | 76,649 | ||||||||||||
United States | 37,985 | 1,284 | 10,811 | 50,080 | ||||||||||||
Other | 8,938 | 146 | 4,790 | 13,874 | ||||||||||||
Total foreign | 121,243 | 3,178 | 51,119 | 175,540 | ||||||||||||
Total | 234,666 | 27,256 | 60,395 | 322,317 | ||||||||||||
At December 31, 2006 | ||||||||||||||||
Bank of Spain and | Other | |||||||||||||||
Customer | Other Central | Credit | ||||||||||||||
Deposits | Banks | Institutions | Total | |||||||||||||
(in millions of euros) | ||||||||||||||||
Total domestic | 100,642 | 12,190 | 7,491 | 125,384 | ||||||||||||
Foreign: | ||||||||||||||||
Western Europe | 11,488 | 1,176 | 17,903 | 25,505 | ||||||||||||
Latin America | 60,851 | 679 | 9,321 | 70,852 | ||||||||||||
United States | 14,024 | 993 | 3,560 | 18,576 | ||||||||||||
Other | 4,073 | 154 | 4,011 | 8,237 | ||||||||||||
Total foreign | 90,436 | 3,002 | 34,795 | 123,171 | ||||||||||||
Total | 191,078 | 15,192 | 42,286 | 248,555 | ||||||||||||
At December 31, 2005 | ||||||||||||||||
Bank of Spain and | Other | |||||||||||||||
Customer | Other Central | Credit | ||||||||||||||
Deposits | Banks | Institutions | Total | |||||||||||||
(in millions of euros) | ||||||||||||||||
Total domestic | 62,472 | 19,652 | 8,487 | 90,612 | ||||||||||||
Foreign: | ||||||||||||||||
Western Europe | 42,987 | — | 15,616 | 58,603 | ||||||||||||
Latin America | 58,155 | 1,513 | 7,751 | 67,419 | ||||||||||||
United States | 11,868 | 2 | 5,389 | 17,259 | ||||||||||||
Other | 5,902 | — | 7,725 | 13,627 | ||||||||||||
Total foreign | 118,912 | 1,515 | 36,481 | 156,908 | ||||||||||||
Total | 181,384 | 21,167 | 44,968 | 247,520 | ||||||||||||
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At December 31, 2007 | ||||||||||||
Domestic | Foreign | Total | ||||||||||
(in millions of euros) | ||||||||||||
3 months or under | 9,999 | 37,247 | 47,246 | |||||||||
Over 3 to 6 months | 6,128 | 6,158 | 12,286 | |||||||||
Over 6 to 12 months | 3,686 | 2,473 | 6,159 | |||||||||
Over 12 months | 27,923 | 3,135 | 31,058 | |||||||||
Total | 47,736 | 49,013 | 96,749 | |||||||||
At December 31, | ||||||||||||||||||||||||
2007 | 2006 | 2005 | ||||||||||||||||||||||
Amount | Average rate | Amount | Average rate | Amount | Average rate | |||||||||||||||||||
(in millions of euro, except percentages) | ||||||||||||||||||||||||
Securities sold under agreements to repurchase (principally Spanish Treasury bills): | ||||||||||||||||||||||||
At December 31 | 39,902 | 5.20 | % | 37,098 | 4.27 | % | 48,254 | 3.54 | % | |||||||||||||||
Average during year | 42,770 | 5.13 | % | 38,721 | 3.61 | % | 38,467 | 3.52 | % | |||||||||||||||
Maximum quarter-end balance | 44,155 | — | 46,449 | — | 48,254 | — | ||||||||||||||||||
Bank promissory notes: | ||||||||||||||||||||||||
At December 31 | 5,810 | 3.69 | % | 7,596 | 3.75 | % | 7,569 | 2.58 | % | |||||||||||||||
Average during year | 6,975 | 3.96 | % | 8,212 | 3.16 | % | 6,894 | 2.34 | % | |||||||||||||||
Maximum quarter-end balance | 7,133 | — | 9,036 | — | 7,569 | — | ||||||||||||||||||
Bonds and Subordinated debt: | ||||||||||||||||||||||||
At December 31 | 11,281 | 4.49 | % | 7,756 | 4.01 | % | 14,273 | 3.54 | % | |||||||||||||||
Average during year | 12,147 | 5.21 | % | 8,076 | 3.74 | % | 10,324 | 3.61 | % | |||||||||||||||
Maximum quarter-end balance | 15,761 | — | 10,872 | — | 14,273 | — | ||||||||||||||||||
Total short-term borrowings at December 31 | 56,993 | 4.91 | % | 52,450 | 4.16 | % | 70,096 | 3.44 | % |
As of or for the year ended | ||||||||||||
December 31, | ||||||||||||
2007 | 2006 | 2005 | ||||||||||
ROE (income attributed to the Group/average equity) | 34.2 | �� | 37.6 | 37.0 | ||||||||
ROA (income before minority interests/average total assets) | 1.39 | 1.26 | 1.12 | |||||||||
RORWA (income before minority interests/risk weighted assets) | 2.29 | 2.12 | 1.91 | |||||||||
Dividend pay-out ratio | 44.4 | 46.9 | 47.3 | |||||||||
Equity to assets ratio | 4.94 | 4.42 | 3.32 |
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• | The impairment losses on certain assets. | ||
• | The assumptions used in the actuarial calculation of the post-employment benefit liabilities and commitments. | ||
• | The useful life of tangible and intangible assets. | ||
• | The measurement of goodwill arising on consolidation. | ||
• | The fair value of certain unlisted assets. |
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47
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• | all the amounts that are expected to be obtained over the residual life of the instrument, including, where appropriate, those which may result from the guarantees provided for the instrument (after deducting the costs required for foreclosure and subsequent sale); | ||
• | the various types of risk to which each instrument is subject; and | ||
• | the circumstances in which collections will foreseeably be made. |
• | individually, for all significant loans and for those which, although not significant, cannot be classified in homogenous groups of instruments of similar characteristics, i.e., by instrument type, debtor’s industry and geographical location, type of guarantee, age of past-due amounts, etc.; or | ||
• | collectively, in all other cases. |
• | when there is evidence of a deterioration of the obligor’s ability to pay, either because it is in arrears or for other reasons; and/or | ||
• | when country risk materializes; country risk is considered to be the risk associated with debtors resident in a given country due to circumstances other than normal commercial risk. |
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As of December 31, | Change | |||||||||||||||||||
2007 | 2006 | 2005 | 2007/2006 | 2006/2005 | ||||||||||||||||
(in percentages) | ||||||||||||||||||||
Mexican peso | 16.0521 | 14.3230 | 12.6357 | (12.1 | ) | (13.4 | ) | |||||||||||||
U.S. dollar | 1.4721 | 1.3170 | 1.1797 | (11.8 | ) | (11.6 | ) | |||||||||||||
Venezuelan bolivar | 3,164.56 | 2,824.86 | 2,531.65 | (12.0 | ) | (11.6 | ) | |||||||||||||
Colombian peso | 2,967.36 | 2,941.18 | 2,695.42 | (0.9 | ) | (9.1 | ) | |||||||||||||
Chilean peso | 731.53 | 703.73 | 606.80 | (4.0 | ) | (16.0 | ) | |||||||||||||
Peruvian Nuevo sol | 4.4060 | 4.2098 | 4.0434 | (4.7 | ) | (4.1 | ) | |||||||||||||
Argentinean peso | 4.6684 | 4.0679 | 3.5907 | (14.8 | ) | (13.3 | ) |
Year ended December 31, | Change | |||||||||||
2007 | 2006 | 2007/2006 | ||||||||||
(in millions of euros) | (in percentages) | |||||||||||
Consolidated Statement of Income | ||||||||||||
Interest and similar income | 25,352 | 19,210 | 32.0 | |||||||||
Interest expense and similar charges | (15,931 | ) | (11,216 | ) | 42.0 | |||||||
Income from equity instruments | 348 | 379 | (8.4 | ) | ||||||||
Net interest income | 9,769 | 8,374 | 16.7 | |||||||||
Share of profit or loss of entities accounted for using the equity method | 242 | 308 | (21.5 | ) | ||||||||
Fee and commission income | 5,592 | 5,119 | 9.2 | |||||||||
Fee and commission expenses | (869 | ) | (784 | ) | 10.8 | |||||||
Insurance activity income | 729 | 650 | 12.0 | |||||||||
Gains/(losses) on financial assets and liabilities (net) | 2,261 | 1,656 | 36.5 | |||||||||
Exchange differences (net) | 409 | 378 | 8.4 | |||||||||
Gross income | 18,133 | 15,701 | 15.5 | |||||||||
Sales and income from the provision of non-financial services | 788 | 605 | 30.2 | |||||||||
Cost of sales | (601 | ) | (474 | ) | 26.9 | |||||||
Other operating income | 240 | 117 | 105.0 | |||||||||
Personnel expenses | (4,335 | ) | (3,989 | ) | 8.7 | |||||||
Other administrative expenses | (2,718 | ) | (2,342 | ) | 16.1 | |||||||
Depreciation and amortization | (577 | ) | (472 | ) | 22.2 | |||||||
Other operating expenses | (386 | ) | (263 | ) | 46.7 | |||||||
Net operating income | 10,544 | 8,883 | 18.7 | |||||||||
Impairment losses (net) | (1,937 | ) | (1,504 | ) | 28.8 | |||||||
of which: Loan loss provisions | (1,902 | ) | (1,477 | ) | 28.8 | |||||||
Provision expense (net) | (210 | ) | (1,338 | ) | (84.3 | ) | ||||||
Finance income from non-financial activities | 2 | 58 | (97.0 | ) | ||||||||
Finance expenses from non-financial activities | (1 | ) | (55 | ) | (98.6 | ) | ||||||
Other gains | 496 | 1,129 | (56.0 | ) | ||||||||
Other losses | (399 | ) | (142 | ) | 181.6 | |||||||
Income before tax | 8,495 | 7,031 | 20.8 | |||||||||
Income tax | (2,080 | ) | (2,059 | ) | 1.0 | |||||||
Income from continuing operations | 6,415 | 4,971 | 29.0 | |||||||||
Income from discontinued operations (net) | — | — | n.m. | (1) | ||||||||
Consolidated income for the period | 6,415 | 4,971 | 29.0 | |||||||||
Income attributed to minority interests | (289 | ) | (235 | ) | 22.7 | |||||||
Income attributed to the Group | 6,126 | 4,736 | 29.4 | |||||||||
(1) | Not meaningful |
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Year ended December 31, | Change | |||||||||||
2007 | 2006 | 2007/2006 | ||||||||||
(in millions of euros) | (in percentages) | |||||||||||
Interest and similar income | 25,352 | 19,210 | 32.0 | |||||||||
Interest expense and similar charges | (15,931 | ) | (11,216 | ) | 42.0 | |||||||
Income from equity instruments | 348 | 379 | (8.4 | ) | ||||||||
Net interest income | 9,769 | 8,374 | 16.7 | |||||||||
Year ended December 31, | Change | |||||||||||
2007 | 2006 | 2007/2006 | ||||||||||
(millions of euros) | (in percentages) | |||||||||||
Commitment fees | 55 | 56 | (1.8 | ) | ||||||||
Contingent liabilities | 229 | 204 | 12.3 | |||||||||
Documentary credits | 38 | 33 | 15.4 | |||||||||
Bank and other guarantees | 191 | 171 | 11.7 | |||||||||
Arising from exchange of foreign currencies and banknotes | 24 | 20 | 18.0 | |||||||||
Collection and payment services | 2,567 | 2,274 | 12.9 | |||||||||
Securities services | 2,089 | 2,017 | 3.6 | |||||||||
Counseling on and management of one-off transactions | 16 | 14 | 9.7 | |||||||||
Financial and similar counseling services | 23 | 18 | 25.6 | |||||||||
Factoring transactions | 25 | 19 | 29.7 | |||||||||
Non-banking financial products sales | 87 | 79 | 9.3 | |||||||||
Other fees and commissions | 477 | 416 | 14.7 | |||||||||
Fee and commission income | 5,592 | 5,119 | 9.2 | |||||||||
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Year ended December 31, | Change | |||||||||||
2007 | 2006 | 2007/2006 | ||||||||||
(in millions of euro) | (in percentages) | |||||||||||
Brokerage fees on lending and deposit transactions | (7 | ) | (11 | ) | (33.7 | ) | ||||||
Fees and commissions assigned to third parties | (612 | ) | (560 | ) | 9.1 | |||||||
Other fees and commissions | (250 | ) | (213 | ) | 17.5 | |||||||
Fee and commission expenses | (869 | ) | (784 | ) | 10.8 | |||||||
Year ended December 31, | Change | |||||||||||
2007 | 2006 | 2007/2006 | ||||||||||
(in millions of euros) | (in percentages) | |||||||||||
Wages and salaries | (3,297 | ) | (3,012 | ) | 9.5 | |||||||
Social security costs | (546 | ) | (504 | ) | 8.5 | |||||||
Transfers to internal pension provisions (Note 27) | (56 | ) | (74 | ) | (24.9 | ) | ||||||
Contributions to external pension funds (Note 27) | (58 | ) | (53 | ) | 9.6 | |||||||
Other personnel expenses | (378 | ) | (346 | ) | 9.1 | |||||||
Personnel expenses | (4,335 | ) | (3,989 | ) | 8.7 | |||||||
52
Table of Contents
Year ended December 31, | Change | |||||||||||
2007 | 2006 | 2007/2006 | ||||||||||
(in millions of euros) | (in percentages) | |||||||||||
Technology and systems | (539 | ) | (495 | ) | 8.8 | |||||||
Communications | (236 | ) | (218 | ) | 8.3 | |||||||
Advertising | (249 | ) | (207 | ) | 20.4 | |||||||
Property, fixtures and materials | (520 | ) | (451 | ) | 15.3 | |||||||
Taxes other than income tax | (257 | ) | (203 | ) | 26.9 | |||||||
Other expenses | (917 | ) | (768 | ) | 19.4 | |||||||
Other administrative expenses | (2,718 | ) | (2,342 | ) | 16.1 | |||||||
Year ended December 31, | Change | |||||||||||
2007 | 2006 | 2007/2006 | ||||||||||
(in millions of euros) | (in percentages) | |||||||||||
Net gains on sales of held-to-maturity investments | 389 | 93 | 318.2 | |||||||||
Net gains on sale of long-term investments | 18 | 934 | (98.1 | ) | ||||||||
Income from the provision of non-typical services | 5 | 4 | 20.4 | |||||||||
Other income | 84 | 97 | (13.8 | ) | ||||||||
Other gains | 496 | 1,129 | (56.0 | ) | ||||||||
Net losses on fixed assets disposals | (22 | ) | (20 | ) | 7.7 | |||||||
Net losses on long-term investments due to write-downs | (7 | ) | — | n.m. | (1) | |||||||
Other losses | (370 | ) | (121 | ) | 204.3 | |||||||
Other Losses | (399 | ) | (142 | ) | 181.6 | |||||||
Other gains (net) | 97 | 987 | (90.2 | ) | ||||||||
(1) | Not meaningful |
53
Table of Contents
Year ended December 31, | Change | |||||||||||
2006 | 2005 | 2006/2005 | ||||||||||
(in millions of euros) | (in percentages) | |||||||||||
Consolidated Statement of Income | ||||||||||||
Interest and similar income | 19,210 | 15,848 | 21.2 | |||||||||
Interest expense and similar charges | (11,216 | ) | (8,932 | ) | 25.6 | |||||||
Income from equity instruments | 379 | 292 | 29.7 | |||||||||
Net interest income | 8,374 | 7,208 | 16.2 | |||||||||
Share of profit or loss of entities accounted for using the equity method | 308 | 121 | 153.2 | |||||||||
Fee and commission income | 5,119 | 4,669 | 9.6 | |||||||||
Fee and commission expenses | (784 | ) | (729 | ) | 7.5 | |||||||
Insurance activity income | 650 | 487 | 33.6 | |||||||||
Gains/(losses) on financial assets and liabilities (net) | 1,656 | 980 | 68.9 | |||||||||
Exchange differences (net) | 378 | 287 | 31.6 | |||||||||
Gross income | 15,701 | 13,024 | 20.6 | |||||||||
Sales and income from the provision of non-financial services | 605 | 576 | 5.0 | |||||||||
Cost of sales | (474 | ) | (451 | ) | 5.2 | |||||||
Other operating income | 117 | 135 | (13.0 | ) | ||||||||
Personnel expenses | (3,989 | ) | (3,602 | ) | 10.7 | |||||||
Other administrative expenses | (2,342 | ) | (2,160 | ) | 8.4 | |||||||
Depreciation and amortization | (472 | ) | (449 | ) | 5.2 | |||||||
Other operating expenses | (263 | ) | (249 | ) | 5.6 | |||||||
Net operating income | 8,883 | 6,823 | 30.2 | |||||||||
Impairment losses (net) of which: | (1,504 | ) | (854 | ) | 76.0 | |||||||
Loan loss provisions | (1,477 | ) | (813 | ) | 81.6 | |||||||
Provision expense (net) | (1,338 | ) | (454 | ) | 194.6 | |||||||
Finance income from non-financial activities | 58 | 2 | n.m. | (1) | ||||||||
Finance expenses from non-financial activities | (55 | ) | (2 | ) | n.m. | (1) | ||||||
Other gains | 1,129 | 285 | 296.3 | |||||||||
Other losses | (142 | ) | (208 | ) | (31.9 | ) | ||||||
Income before tax | 7,031 | 5,592 | 25.7 | |||||||||
Income tax | (2,059 | ) | (1,521 | ) | 35.4 | |||||||
Income from continuing operations | 4,971 | 4,071 | 22.1 | |||||||||
Income from discontinued operations (net) | — | — | — | |||||||||
Consolidated income for the period | 4,971 | 4,071 | 22.1 | |||||||||
Income attributed to minority interests | (235 | ) | (265 | ) | (11.0 | ) | ||||||
Income attributed to the Group | 4,736 | 3,806 | 24.4 | |||||||||
(1) | Not meaningful |
54
Table of Contents
Year ended December 31, | Change | |||||||||||
2006 | 2005 | 2006/2005 | ||||||||||
(in millions of euros) | (in percentages) | |||||||||||
Interest and similar income | 19,210 | 15,848 | 21.2 | |||||||||
Interest expense and similar charges | (11,216 | ) | (8,932 | ) | 25.6 | |||||||
Income from equity instruments | 379 | 292 | 29.7 | |||||||||
Net interest income | 8,374 | 7,208 | 16.2 | |||||||||
Year ended December 31, | Change | |||||||||||
2006 | 2005 | 2006/2005 | ||||||||||
(in millions of euros) | (in percentages) | |||||||||||
Commitment fees | 56 | 50 | 11.6 | |||||||||
Contingent liabilities | 204 | 177 | 15.6 | |||||||||
Documentary credits | 33 | 31 | 6.8 | |||||||||
Bank and other guarantees | 171 | 145 | 17.5 | |||||||||
Arising from exchange of foreign currencies and banknotes | 20 | 18 | 12.6 | |||||||||
Collection and payment services | 2,274 | 2,019 | 12.7 | |||||||||
Securities services | 2,017 | 1,948 | 3.5 | |||||||||
Counseling on and management of one-off transactions | 14 | 16 | (12.3 | ) | ||||||||
Financial and similar counseling services | 18 | 11 | 71.2 | |||||||||
Factoring transactions | 19 | 19 | 3.4 | |||||||||
Non-banking financial products sales | 79 | 40 | 96.5 | |||||||||
Other fees and commissions | 416 | 372 | 11.9 | |||||||||
Fee and commission income | 5,119 | 4,669 | 9.6 | |||||||||
55
Table of Contents
Year | ||||||||||||
ended December 31, | Change | |||||||||||
2006 | 2005 | 2006/2005 | ||||||||||
(in millions of euro) | (in percentages) | |||||||||||
Brokerage fees on lending and deposit transactions | (11 | ) | (13 | ) | (15.5 | ) | ||||||
Fees and commissions assigned to third parties | (560 | ) | (519 | ) | 7.9 | |||||||
Other fees and commissions | (213 | ) | (197 | ) | 7.9 | |||||||
Fee and commission expenses | (784 | ) | (729 | ) | 7.5 | |||||||
Year ended December 31, | Change | |||||||||||
2006 | 2005 | 2006/2005 | ||||||||||
(in millions of euro) | (in percentages) | |||||||||||
Wages and salaries | (3,012 | ) | (2,744 | ) | 9.8 | |||||||
Social security costs | (504 | ) | (472 | ) | 6.8 | |||||||
Transfers to internal pension provisions (Note 27) | (74 | ) | (69 | ) | 7.8 | |||||||
Contributions to external pension funds (Note 27) | (53 | ) | (56 | ) | (5.7 | ) | ||||||
Other personnel expenses | (346 | ) | (262 | ) | 32.0 | |||||||
Personnel expenses | (3,989 | ) | (3,602 | ) | 10.7 | |||||||
56
Table of Contents
Year ended December 31, | Change | |||||||||||
2006 | 2005 | 2006/2005 | ||||||||||
(in millions of euros) | (in percentages) | |||||||||||
Technology and systems | (496 | ) | (434 | ) | 14.1 | |||||||
Communications | (218 | ) | (203 | ) | 7.5 | |||||||
Advertising | (207 | ) | (212 | ) | (2.1 | ) | ||||||
Property, fixtures and materials | (451 | ) | (415 | ) | 8.5 | |||||||
Taxes other than income tax | (203 | ) | (213 | ) | (4.9 | ) | ||||||
Other expenses | (768 | ) | (683 | ) | 12.4 | |||||||
Other administrative expenses | (2,342 | ) | (2,160 | ) | 8.4 | |||||||
Year | ||||||||||||
ended December 31, | Change | |||||||||||
2006 | 2005 | 2006/2005 | ||||||||||
(in millions of euros) | (in percentages) | |||||||||||
Net gains on sales of held-to-maturity investments | 93 | 108 | (13.9 | ) | ||||||||
Net gains on sale of long-term investments | 934 | 40 | n.m. | (1) | ||||||||
Income from the provision of non-typical services | 4 | 4 | 9.4 | |||||||||
Other income | 97 | 133 | (27.0 | ) | ||||||||
Other gains | 1,129 | 285 | 296.3 | % | ||||||||
Net losses on fixed assets disposals | (20 | ) | (22 | ) | (10.4 | ) | ||||||
Net losses on long-term investments due to write-downs | — | (12 | ) | n.m. | (1) | |||||||
Other losses | (121 | ) | (174 | ) | (30.2 | ) | ||||||
Other Losses | (142 | ) | (208 | ) | (31.9 | ) | ||||||
Other gains (net) | 987 | 77 | n.m. | (1) | ||||||||
(1) | Not meaningful |
57
Table of Contents
Year ended December 31, | Change | |||||||||||
2007 | 2006 | 2007/2006 | ||||||||||
(in millions of euros) | (in percentage) | |||||||||||
Net interest income | 4,295 | 3,747 | 14.6 | |||||||||
Share of profit of entities accounted for using the equity method | — | 1 | n.m. | (1) | ||||||||
Net fee and commission income | 1,679 | 1,627 | 3.2 | |||||||||
Insurance activity income | 461 | 376 | 22.8 | |||||||||
Gains on financial assets and liabilities (net) | 235 | 215 | 9.2 | |||||||||
Gross income | 6,670 | 5,966 | 11.8 | |||||||||
Sales and income from the provision of non-financial services | 51 | 32 | 57.9 | |||||||||
Personnel expenses and other administrative expenses | (2,487 | ) | (2,419 | ) | 2.8 | |||||||
Depreciation and amortization | (109 | ) | (104 | ) | 4.7 | |||||||
Other operating income and expenses (net) | 26 | 20 | 32.7 | |||||||||
Net operating income | 4,151 | 3,495 | 18.8 | |||||||||
Impairment losses (net) | (604 | ) | (552 | ) | 9.3 | |||||||
Net loan loss provisions | (595 | ) | (553 | ) | 7.7 | |||||||
Other writedowns | (9 | ) | 1 | n.m. | (1) | |||||||
Provision expense (net) | (3 | ) | (3 | ) | (11.3 | ) | ||||||
Other gains and losses (net) | 9 | 22 | (57.7 | ) | ||||||||
Income before tax | 3,553 | 2,962 | 20.0 | |||||||||
Income tax | (1,156 | ) | (1,040 | ) | 11.1 | |||||||
Income from continuing operations | 2,397 | 1,922 | 24.7 | |||||||||
Income attributed to minority interests | — | (3 | ) | n.m. | (1) | |||||||
Income attributed to the Group | 2,397 | 1,919 | 24.9 | |||||||||
(1) | Not meaningful |
58
Table of Contents
Year ended December 31, | Change | |||||||||||
2007 | 2006 | 2007/2006 | ||||||||||
(in millions of euros) | (in percentages) | |||||||||||
Net interest income | 124 | 150 | (17.4 | ) | ||||||||
Share of profit of entities accounted for using the equity method | 239 | 283 | (15.7 | ) | ||||||||
Net fee and commission income | 521 | 453 | 15.2 | |||||||||
Insurance activity income | — | — | n.m. | (1) | ||||||||
Gains on financial assets and liabilities (net) | 789 | 498 | 58.5 | |||||||||
Gross income | 1,673 | 1,384 | 20.8 | |||||||||
Sales and income from the provision of non-financial services | 130 | 104 | 25.0 | |||||||||
Personnel expenses and other administrative expenses | (525 | ) | (418 | ) | 25.7 | |||||||
Depreciation and amortization | (11 | ) | (10 | ) | 8.8 | |||||||
Other operating income and expenses (net) | 4 | 10 | (63.4 | ) | ||||||||
Net operating income | 1,271 | 1,070 | 18.8 | |||||||||
Impairment losses | (127 | ) | (125 | ) | 2.2 | |||||||
Net loan loss provisions | (127 | ) | (125 | ) | 1.9 | |||||||
Other writedowns | — | — | n.m. | (1) | ||||||||
Provision expense (net) | 5 | (11 | ) | n.m. | (1) | |||||||
Other gains and losses (net) | 13 | 153 | (91.2 | ) | ||||||||
Income before tax | 1,162 | 1,087 | 7.0 | |||||||||
Income tax | (243 | ) | (218 | ) | 11.5 | |||||||
Income from continuing operations | 919 | 869 | �� | 5.7 | ||||||||
Income attributed to minority interests | (10 | ) | (7 | ) | 39.3 | |||||||
Income attributed to the Group | 909 | 862 | 5.4 | |||||||||
(1) | Not meaningful. |
59
Table of Contents
Year ended December 31, | Change | |||||||||||||||
2007 | 2006 | 2007/2006 | 2007/2006(1) | |||||||||||||
(in millions of euros) | (in percentages) | |||||||||||||||
Net interest income | 4,304 | 3,535 | 21.7 | 33.1 | ||||||||||||
Share of profit of entities accounted for using the equity method | 3 | (2 | ) | n.m. | (2) | n.m. | (2) | |||||||||
Net fee and commission income | 1,621 | 1,390 | 16.6 | 27.5 | ||||||||||||
Insurance activity income | 313 | 304 | 2.7 | 12.4 | ||||||||||||
Gains on financial assets and liabilities (net) | 254 | 196 | 29.8 | 41.9 | ||||||||||||
Gross income | 6,495 | 5,423 | 19.8 | 30.9 | ||||||||||||
Sales and income from the provision of non-financial services | 7 | (4 | ) | n.m. | (2) | n.m. | (2) | |||||||||
Personnel expenses and other administrative expenses | (2,359 | ) | (1,945 | ) | 21.2 | 32.5 | ||||||||||
Depreciation and amortization | (225 | ) | (126 | ) | 78.2 | 94.8 | ||||||||||
Other operating income and expenses (net) | (121 | ) | (117 | ) | 3.7 | 13.4 | ||||||||||
Net operating income | 3,797 | 3,231 | 17.5 | 28.5 | ||||||||||||
Impairment losses | (930 | ) | (685 | ) | 35.8 | 48.4 | ||||||||||
Net loan loss provisions | (919 | ) | (672 | ) | 36.7 | 49.5 | ||||||||||
Other writedowns | (11 | ) | (13 | ) | (14.4 | ) | (6.4 | ) | ||||||||
Provision expense (net) | 21 | (73 | ) | n.m. | (2) | n.m. | (2) | |||||||||
Other gains and losses (net) | (9 | ) | 42 | n.m. | (2) | n.m. | (2) | |||||||||
Income before tax | 2,879 | 2,515 | 14.5 | 25.2 | ||||||||||||
Income tax | (794 | ) | (738 | ) | 7.5 | 17.5 | ||||||||||
Income from continuing operations | 2,085 | 1,777 | 17.4 | 28.3 | ||||||||||||
Income attributed to minority interests | (1 | ) | (2 | ) | (28.0 | ) | (21.2 | ) | ||||||||
Income attributed to the Group | 2,084 | 1,775 | 17.4 | 28.4 | ||||||||||||
60
Table of Contents
(1) | At constant exchange rates from 2006. | |
(2) | Not meaningful. |
61
Table of Contents
Year ended December 31, | Change | |||||||||||||||
2007 | 2006 | 2007/2006 | 2007/2006(1) | |||||||||||||
(in millions of euros) | (in percentages) | |||||||||||||||
Net interest income | 1,657 | 1,310 | 26.4 | 33.2 | ||||||||||||
Share of profit of entities accounted for using the equity method | 2 | 3 | (29.4 | ) | (34.1 | ) | ||||||||||
Net fee and commission income | 919 | 815 | 12.9 | 19.5 | ||||||||||||
Insurance activity income | (11 | ) | (6 | ) | 103.6 | 148.2 | ||||||||||
Gains on financial assets and liabilities (net) | 201 | 283 | (28.7 | ) | (22.5 | ) | ||||||||||
Gross income | 2,768 | 2,405 | 15.1 | 21.9 | ||||||||||||
Sales and income from the provision of non-financial services | — | — | n.m. | (2) | n.m. | (2) | ||||||||||
Personnel expenses and other administrative expenses | (1,181 | ) | (1,103 | ) | 7.1 | 12.8 | ||||||||||
Depreciation and amortization | (93 | ) | (93 | ) | 0.2 | 4.9 | ||||||||||
Other operating income and expenses (net) | (40 | ) | (46 | ) | (12.4 | ) | (9.3 | ) | ||||||||
Net operating income | 1,454 | 1,163 | 25.1 | 33.3 | ||||||||||||
Impairment losses | (269 | ) | (149 | ) | 80.3 | 90.8 | ||||||||||
Net loan loss provisions | (258 | ) | (151 | ) | 70.6 | 80.0 | ||||||||||
Other writedowns | (11 | ) | 2 | n.m. | (2) | n.m. | (2) | |||||||||
Provision expense (net) | (65 | ) | (59 | ) | 11.2 | 21.3 | ||||||||||
Other gains and losses (net) | (18 | ) | — | n.m. | (2) | n.m. | (2) | |||||||||
Income before tax | 1,102 | 955 | 15.4 | 23.0 | ||||||||||||
Income tax | (197 | ) | (229 | ) | (14.2 | ) | (7.5 | ) | ||||||||
Income from continuing operations | 905 | 726 | 24.7 | 32.4 | ||||||||||||
Income attributed to minority interests | (282 | ) | (217 | ) | 30.1 | 39.8 | ||||||||||
Income attributed to the Group | 623 | 509 | 22.4 | 29.3 | ||||||||||||
(1) | At constant exchange rates from 2006. | |
(2) | Not meaningful. |
62
Table of Contents
Year ended December 31, | Change | |||||||||||
2007 | 2006 | 2007/2006 | ||||||||||
(in millions of euros) | (in percentages) | |||||||||||
Net interest income | (610 | ) | (368 | ) | 65.8 | |||||||
Share of profit of entities accounted for using the equity method | (2 | ) | 23 | n.m. | (1) | |||||||
Net fee and commission income | (18 | ) | 50 | n.m. | (1) | |||||||
Insurance activity loss | (33 | ) | (24 | ) | 36.9 | |||||||
Gains on financial assets and liabilities (net) | 1,190 | 841 | 41.5 | |||||||||
Gross income | 527 | 522 | 1.0 | |||||||||
Sales and income from the provision of non-financial services | (1 | ) | (1 | ) | (45.6 | ) | ||||||
Personnel expenses and other administrative expenses | (502 | ) | (444 | ) | 12.9 | |||||||
Depreciation and amortization | (139 | ) | (139 | ) | (0.4 | ) | ||||||
Other operating income and expenses (net) | (14 | ) | (13 | ) | 18.7 | |||||||
Net operating income | (129 | ) | (75 | ) | 71.1 | |||||||
Impairment losses | (7 | ) | 9 | n.m. | (1) | |||||||
Net loan loss provisions | (3 | ) | 26 | n.m. | (1) | |||||||
Other writedowns | (4 | ) | (17 | ) | (77.3 | ) | ||||||
Provision expense (net) | (167 | ) | (1,193 | ) | (86.0 | ) | ||||||
Other gains and losses (net) | 101 | 771 | (86.9 | ) | ||||||||
Loss before tax | (202 | ) | (488 | ) | (58.6 | ) | ||||||
Income tax | 311 | 165 | 87.5 | |||||||||
Loss from ordinary activities | 109 | (323 | ) | n.m. | (1) | |||||||
Income or loss attributed to minority interests | 4 | (6 | ) | n.m. | (1) | |||||||
Loss attributed to the Group | 113 | (329 | ) | n.m. | (1) | |||||||
(1) | Not meaningful. |
63
Table of Contents
Year ended December 31, | Change | |||||||||||
2006 | 2005 | 2006/2005 | ||||||||||
(in millions of euros) | (in percentages) | |||||||||||
Net interest income | 3,747 | 3,429 | 9.3 | |||||||||
Share of profit of entities accounted for using the equity method | 1 | — | n.m. | (1) | ||||||||
Net fee and commission income | 1,627 | 1,496 | 8.8 | |||||||||
Insurance activity income | 376 | 309 | 21.4 | |||||||||
Gains on financial assets and liabilities (net) | 215 | 152 | 41.9 | |||||||||
Gross income | 5,966 | 5,386 | 10.8 | |||||||||
Sales and income from the provision of non-financial services | 32 | 26 | 25.5 | |||||||||
Personnel expenses and other administrative expenses | (2,419 | ) | (2,303 | ) | 5.1 | |||||||
Depreciation and amortization | (104 | ) | (103 | ) | 0.8 | |||||||
Other operating income and expenses (net) | 20 | 51 | (60.7 | ) | ||||||||
Net operating income | 3,495 | 3,057 | 14.3 | |||||||||
Impairment losses (net) | (552 | ) | (489 | ) | 13.0 | |||||||
Net loan loss provisions | (553 | ) | (491 | ) | 12.5 | |||||||
Other writedowns | 1 | 2 | (44.4 | ) | ||||||||
Provision expense (net) | (3 | ) | — | n.m. | (1) | |||||||
Other gains and losses (net) | 22 | 21 | 4.76 | |||||||||
Income before tax | 2,962 | 2,589 | 14.4 | |||||||||
Income tax | (1,040 | ) | (894 | ) | 16.4 | |||||||
Income from continuing operations | 1,922 | 1,695 | 13.3 | |||||||||
Income attributed to minority interests | (3 | ) | (3 | ) | (12.7 | ) | ||||||
Income attributed to the Group | 1,919 | 1,692 | 13.4 | |||||||||
(1) | Not meaningful. |
64
Table of Contents
Year ended December 31, | Change | |||||||||||
2006 | 2005 | 2006/2005 | ||||||||||
(in millions of euros) | (in percentages) | |||||||||||
Net interest income | 150 | 212 | (29.3 | ) | ||||||||
Share of profit of entities accounted for using the equity method | 283 | 52 | n.m. | (1) | ||||||||
Net fee and commission income | 453 | 385 | 17.5 | |||||||||
Insurance activity income | — | — | n.m. | (1) | ||||||||
Gains on financial assets and liabilities (net) | 498 | 350 | 42.4 | |||||||||
Gross income | 1,384 | 999 | 38.5 | |||||||||
Sales and income from the provision of non-financial services | 104 | 95 | 9.7 | |||||||||
Personnel expenses and other administrative expenses | (418 | ) | (371 | ) | 12.8 | |||||||
Depreciation and amortization | (10 | ) | (12 | ) | (15.3 | ) | ||||||
Other operating income and expenses (net) | 10 | 22 | (53.1 | ) | ||||||||
Net operating income | 1,070 | 733 | 45.9 | |||||||||
Impairment losses | (125 | ) | (108 | ) | 14.9 | |||||||
Net loan loss provisions | (125 | ) | (108 | ) | 15.0 | |||||||
Other writedowns | — | — | n.m. | (1) | ||||||||
Provision expense (net) | (11 | ) | 3 | n.m. | (1) | |||||||
Other gains and losses (net) | 153 | 27 | n.m. | (1) | ||||||||
Income before tax | 1,087 | 655 | 66.0 | |||||||||
Income tax | (218 | ) | (153 | ) | 42.4 | |||||||
Income from continuing operations | 869 | 502 | 73.1 | |||||||||
Income attributed to minority interests | (7 | ) | (5 | ) | 52.8 | |||||||
Income attributed to the Group | 862 | 497 | 73.6 | |||||||||
(1) | Not meaningful. |
65
Table of Contents
Year ended December 31, | Change | |||||||||||||||
2006 | 2005 | 2006/2005 | 2006/2005(1) | |||||||||||||
(in millions of euros) | (in percentages) | |||||||||||||||
Net interest income | 3,535 | 2,678 | 32.0 | 33.3 | ||||||||||||
Share of profit of entities accounted for using the equity method | (2 | ) | — | n.m. | (2) | n.m. | (2) | |||||||||
Net fee and commission income | 1,390 | 1,212 | 14.7 | 15.8 | ||||||||||||
Insurance activity income | 304 | 229 | 33.3 | 34.6 | ||||||||||||
Gains on financial assets and liabilities (net) | 196 | 168 | 16.9 | 18.0 | ||||||||||||
Gross income | 5,423 | 4,287 | 26.5 | 27.8 | ||||||||||||
Sales and income from the provision of non-financial services | (4 | ) | (3 | ) | 61.0 | 62.6 | ||||||||||
Personnel expenses and other administrative expenses | (1,945 | ) | (1,737 | ) | 12.0 | 13.1 | ||||||||||
Depreciation and amortization | (126 | ) | (138 | ) | (8.9 | ) | (8.0 | ) | ||||||||
Other operating income and expenses (net) | (117 | ) | (106 | ) | 10.8 | 11.9 | ||||||||||
Net operating income | 3,231 | 2,303 | 40.3 | 41.7 | ||||||||||||
Impairment losses | (685 | ) | (315 | ) | 117.6 | 119.7 | ||||||||||
Net loan loss provisions | (672 | ) | (289 | ) | 132.9 | 135.2 | ||||||||||
Other writedowns | (13 | ) | (26 | ) | (50.1 | ) | (49.6 | ) | ||||||||
Provision expense (net) | (73 | ) | (51 | ) | 43.5 | 44.9 | ||||||||||
Other gains and losses (net) | 43 | (8 | ) | n.m. | (2) | n.m. | (2) | |||||||||
Income before tax | 2,515 | 1,929 | 30.4 | 31.7 | ||||||||||||
Income tax | (738 | ) | (556 | ) | 32.8 | 34.1 | ||||||||||
Income from continuing operations | 1,777 | 1,373 | 29.4 | 30.7 | ||||||||||||
Income attributed to minority interests | (2 | ) | (3 | ) | (43.3 | ) | (42.8 | ) | ||||||||
Income attributed to the Group | 1,775 | 1,370 | 29.6 | 30.8 | ||||||||||||
(1) | At constant exchange rates from 2005. | |
(2) | Not meaningful. |
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Year ended December 31, | Change | |||||||||||||||
2006 | 2005 | 2006/2005 | 2006/2005(1) | |||||||||||||
(in millions of euros) | (in percentages) | |||||||||||||||
Net interest income | 1,310 | 1,039 | 26.1 | 28.4 | ||||||||||||
Share of profit of entities accounted for using the equity method | 3 | (1 | ) | n.m. | (2) | n.m. | (2) | |||||||||
Net fee and commission income | 815 | 695 | 17.3 | 18.1 | ||||||||||||
Insurance activity income | (6 | ) | 5 | n.m. | (2) | n.m. | (2) | |||||||||
Gains on financial assets and liabilities (net) | 282 | 157 | 80.3 | 85.5 | ||||||||||||
Gross income | 2,405 | 1,895 | 26.9 | 29.1 | ||||||||||||
Sales and income from the provision of non-financial services | — | 8 | (99.0 | ) | 99.0 | |||||||||||
Personnel expenses and other administrative expenses | (1,103 | ) | (933 | ) | 18.3 | 20.4 | ||||||||||
Depreciation and amortization | (93 | ) | (69 | ) | 34.9 | (36.2 | ) | |||||||||
Other operating income and expenses (net) | (46 | ) | (40 | ) | 14.2 | 17.3 | ||||||||||
Net operating income | 1,163 | 861 | 35.0 | 37.4 | ||||||||||||
Impairment losses | (149 | ) | (79 | ) | 87.6 | 85.4 | ||||||||||
Net loan loss provisions | (151 | ) | (70 | ) | 114.1 | 111.5 | ||||||||||
Other writedowns | 2 | (9 | ) | n.m. | (2) | n.m. | (2) | |||||||||
Provision expense (net) | (59 | ) | (78 | ) | (24.7 | ) | (22.1 | ) | ||||||||
Other gains and losses (net) | — | 14 | (97.8 | ) | (97.8 | ) | ||||||||||
Income before tax | 955 | 718 | 33.1 | 35.5 | ||||||||||||
Income tax | (229 | ) | (166 | ) | 38.4 | 41.6 | ||||||||||
Income from continuing operations | 726 | 552 | 31.5 | 33.7 | ||||||||||||
Income attributed to minority interests | (217 | ) | (173 | ) | 25.1 | 26.5 | ||||||||||
Income attributed to the Group | 509 | 379 | 34.4 | 37.0 | ||||||||||||
(1) | At constant exchange rates from 2005. | |
(2) | Not meaningful. |
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Year ended December 31, | Change | |||||||||||
2006 | 2005 | 2006/2005 | ||||||||||
(in millions of euros) | (in percentages) | |||||||||||
Net interest income | (368 | ) | (150 | ) | 145.5 | |||||||
Share of profit of entities accounted for using the equity method | 23 | 71 | (67.2 | ) | ||||||||
Net fee and commission income | 50 | 152 | (67.0 | ) | ||||||||
Insurance activity loss | (24 | ) | (57 | ) | (57.0 | ) | ||||||
Gains on financial assets and liabilities (net) | 841 | 441 | 90.9 | |||||||||
Gross income | 522 | 457 | 14.3 | |||||||||
Sales and income from the provision of non-financial services | (1 | ) | (1 | ) | 36.4 | |||||||
Personnel expenses and other administrative expenses | (444 | ) | (419 | ) | 5.9 | |||||||
Depreciation and amortization | (139 | ) | (127 | ) | 10.1 | |||||||
Other operating income and expenses (net) | (12 | ) | (41 | ) | (69.4 | ) | ||||||
Net operating income | (75 | ) | (131 | ) | (42.5 | ) | ||||||
Impairment losses | 9 | 138 | (93.3 | ) | ||||||||
Net loan loss provisions | 26 | 146 | (82.2 | ) | ||||||||
Other writedowns | (17 | ) | (8 | ) | 114.2 | |||||||
Provision expense (net) | (1,193 | ) | (329 | ) | 263.2 | |||||||
Other gains and losses (net) | 771 | 22 | n.m. | (1) | ||||||||
Loss before tax | (488 | ) | (300 | ) | 62.8 | |||||||
Income tax | 166 | 247 | (33.0 | ) | ||||||||
Loss from ordinary activities | (323 | ) | (53 | ) | n.m. | (1) | ||||||
Income or loss attributed to minority interests | (6 | ) | (79 | ) | (92.4 | ) | ||||||
Loss attributed to the Group | (329 | ) | (132 | ) | 149.0 | |||||||
(1) | Not meaningful. |
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2007 | 2006 | 2005 | ||||||||||
(in millions of euros) | ||||||||||||
Customer deposits | 236,183 | 192,374 | 182,635 | |||||||||
Due to credit entities | 88,098 | 57,804 | 66,315 | |||||||||
Debt securities in issue | 98,661 | 91,271 | 76,565 | |||||||||
Other financial liabilities | 6,262 | 6,995 | 6,075 | |||||||||
Total | 429,204 | 348,445 | 331,590 | |||||||||
Senior debt | 4.8 years | |||
Subordinated debt (excluding preference shares) | 9.1 years |
Short Term | Long Term | Financial Strength | ||||||||||
Moody’s | P-1 | Aa1 | B | |||||||||
Fitch—IBCA | F-1+ | AA- | A/B | |||||||||
Standard & Poor’s | A-1+ | AA- | — |
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• | uncertainties relating to economic growth expectations and interest rate cycles, especially in the United States, where the high current account deficit of the U.S. economy may translate into an upward adjustment of risk premium and higher global interest rates. In this scenario, the Spanish economy could perform similarly to how it performed during the recession at the beginning of the 1990s; | ||
• | the ongoing market turmoil triggered by defaults on subprime mortgages and related asset-backed securities in the United States which have significantly disrupted the liquidity of financial institutions and markets and which could be further exacerbated by worsening economic conditions; | ||
• | the ongoing slowdown in the U.S. real estate market, which could have pervasive effects on the U.S. economy and consequently in the global markets; | ||
• | a downturn in capital markets or a downturn in investor confidence, linked to factors such as geopolitical risk, particularly given the environment in the Middle East. Continued or new crises in the region could cause an increase in oil prices, generating inflationary pressures that will have a negative effect on interest rates and economic growth; | ||
• | the effect that an economic slowdown may have over Latin American markets and fluctuations in local interest and exchange rates; | ||
• | a downturn in the Spanish economy or an abrupt adjustment in housing prices, which could affect the credit quality of our portfolio; and | ||
• | although it is foreseeable that entry barriers to domestic markets in Europe will be lowered, our plans for expansion into other European markets could be affected by entry barriers in such countries. |
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As of December 31, | ||||||||||||
2007 | 2006 | 2005 | ||||||||||
(in millions of euros) | ||||||||||||
Contingent liabilities: | ||||||||||||
Rediscounts, endorsements and acceptances | 58 | 44 | 42 | |||||||||
Guarantees and other sureties | 56,983 | 37,002 | 25,790 | |||||||||
Other contingent liabilities | 8,804 | 5,235 | 4,030 | |||||||||
Total contingent liabilities | 65,845 | 42,281 | 29,862 | |||||||||
Commitments: | ||||||||||||
Balances drawable by third parties: | ||||||||||||
Credit entities | 2,619 | 4,356 | 2,816 | |||||||||
Public authorities | 4,419 | 3,122 | 3,128 | |||||||||
Other domestic customers | 42,448 | 43,730 | 36,063 | |||||||||
Foreign customers | 51,958 | 47,018 | 42,994 | |||||||||
Total balances drawable by third parties | 101,444 | 98,226 | 85,001 | |||||||||
Other commitments | 5,496 | 4,995 | 4,497 | |||||||||
Total commitments | 106,940 | 103,221 | 89,498 | |||||||||
Total contingent liabilities and commitments | 172,785 | 145,502 | 119,360 | |||||||||
As of December 31, | ||||||||||||
2007 | 2006 | 2005 | ||||||||||
(in millions of euros) | ||||||||||||
Mutual funds | 63,487 | 62,246 | 61,412 | |||||||||
Pension funds | 59,143 | 55,505 | 51,061 | |||||||||
Other managed assets | 31,936 | 26,465 | 30,927 | |||||||||
Total | 154,566 | 144,216 | 143,400 | |||||||||
Less Than | One to Five | Over | ||||||||||||||
One Year | Years | Five Years | Total | |||||||||||||
(in millions of euros) | ||||||||||||||||
Senior debt | 17,571 | 39,798 | 25,257 | 82,627 | ||||||||||||
Subordinated debt | 2,292 | 2,722 | 10,382 | 15,396 | ||||||||||||
Capital lease obligations | — | 2 | 9 | 11 | ||||||||||||
Operating lease obligations | 29 | 134 | 269 | 432 | ||||||||||||
Purchase obligations | 47 | — | — | 47 | ||||||||||||
Total (*) | 19,939 | 42,656 | 35,917 | 98,512 | ||||||||||||
(*) | Interest to be paid is not included. The majority of the senior and subordinated debt was issuances at variable rates. The financial cost of such issuances for 2007, 2006 and 2005 is detailed in Note 43.2 to the Consolidated Financial Statements. Commitments with personnel for 2007, 2006 and 2005 are detailed in Note 27 to the Consolidated Financial Statements. |
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a) | Have been executive director or employees in the Group within the last three or five years, respectively. | ||
b) | Receive from the Bank or companies in its Group, any amount or benefit for an item other than remuneration for their directorship, except where the sum is insignificant. | ||
For the effects of this section, this does not include either dividends or pension supplements that directors receive due to their earlier professional or employment relationship, provided these are unconditional and, consequently, the company paying them may not at its own discretion, suspend, amend or revoke their accrual without alleging breach of duties. | |||
c) | Be or have been in the last 3 years, partners of the external auditor or in charge of the audit report, when the audit in question was carried out during said 3-year period in the Bank or any of its Group companies. | ||
d) | Be executive directors or senior managers of another company on which a Bank executive director or senior manager is an external director. | ||
e) | Maintain or have maintained over the last year any important business relationship with the Company or with any Group company, either in their own name or as a significant shareholder, director or senior manager of a company that maintains or has maintained such a relationship. | ||
Business relationships means relationships as supplier of goods or services, including financial goods and services, as advisor or consultant. | |||
f) | Be significant shareholders, executive directors or senior managers of any entity that receives, or has received over the last three years, significant donations from the Bank or its Group. | ||
Those who are merely trustees in a foundation receiving donations shall not be deemed to be included under this letter. | |||
g) | Be spouses, persons linked by a similar relationship, or related up to second degree to an executive director or senior manager of the Bank. | ||
h) | Have not been proposed either for appointment or renewal by the Appointments & Compensation committee. | ||
i) | Be related to any significant shareholder or shareholder represented on the board under any of the circumstances described under letters a), e), f) or g) of this section. In the event of family relationships mentioned in letter g), the limitation shall not just be applicable with respect to the shareholder, but also with respect to their shareholder-nominated directors in the Bank. |
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• | When barred (on grounds of incompatibility or other) under prevailing legal regulations, under the bylaws or under the directors’ charter. |
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• | When significant changes occur in their professional situation or that may affect the condition by virtue of which they were appointed to the Board. | |
• | When they are in serious dereliction of their duties as directors. | |
• | When the director, acting as such, has caused severe damage to the Company’s assets or its reputation or credit, and/or no longer displays the commercial and professional honour required to hold a Bank directorship. |
Present Principal Outside | ||||||||||||
Occupation | ||||||||||||
and Five-Year Employment | ||||||||||||
Name(*) | Birth Year | Current Position | Date Nominated | Date Re-elected | History(**) | |||||||
Francisco González Rodríguez(1) | 1944 | Chairman and Chief Executive Officer | January 28, 2000 | February 26, 2005 | Chairman &CEO of BBVA, since January 2000. Director of BBVA Bancomer Servicios, S.A.; Grupo Financiero BBVA Bancomer, S.A. C.V. and BBVA Bancomer S.A. | |||||||
José Ignacio Goirigolzarri Tellaeche(1) | 1954 | President and Chief Operating Officer | December 18, 2001 | March 1, 2003 | President and Chief Operating Officer, BBVA, since 2001. Director of BBVA Bancomer Servicios, S.A.; Director, Grupo Financiero BBVA Bancomer and BBVA Bancomer, S.A. Citic Bank borrad member. | |||||||
Tomás Alfaro Drake(2) | 1951 | Independent Director | March 18, 2006 | Director of Business Management and Administration and Business Sciences programs at Universidad Francisco de Vitoria, since 1998. | ||||||||
Juan Carlos Álvarez Mezquíriz(1)(3) | 1959 | Independent Director | January 28, 2000 | March 18, 2006 | Managing Director of Grupo Eulen, S.A. | |||||||
Rafael Bermejo Blanco(2) (4) | 1940 | Independent Director | March 16, 2007 | Chairman of the Audit & Compliance Committee of BBVA since 28th March 2007. Technical Secretary General of Banco Popular, 1999—2004. | ||||||||
Richard C. Breeden | 1949 | Independent Director | October 29, 2002 | February 28, 2004 | Chairman, Richard C. Breeden & Co. | |||||||
Ramón Bustamante y de la Mora(2)(4) | 1948 | Independent Director | January 28, 2000 | February 26, 2005 | Since 1997 he is Chairman of Unitaria. |
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Present Principal Outside | ||||||||||||
Occupation | ||||||||||||
and Five-Year Employment | ||||||||||||
Name(*) | Birth Year | Current Position | Date Nominated | Date Re-elected | History(**) | |||||||
José Antonio Fernández Rivero(4) | 1949 | Independent Director | February 28, 2004 | Chairman of Risks Committee since 30th March 2004; Appointed Group General Manager, 2000—2003; From 2003 to 2005: Deputy Chairman of Telefónica and Member of its Audit and Regulation Committees. Member of the Board and Executive Committee of Iberdrola, Director of Banco de Crédito Local, and Chairman of Adquira. | ||||||||
Ignacio Ferrero Jordi(1)(3) | 1945 | Independent Director | January 28, 2000 | February 26, 2005 | Chairman and COO of Nutrexpa, S.A. and La Piara S.A. | |||||||
Román Knörr Borrás(1) | 1939 | Independent Director | May 28, 2002 | March 1, 2003 | Chairman, Carbónicas Alavesas, S.A.; Director, Mediasal 2000, S.A. and President of the Alava Chamber of Commerce; Chairman, Confebask (Basque Business Confederation) from 1999 to 2005; Director of Aguas de San Martín de Veri, S.A. until January 2006. Plenary member and Chairman of the Training Committee of the Supreme Council of Chambers of Commerce. | |||||||
Carlos Loring Martínez de Irujo(2)(3) | 1947 | Independent Director | February 28, 2004 | March 18, 2006 | He was a partner of J&A Garrigues, from 1977 until 2004; Director of the Department of Mergers and Acquisitions, of Banking and Capital Markets, Member of the Management Committee since 1985 | |||||||
José Maldonado Ramos(4)(5) | 1952 | Director and General Secretary | January 28, 2000 | February 28, 2004 | Director and General Secretary, BBVA, since January 2000. | |||||||
Enrique Medina Fernández(1)(4) | 1942 | Independent Director | December 18, 1999 | February 28, 2004 | Deputy Chairman of Gines Navarro Construcciones until it merged to become Grupo ACS. | |||||||
Susana Rodríguez Vidarte(2)(3) | 1955 | Independent Director | May 28, 2002 | March 18, 2006 | Dean of Deusto “La Comercial” University since 1996. |
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(*) | Telefónica de España, S.A. and Mr. Ricardo Lacasa Suárez each left their respective position on the Board of Directors on March 16, 2007 and March 28, 2007, respectively. | |
(**) | Where no date is provided, the position is currently held. | |
(1) | Member of the Executive Committee. | |
(2) | Member of the Audit and Compliance Committee. | |
(3) | Member of the Appointments and Compensation Committee. | |
(4) | Member of the Risk Committee. | |
(5) | Secretary of the Board of Directors. |
Present Principal Outside Occupation and | ||||
Name | Current Position | Five-Year Employment History(*) | ||
Francisco González Rodríguez | Chairman and Chief Executive Officer | Chairman, BBVA, since January 2000. Director of BBVA Bancomer Servicios, S.A; Grupo Financiero BBVA Bancomer, S.A. C.V. and BBVA Bancomer S.A. | ||
José Ignacio Goirigolzarri Tellaeche | President and Chief Operating Officer | Director, BBVA Bancomer Servicios, S.A., Grupo Financiero BBVA Bancomer and BBVA Bancomer, S.A. | ||
José Maldonado Ramos | Director and General Secretary | Director and General Secretary, Argentaria (BBVA since January 2001), since May 1997. | ||
Eduardo Arbizu Lostao | Head of Legal, Tax, Audit and Compliance department | Head of Legal department of BBVA, since 2002; Chief Executive Officer, Barclays Bank Spain, 1997 — 2002. | ||
Ángel Cano Fernández | Human Resources and Services | Chief Financial Officer, BBVA, 2001—2002, Controller, BBVA, 2000—2001; Controller, Argentaria, 1998—2000. | ||
Manuel González Cid | Finance Division | Deputy General Manager, BBVA — Head of the Merger Office, 1999 — 2001; Head of Corporate Development, BBVA, 2001 — 2002. Director and Vice president of Repsol YPF, S.A. 2003-2005. | ||
José Sevilla Álvarez | Risk | Head of Finance Division, Latin American Banking, BBV, 1998 — December 2001; Head of Business Development, BBVA, December 2001 — January 2003; Head of the Office of the Chairman, with responsibility for accountancy, internal audit and compliance, since January 2003-2006. | ||
Javier Ayuso Canals | Corporate Communications | Head of Information Relations, BBVA, 2000-2001. Corporate Communications Director, BBVA, December 2001. | ||
Javier Bernal Dionis | Business development and innovation — Spain and Portugal | Director of “Doctor Music Networks”, 2000-2004. Innovation and Development Director, BBVA, 2004-2006. Director Iniciativas Residenciales en Internet S.A. (Atrea) since 2005. | ||
José María García Meyer-Dohner | United States | BBVA Business Management and Coordination Manager for Mexico, 2000-2001. Commercial Banking Manager for BBVA Bancomer, 2001-2004. Retail Banking Manager for the U.S., August 2004. |
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Present Principal Outside Occupation and | ||||
Name | Current Position | Five-Year Employment History(*) | ||
Ignacio Deschamps González | Mexico | Commercial Banking Director for BBVA Bancomer to 2006. General Director of BBVA Bancomer since December 2006. | ||
Xavier Argenté Ariño | Business Director Spain | Head of Consumer Finance (BBVA Finanzia and Uno-E Bank). | ||
Juan Asúa Madariaga | Corporate and Business. Spain and Portugal | Global Corporate Banking Director, BBVA, 2000. E-Commerce Director, BBVA, 2000-2001. Corporate Global Banking Director, BBVA, 2001-2005. | ||
Jose Barreiro Hernández | Global Operations | Spanish Markets Director, BBVA, 2000-2001. Head of Global Markets and Distribution, Trading and Equity, BBVA, 2001-2005. | ||
Vicente Rodero Rodero | South America | BBVA Corporate Banking Director for Mexico, 1995-1999. BBVA Personal Banking Director, 1999-2003. BBVA Regional Director for Madrid, 2003-2004. BBVA Commercial Banking Director for Spain, 2004-2006. |
(*) | Where no date is provided, positions are currently held. | |
(**) | Mr. Sánchez Asiaín left his position on the Executive Committee in December 2006. |
a) | Have been employees or executive directors in Group companies, unless 3 or 5 years, respectively, have passed since they ceased to be so. | ||
b) | Receive any amount or benefit from the Company or its Group companies for any reason other than remuneration of their directorship, unless it is insignificant. | ||
Neither dividends nor supplementary pension payments that the director may receive from earlier professional or employment relationships shall be taken into account for the purposes of this section, |
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provided they are not subject to conditions and the company paying them may not at its own discretion suspend, alter or revoke their accrual without breaching its obligations. | |||
c) | Be or have been a partner in the external auditors’ firm or in charge of the auditor’s report with respect to the Company or any other Group company during the last three years. | ||
d) | Be executive director or senior manager in any other company on which a Company executive director or senior manager is external director. | ||
e) | Maintain or have maintained during the past year an important business relationship with the Company or any of its Group companies, either on his/her own behalf or as relevant shareholder, director or senior manager of a company that maintains or has maintained such relationship. | ||
Business relationships shall mean relationships as provider of goods and/or services, including financial, advisory and/or consultancy services. | |||
f) | Be significant shareholders, executive directors or senior managers of any organisation that receives or has received significant donations from the Company or its Group during the last three years. | ||
Those who are merely trustees on a foundation receiving donations shall not be ineligible under this letter. | |||
g) | Be married to or linked by equivalent emotional relationship, or related by up to second-degree family ties to an executive director or senior manager of the Company. | ||
h) | Have not been proposed by the Appointments and Compensation committee for appointment or renewal. | ||
i) | Fall within the cases described under letters a), e), f) or g) of this section, with respect to any significant shareholder or shareholder represented on the Board. In cases of family relationships described under letter g), the limitation shall not only apply to the shareholder, but also to the directors it nominates for the Company’s Board. |
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Appointments | ||||||||||||||||||||||||
and | ||||||||||||||||||||||||
Board | Standing Committee | Audit. | Risks | Compensation | TOTAL | |||||||||||||||||||
Tomás Alfaro Drake | 124 | — | 68 | — | — | 192 | ||||||||||||||||||
Juan Carlos Álvarez Mezquiriz | 124 | 159 | — | — | 41 | 324 | ||||||||||||||||||
Rafael Bermejo Blanco | 104 | — | 130 | 78 | — | 312 | ||||||||||||||||||
Richard C. Breeden | 337 | — | — | — | — | 337 | ||||||||||||||||||
Ramón Bustamante y de La Mora | 124 | — | 68 | 102 | — | 294 | ||||||||||||||||||
José Antonio Fernández Rivero (1) | 124 | — | — | 204 | — | 328 | ||||||||||||||||||
Ignacio Ferrero Jordi | 124 | 159 | — | — | 41 | 324 | ||||||||||||||||||
Román Knörr Borrás | 124 | 159 | — | — | — | 283 | ||||||||||||||||||
Carlos Loring Martínez de Irujo | 124 | — | 68 | — | 102 | 294 | ||||||||||||||||||
Enrique Medina Fernández | 124 | 159 | — | 102 | — | 385 | ||||||||||||||||||
Susana Rodríguez Vidarte | 124 | — | 68 | — | 31 | 223 | ||||||||||||||||||
T O T A L (2) | 1,557 | 636 | 402 | 486 | 215 | 3,296 |
(1) | Mr. José Antonio Fernández Rivero in 2007, in addition to the amounts detailed in the table above, also received€652 thousand for early retirement from his previous management responsibilities in BBVA. | |
(2) | Mr. Ricardo Lacasa Suárez and Telefónica de España, S.A, left their directorships on 28th March 2007 and 16th March 2007, respectively. During the year, they received€95 thousand and€30 thousand respectively in remuneration of their board membership. |
Variable | ||||||||||||
Fixed remunerations | remunerations(1) | Total(2) | ||||||||||
Chairman & CEO | 1,827 | 3,255 | 5,082 | |||||||||
President & COO | 1,351 | 2,730 | 4,081 | |||||||||
Company Secretary | 622 | 794 | 1,416 | |||||||||
Total | 3,800 | 6,779 | 10,579 |
(1) | Figures relating to variable remuneration for 2006 paid in 2007. | |
(2) | In addition, the executive directors received remuneration in kind during 2007 totalling€33 thousand, of which€8 thousand relates to the Chairman & CEO,€14 thousand relates to the President & COO and€11 thousand to the Company Secretary. |
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Post | Thousand Euros | |||
Chairman & CEO | 61,319 | |||
President & COO | 46,400 | |||
Company Secretary | 7,714 | |||
TOTAL | 115,433 |
Chairman & CEO: | 320,000 | |||
President & COO: | 270,000 | |||
Director & Company Secretary: | 100,000 |
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Acumulative | ||||||||
2007 | number of | |||||||
theoretical | theoretical | |||||||
Directors | shares | shares | ||||||
Tomás Alfaro Drake | 1,407 | 1,407 | ||||||
Juan Carlos Alvarez Mezquiriz | 3,283 | 19,491 | ||||||
Ramón Bustamante y de la Mora | 2,982 | 19,923 | ||||||
José Antonio Fernández Rivero | 3,324 | 9,919 | ||||||
Ignacio Ferrero Jordi | 3,184 | 20,063 | ||||||
Román Knörr Borrás | 2,871 | 15,591 | ||||||
Carlos Loring Martínez de Irujo | 2,778 | 7,684 | ||||||
Enrique Medina Fernández | 3,901 | 28,035 | ||||||
Susana Rodríguez Vidarte | 1,952 | 10,511 | ||||||
TOTAL | 25,682 | 132,624 |
Chairman and Chief Executive Officer: | Mr. Francisco González Rodríguez | |
President and Chief Operating Officer: | Mr. José Ignacio Goirigolzarri Tellaeche | |
Members: | Mr. Juan Carlos Álvarez Mezquíriz | |
Mr. Ignacio Ferrero Jordi | ||
Mr. Román Knörr Borrás | ||
Mr. Enrique Medina Fernández |
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Chairman: | Mr. Rafael Bermejo Blanco | |
Members: | Mr. Tomás Alfaro Drake | |
Mr. Ramón Bustamante y de la Mora | ||
Mr. Carlos Loring Martínez de Irujo | ||
Mrs. Susana Rodríguez Vidarte |
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Chairman: | Mr. Carlos Loring Martínez de Irujo | |
Members: | Mr. Juan Carlos Álvarez Mezquíriz | |
Mr. Ignacio Ferrero Jordi | ||
Mrs. Susana Rodríguez Vidarte | ||
- | Should the chairmanship of the Board or the post of chief executive officer fall vacant, examine or organise, in the manner it deems suitable, the succession of the chairman and/or chief executive officer and put corresponding proposals to the Board for an orderly, well-planned succession. | ||
- | Submit an annual report on the director’s remuneration policy to the board of directors. | ||
- | Report the appointments and severances of senior managers and propose senior-management remuneration policy to the board, along with the basic terms and conditions for their contracts. |
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Chairman: | Mr. José Antonio Fernández Rivero | |
Members: | Mr. Ramón Bustamante y de la Mora | |
Mr. Rafael Bermejo Blanco | ||
Mr. José Maldonado Ramos | ||
Mr. Enrique Medina Fernández |
• | Analyze and evaluate proposals related to the Group’s risk management and oversight policies and strategy. In particular, these shall identify: |
a) | The risk map; | ||
b) | The setting of the level of risk considered acceptable according to the risk profile (expected loss) and capital map (risk capital) broken down by the Group’s businesses and areas of activity; | ||
c) | The internal information and oversight systems used to oversee and manage risks; | ||
d) | The measures established to mitigate the impact of risks identified should they materialise. |
• | Monitor the match between risks accepted and the profile established. | ||
• | Assess and approve, where applicable, any risks whose size could compromise the Group’s capital adequacy or recurrent earnings, or that present significant potential operational or reputational risks. | ||
• | Check that the Group possesses the means, systems, structures and resources benchmarked against best practices to allow implementation of its risk management strategy. |
The committee meets as often as necessary to best perform its duties, usually once a week. In 2007, it held 74 meetings. |
Country | BBVA | Banks | Companies | Total | ||||||||||||
Spain | 28,892 | 725 | 1,489 | 31,106 | ||||||||||||
United Kingdom | 113 | — | 7 | 140 | ||||||||||||
France | 109 | — | — | 109 | ||||||||||||
Italy | 61 | — | 171 | 232 | ||||||||||||
Germany | 7 | — | — | 7 | ||||||||||||
Switzerland | — | 111 | — | 111 | ||||||||||||
Portugal | — | 925 | — | 925 | ||||||||||||
Belgium | 38 | — | — | 38 | ||||||||||||
Jersey | — | 3 | — | 3 | ||||||||||||
Russia | 3 | — | — | 3 | ||||||||||||
Ireland | — | 5 | — | 5 | ||||||||||||
Total Europe | 29,243 | 1,769 | 1,667 | 32,679 | ||||||||||||
New York | 150 | 14 | — | 164 | ||||||||||||
Miami | 86 | — | — | 86 | ||||||||||||
Grand Cayman | 2 | — | — | 2 | ||||||||||||
U.S.A. | — | 13,082 | — | 13,082 | ||||||||||||
Total North America | 238 | 13,096 | — | 13,334 | ||||||||||||
Panama | — | 285 | — | 285 | ||||||||||||
Puerto Rico | — | 999 | — | 999 | ||||||||||||
Argentina | — | 7,483 | — | 7,483 | ||||||||||||
Brazil | 4 | — | 15 | 19 | ||||||||||||
Colombia | — | 5,969 | — | 5,969 | ||||||||||||
Venezuela | — | 5,822 | — | 5,822 | ||||||||||||
Mexico | — | 35,200 | — | 35,200 | ||||||||||||
Uruguay | 36 | 158 | — | 194 | ||||||||||||
Paraguay | — | 139 | — | 139 | ||||||||||||
Bolivia | — | — | 196 | 196 | ||||||||||||
Chile | — | 4,431 | — | 4,431 | ||||||||||||
Dominican Republic | — | — | — | — | ||||||||||||
Cuba | 1 | — | — | 1 | ||||||||||||
Peru | — | 4,874 | — | 4,874 | ||||||||||||
Ecuador | — | — | 167 | 167 | ||||||||||||
Total Latin America | 41 | 65,360 | 378 | 65,779 | ||||||||||||
Hong Kong | 90 | — | — | 90 | ||||||||||||
Japan | 11 | — | — | 11 | ||||||||||||
China | 6 | — | — | 6 | ||||||||||||
Singapore | 14 | — | — | 14 | ||||||||||||
Total Asia | 121 | — | — | 121 | ||||||||||||
Total | 29,643 | 80,228 | 2,045 | 111,913 | ||||||||||||
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Directly | Indirectly | % of | ||||||||||||||
Owned | Owned | Capital | ||||||||||||||
Name | Shares | Shares | Total Shares | Stock | ||||||||||||
Francisco González Rodríguez | 2,414 | 1,422,800 | 1,425,214 | 0.0380 | % | |||||||||||
José Ignacio Goirigolzarri Tellaeche | 496 | 447,147 | 447,643 | 0.0119 | % | |||||||||||
Tomás Alfaro Drake | 7,920 | — | 7,920 | 0.0002 | % | |||||||||||
Juan Carlos Álvarez Mezquiriz | 30,530 | — | 30,530 | 0.0008 | % | |||||||||||
Rafael Bermejo Blanco | 13,000 | — | 13,000 | 0.0003 | % | |||||||||||
Richard C. Breeden | 40,000 | — | 40,000 | 0.0011 | % | |||||||||||
Ramón Bustamante y de la Mora | 10,139 | 2,000 | 12,139 | 0.0003 | % | |||||||||||
José Antonio Fernández Rivero | 50,000 | 415 | 50,415 | 0.0013 | % | |||||||||||
Ignacio Ferrero Jordi | 2,647 | 51,300 | 53,947 | 0.0014 | % | |||||||||||
Román Knörr Borrás | 34,579 | 6,671 | 41,250 | 0.0011 | % | |||||||||||
Carlos Loring Martínez De Irujo | 9,149 | — | 9,149 | 0.0002 | % | |||||||||||
José Maldonado Ramos | 11,621 | — | 11,621 | 0.0003 | % | |||||||||||
Enrique Medina Fernández | 29,285 | 1,100 | 30,385 | 0.0008 | % | |||||||||||
Susana Rodríguez Vidarte | 11,179 | 2,156 | 13,335 | 0.0004 | % | |||||||||||
Total | 252,959 | 1,933,589 | 2,186,548 | 0.0583 | % | |||||||||||
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• | overnight call deposits; | ||
• | foreign exchange purchases and sales; | ||
• | derivative transactions, such as forward purchases and sales; | ||
• | money market fund transfers; | ||
• | letters of credit for imports and exports; |
• | in the ordinary course of business; | ||
• | on substantially the same terms, including interest rates and collateral, as those prevailing at the time for comparable transactions with other persons; and | ||
• | did not involve more than the normal risk of collectibility or present other unfavorable features. |
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Per Share | ||||||||||||||||||||||||||||||||||||||||
First Interim | Second Interim | Third Interim | Final | Total | ||||||||||||||||||||||||||||||||||||
€ | $ | € | $ | € | $ | € | $ | € | $ | |||||||||||||||||||||||||||||||
2003 | € | 0.090 | $ | 0.103 | € | 0.090 | $ | 0.103 | € | 0.090 | $ | 0.103 | € | 0.114 | $ | 0.130 | € | 0.384 | $ | 0.439 | ||||||||||||||||||||
2004 | € | 0.100 | $ | 0.125 | € | 0.100 | $ | 0.125 | € | 0.100 | $ | 0.125 | € | 0.142 | $ | 0.177 | € | 0.442 | $ | 0.552 | ||||||||||||||||||||
2005 | € | 0.115 | $ | 0.143 | € | 0.115 | $ | 0.143 | € | 0.115 | $ | 0.143 | € | 0.186 | $ | 0.231 | € | 0.531 | $ | 0.660 | ||||||||||||||||||||
2006 | € | 0.132 | $ | 0.174 | € | 0.132 | $ | 0.174 | € | 0.132 | $ | 0.174 | € | 0.241 | $ | 0.318 | € | 0.637 | $ | 0.841 | ||||||||||||||||||||
2007 | € | 0.152 | $ | 0.222 | € | 0.152 | $ | 0.222 | € | 0.152 | $ | 0.222 | € | 0.277 | $ | 0.405 | € | 0.733 | $ | 1.070 |
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Euro per Share | ||||||||
High | Low | |||||||
Fiscal year ended December 31, 2003 | ||||||||
Annual | 10.95 | 6.89 | ||||||
First Quarter | 10.25 | 6.89 | ||||||
Second Quarter | 9.68 | 7.78 | ||||||
Third Quarter | 10.10 | 8.86 | ||||||
Fourth Quarter | 10.95 | 8.91 | ||||||
Fiscal year ended December 31, 2004 | ||||||||
Annual | 13.09 | 10.22 | ||||||
First Quarter | 11.28 | 10.22 | ||||||
Second Quarter | 11.42 | 10.40 | ||||||
Third Quarter | 11.39 | 10.55 | ||||||
Fourth Quarter | 13.09 | 11.36 | ||||||
Fiscal year ended December 31, 2005 | ||||||||
Annual | 15.17 | 11.95 | ||||||
First Quarter | 13.38 | 12.30 | ||||||
Second Quarter | 12.93 | 11.95 | ||||||
Third Quarter | 14.59 | 12.67 | ||||||
Fourth Quarter | 15.17 | 14.12 | ||||||
Fiscal year ended December 31, 2006 | ||||||||
Annual | 19.49 | 14.91 | ||||||
First Quarter | 17.26 | 15.02 | ||||||
Second Quarter | 17.60 | 14.91 | ||||||
Third Quarter | 18.30 | 15.76 | ||||||
Fourth Quarter | 19.49 | 18.07 | ||||||
Fiscal year ended December 31, 2007 | ||||||||
Annual | 20.08 | 15.60 | ||||||
First Quarter | 20.08 | 17.38 | ||||||
Second Quarter | 18.87 | 17.65 | ||||||
Third Quarter | 18.43 | 15.60 | ||||||
Fourth Quarter | 17.54 | 16.06 | ||||||
Month ended October 31, 2007 | 17.54 | 16.56 | ||||||
Month ended November 30, 2007 | 17.20 | 16.06 | ||||||
Month ended December 31, 2007 | 17.32 | 16.59 | ||||||
Fiscal year ended December 31, 2008 | ||||||||
Month ended January 31, 2008 | 16.58 | 13.06 | ||||||
Month ended February 29, 2008 | 14.52 | 13.26 | ||||||
Month ended March 31 (through March 27), 2008 | 14.07 | 13.09 |
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Dollars per ADS | ||||||||
High | Low | |||||||
Fiscal year ended December 31, 2003 | ||||||||
Annual | 13.85 | 7.67 | ||||||
First Quarter | 10.81 | 7.67 | ||||||
Second Quarter | 11.16 | 8.46 | ||||||
Third Quarter | 11.16 | 10.28 | ||||||
Fourth Quarter | 13.85 | 10.54 | ||||||
Fiscal year ended December 31, 2004 | ||||||||
Annual | 17.77 | 12.47 | ||||||
First Quarter | 14.45 | 12.51 | ||||||
Second Quarter | 13.80 | 12.47 | ||||||
Third Quarter | 13.96 | 12.82 | ||||||
Fourth Quarter | 17.77 | 14.12 | ||||||
Fiscal year ended December 31, 2005 | ||||||||
Annual | 17.91 | 15.08 | ||||||
First Quarter | 17.64 | 16.14 | ||||||
Second Quarter | 16.47 | 15.12 | ||||||
Third Quarter | 17.64 | 15.08 | ||||||
Fourth Quarter | 17.91 | 16.85 | ||||||
Fiscal year ended December 31, 2006 | ||||||||
Annual | 25.15 | 18.21 | ||||||
First Quarter | 20.91 | 18.21 | ||||||
Second Quarter | 22.55 | 18.61 | ||||||
Third Quarter | 23.39 | 19.83 | ||||||
Fourth Quarter | 25.15 | 23.11 | ||||||
Month ended October 31, 2006 | 24.20 | 23.11 | ||||||
Month ended November 30, 2006 | 25.15 | 23.81 | ||||||
Month ended December 31, 2006 | 24.40 | 23.87 | ||||||
Fiscal year ended December 31, 2007 | ||||||||
Annual | 26.23 | 21.56 | ||||||
First Quarter | 26.23 | 22.79 | ||||||
Second Quarter | 25.37 | 23.56 | ||||||
Third Quarter | 23.57 | 21.56 | ||||||
Fourth Quarter | 25.48 | 23.44 | ||||||
Month ended October 31, 2007 | 25.24 | 23.44 | ||||||
Month ended November 30, 2007 | 25.11 | 23.56 | ||||||
Month ended December 31, 2007 | 25.48 | 23.85 | ||||||
Fiscal year ended December 31, 2008 | ||||||||
Month ended January 31, 2008 | 24.27 | 19.92 | ||||||
Month ended February 29, 2008 | 21.73 | 19.32 | ||||||
Month ended March 31, 2008 (through March 27) | 21.98 | 19.48 |
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• | the trade involves more than€1.5 million and more than 40% of the average daily volume of the stock during the preceding three months; | ||
• | the transaction derives from a merger or spin-off process, or from the reorganization of a group of companies; | ||
• | the transaction is executed for the purposes of settling a litigation or completing a complex group of contracts; or | ||
• | theSociedad de Bolsasfinds other justifiable cause. |
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• | the participant appearing in the records of Iberclear as holding the relevant shares in its own name, or | ||
• | the investor appearing in the records of the participant as holding the shares. |
• | established an independent regulatory authority, the CNMV, to supervise the securities markets; | ||
• | established a framework for the regulation of trading practices, tender offers and insider trading; | ||
• | required stock exchange members to be corporate entities; | ||
• | required companies listed on a Spanish stock exchange to file annual audited financial statements and to make public quarterly financial information; | ||
• | established the legal framework for the Automated Quotation System; | ||
• | exempted the sale of securities from transfer and value added taxes; | ||
• | deregulated brokerage commissions; and | ||
• | provided for transfer of shares by book-entry or by delivery of evidence of title. |
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• | own at least 500 shares; | ||
• | have registered their shares in the appropriate account registry at least five days prior to the date for which the general meeting has been convened; and | ||
• | retain the ownership of at least 500 shares until the general shareholders’ meeting takes place. |
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• | issuances of debt; | ||
• | capital increases or decreases; | ||
• | merger of BBVA; and | ||
• | any other amendment to the bylaws. |
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• | the acquired shares will have no voting rights; and | ||
• | if considered appropriate, the target bank may be taken over or its directors replaced and a sanction imposed. |
• | suspend the voting rights corresponding to such shares for up to three years; | ||
• | take control of the bank or replace the directors; or | ||
• | revoke the bank’s license. | ||
Regarding the transparency of listed companies, Law 6/2007 amends the Securities markets Act on takeover bids and transparency requirements for issuers. The transparency requirements have been further developed by Royal Decree 1362/2007 developing the Securities Markets Act on transparency requirement for issuers of listed securities, specifically information on significant stakes (“participación significativa”), reducing the communication threshold to 3%, and extending the disclosure obligations to the acquisition or transfer of financial instruments that grant rights to acquire shares with voting rights. |
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• | a citizen or a resident of the United States, | ||
• | a corporation or other entity treated as a corporation, created or organised under the laws of the United States or any political subdivision thereof, or | ||
• | an estate or trust the income of which is subject to United States federal income tax without regard to its source. |
• | the corresponding Spanish tax form, | ||
• | the certificate referred to in the preceding section, and | ||
• | evidence of the Spanish Non-Resident Income Tax that was withheld with respect to you. |
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• | certain financial institutions; | ||
• | insurance companies; |
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• | dealers and traders in securities or foreign currencies; | ||
• | persons holding ADSs or ordinary shares as part of a hedge, straddle, conversion transaction or other integrated transaction; | ||
• | persons whose “functional currency” for U.S. federal income tax purposes is not the U.S. dollar; | ||
• | persons liable for the alternative minimum tax; | ||
• | tax-exempt organizations; | ||
• | partnerships or other entities classified as partnerships for U.S. federal income tax purposes; | ||
• | persons who acquired our ADSs or ordinary shares pursuant to the exercise of any employee stock option or otherwise as compensation; or | ||
• | persons who own or are deemed to own 10% or more of our voting shares. |
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ITEM 11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK |
• | Market risks: these arise as a consequence of holding financial instruments whose value may be affected by changes in market conditions: |
§ | Currency risk: arises as a result of changes in the exchange rate between currencies. | ||
§ | Fair value interest rate risk: arises as a result of changes in market interest rates. | ||
§ | Price risk: arises as a result of changes in market prices, due either to factors specific to the individual instrument or to factors that affect all instruments traded on the market. |
• | Credit risk: this is the risk that one of the parties to the financial instrument agreement will fail to honour its contractual obligations due to the insolvency or incapacity of the individuals or legal entities involved and will cause the other party to incur a financial loss. | ||
• | Liquidity risk: occasionally referred to as funding risk, this arises either because the entity may be unable to sell a financial asset quickly at an amount close to its fair value, or because the entity may encounter difficulty in finding funds to meet commitments associated with financial instruments. |
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(Million euros) | Daily VaR | |||||||||||||||||
RISK | 31-12-07 | Average | Maximum | Minimum | ||||||||||||||
Interest(1) | 12.2 | 11.7 | 17.9 | 7.1 | ||||||||||||||
Exchange rate(1) | 2.4 | 1.6 | 5.2 | 0.5 | ||||||||||||||
Equity(1) | 6.3 | 5.1 | 8.5 | 3.3 | ||||||||||||||
Vega and correlation | 8.8 | 7.3 | 9.8 | 4.7 | ||||||||||||||
Diversification effect | (5.7 | ) | (4.2 | ) | — | — | ||||||||||||
TOTAL | 24.0 | 21.5 | 26.4 | 16.7 | ||||||||||||||
(1) | Includes gamma risk of fixed-income, exchange rate and equity options, respectively. |
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Millions of euros | ||||||||||||
2007 | 2006 | 2005 | ||||||||||
Credit institutions | 20,997 | 17,150 | 27,470 | |||||||||
Fixed-income securities | 81,794 | 68,738 | 82,010 | |||||||||
Derivatives | 7,930 | 6,195 | 8,526 | |||||||||
Total | 110,721 | 92,083 | 118,006 | |||||||||
(Million euros) | Balance | 1 month | 1-3 months | 3-12 months | 1-2 years | 2-3 years | 3-4 years | 4-5 years | + 5 years | |||||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||||||||||||
Money market | 31,783 | 14,126 | 10,296 | 4,371 | 1,215 | 819 | 413 | 218 | 326 | |||||||||||||||||||||||||||
Lending | 182,016 | 42,488 | 46,199 | 76,607 | 4,092 | 3,030 | 2,697 | 2,034 | 4,870 | |||||||||||||||||||||||||||
Securities portfolio | 12,931 | 552 | 391 | 834 | 1,392 | 1,036 | 2,749 | 839 | 5,137 | |||||||||||||||||||||||||||
Other sensitive assets | 29,317 | 27,618 | 265 | 192 | 645 | 202 | 3 | 303 | 88 | |||||||||||||||||||||||||||
Derivatives | 54,436 | 3,473 | 812 | 3,407 | 6,190 | 7,370 | 4,822 | 3,363 | 24,999 | |||||||||||||||||||||||||||
TOTAL SENSITIVE ASSETS | 310,483 | 88,258 | 57,963 | 85,410 | 13,533 | 12,457 | 10,685 | 6,757 | 35,420 | |||||||||||||||||||||||||||
LIABILITIES | ||||||||||||||||||||||||||||||||||||
Money market | 19,082 | 13,584 | 2,209 | 2,873 | 19 | 4 | 3 | 303 | 88 | |||||||||||||||||||||||||||
Customer funds | 91,021 | 22,583 | 7,687 | 25,979 | 6,658 | 2,668 | 1,470 | 15,871 | 8,105 | |||||||||||||||||||||||||||
Wholesale financing | 90,455 | 14,954 | 30,783 | 759 | 5,296 | 6,061 | 4,638 | 3,350 | 24,613 | |||||||||||||||||||||||||||
Other sensitive liabilities | 58,017 | 36,456 | 6,246 | 5,309 | 966 | 612 | 1,349 | 1,201 | 5,878 | |||||||||||||||||||||||||||
Derivatives | 66,142 | 30,086 | 32,727 | 2,812 | 250 | 27 | 9 | 1 | 230 | |||||||||||||||||||||||||||
TOTAL SENSITIVE LIABILITIES | 324,716 | 117,662 | 79,652 | 37,733 | 13,188 | 9,371 | 7,469 | 20,726 | 38,914 | |||||||||||||||||||||||||||
GAPS | (14,233 | ) | (29,405 | ) | (21,690 | ) | 47,678 | 345 | 3,086 | 3,216 | (13,969 | ) | (3,495 | ) | ||||||||||||||||||||||
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Average Impact on Net Interest Income | ||||||||||||||||||||
100 | ||||||||||||||||||||
Basis-Point | ||||||||||||||||||||
100 Basis-Point Increase | Decrease | |||||||||||||||||||
ENTITIES | Euro | Dollar | Other | Total | Total | |||||||||||||||
BBVA | -15.1 | +13.4 | +0.5 | -1.9 | +37.5 | |||||||||||||||
BBVA Bancomer | — | +16.8 | +34.0 | +50.8 | -50.8 | |||||||||||||||
BBVA Puerto Rico | — | -5.5 | — | -5.5 | +1.6 | |||||||||||||||
BBVA Chile | — | +1.0 | +1.0 | +2.0 | +2.2 | |||||||||||||||
BBVA Colombia | — | +0.1 | +8.5 | +8.6 | -8.6 | |||||||||||||||
BBVA Banco Continental | — | +0.7 | +4.4 | +5.1 | -5.1 | |||||||||||||||
BBVA Banco Provincial | — | +1.4 | +11.0 | +12.4 | -12.4 | |||||||||||||||
BBVA Banco Francés | — | -0.2 | +1.1 | +0.9 | -0.9 | |||||||||||||||
Average Impact on Economic Value | ||||||||||||||||||||
100 Basis-Point | ||||||||||||||||||||
100 Basis-Point Increase | Decrease | |||||||||||||||||||
ENTITIES | Euro | Dollar | Other | Total | Total | |||||||||||||||
BBVA | +423.0 | +6.4 | -1.9 | +428.1 | -480.4 | |||||||||||||||
BBVA Bancomer | — | +18.6 | -322.7 | -304.1 | +300.4 | |||||||||||||||
BBVA Puerto Rico | — | -10.7 | — | -10.7 | -8.7 | |||||||||||||||
BBVA Chile | — | +4.2 | -30.8 | -26.6 | +12.7 | |||||||||||||||
BBVA Colombia | — | -0.5 | -8.6 | -9.0 | +10.5 | |||||||||||||||
BBVA Banco Continental | — | +16.8 | -3.4 | -20.2 | +21.2 | |||||||||||||||
BBVA Banco Provincial | — | -3.5 | -0.6 | -2.9 | +3.6 | |||||||||||||||
BBVA Banco Francés | — | -0.0 | -15.2 | -15.3 | +16.6 | |||||||||||||||
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Default probability (in basis points) | ||||||||||||
Minimum | Maximum | |||||||||||
Master scale rating | Average | from >= | to < | |||||||||
AAA | 1 | 0 | 2 | |||||||||
AA+ | 2 | 2 | 3 | |||||||||
AA | 3 | 3 | 4 | |||||||||
AA- | 4 | 4 | 5 | |||||||||
A+ | 5 | 5 | 6 | |||||||||
A | 8 | 6 | 9 | |||||||||
A- | 10 | 9 | 11 | |||||||||
BBB+1 | 12 | 11 | 14 | |||||||||
BBB+2 | 15 | 14 | 17 | |||||||||
BBB1 | 18 | 17 | 20 | |||||||||
BBB2 | 22 | 20 | 24 | |||||||||
BBB-1 | 27 | 24 | 30 | |||||||||
BBB-2 | 34 | 30 | 39 | |||||||||
BB+1 | 44 | 39 | 50 | |||||||||
BB+2 | 58 | 50 | 67 | |||||||||
BB1 | 78 | 67 | 90 | |||||||||
BB2 | 102 | 90 | 116 | |||||||||
BB-1 | 132 | 116 | 150 | |||||||||
BB-2 | 166 | 150 | 194 | |||||||||
B+1 | 204 | 194 | 226 | |||||||||
B+2 | 250 | 226 | 276 | |||||||||
B+3 | 304 | 276 | 335 | |||||||||
B1 | 370 | 335 | 408 | |||||||||
B2 | 450 | 408 | 490 | |||||||||
B3 | 534 | 490 | 581 | |||||||||
B-1 | 633 | 581 | 689 | |||||||||
B-2 | 750 | 689 | 842 | |||||||||
B-3 | 945 | 842 | 1,061 | |||||||||
CCC+ | 1,191 | 1,061 | 1,336 | |||||||||
CCC | 1,500 | 1,336 | 1,684 | |||||||||
CCC- | 1,890 | 1,684 | 2,121 | |||||||||
CC+ | 2,381 | 2,121 | 2,673 | |||||||||
CC | 3,000 | 2,673 | 3,367 | |||||||||
CC- | 3,780 | 3,367 | 4,243 | |||||||||
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a) | Seasoning of the transaction: one of the factors determining LGD is the period that elapses from contract arrangement to default. The higher the seasoning, the lower the LGD, as is shown in the accompanying graph, in which average LGD rates vary significantly from portfolio to portfolio. |
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b) | Exposure at default (EAD): this is another determining factor in some portfolios from different countries, such as the case of BBVA Bancomer credit cards. A growing correlation is observed between this variable and loss given default for this product. |
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c) | Loan to value ratio: internal studies show that LGD increases according to increases in the loan to value (“LTV”) percentage. LTV is the ratio between the amount of the loan and the property value. However, this relationship does not apply to mortgages with a LTV exceeding 85%, given that in such transactions there are usually additional guarantees or guarantors. The table below shows the relationship between LGD and LTV for mortgage loans made by BBVA, S.A. |
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d) | Customer size: in the case of products for companies, the company’s size has proven to be a relevant factor; therefore an estimation has been obtained using this variable, which allows LGD to be assigned depending on the company’s size in terms of sales volume. Thus, LGD rates for corporations, companies, SMEs, and so on, are obtained. |
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31-12-07 | 31-12-06 | 31-12-05 | ||||||||||||||||||||||||||||||
Spain and | Global | Mexico | South | Corporate | GROUP | GROUP | GROUP | |||||||||||||||||||||||||
Portugal | Businesses | and USA | America | Activities | TOTAL | TOTAL | TOTAL | |||||||||||||||||||||||||
Gross credit risk (Drawn) | 218,272 | 82,504 | 58,250 | 24,947 | (129 | ) | 383,843 | 305,250 | 252,275 | |||||||||||||||||||||||
Loans and receivables | 202,872 | 36,236 | 56,240 | 22,328 | 322 | 317,998 | 262,969 | 222,413 | ||||||||||||||||||||||||
Contingent liabilities | 15,399 | 46,269 | 2,009 | 2,618 | (451 | ) | 65,845 | 42,281 | 29,862 | |||||||||||||||||||||||
Trading activity | 13,278 | 34,116 | 37,746 | 6,919 | 18,663 | 110,721 | 92,083 | 118,005 | ||||||||||||||||||||||||
Credit entities | 434 | 9,862 | 3,390 | 1,808 | 5,502 | 20,997 | 17,150 | 27,470 | ||||||||||||||||||||||||
Fixed income | 12,843 | 18,389 | 33,634 | 3,767 | 13,161 | 81,794 | 68,738 | 82,010 | ||||||||||||||||||||||||
Derivatives | — | 5,865 | 722 | 1,344 | — | 7,931 | 6,195 | 8,526 | ||||||||||||||||||||||||
Third-party liabilities | 42,598 | 32,438 | 20,893 | 2,249 | 3,265 | 101,444 | 98,226 | 85,001 | ||||||||||||||||||||||||
TOTAL | 274,147 | 149,059 | 116,889 | 34,114 | 21,799 | 596,008 | 495,559 | 455,282 | ||||||||||||||||||||||||
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31-12-07 | 31-12-06 | 31-12-05 | ||||||||||||||||||
(Million euros) | Residents | Non-residents | TOTAL | TOTAL | TOTAL | |||||||||||||||
Public sector | 16,013 | 5,052 | 21,065 | 21,194 | 22,125 | |||||||||||||||
Agriculture | 1,987 | 1,750 | 3,737 | 3,133 | 2,505 | |||||||||||||||
Industry | 18,404 | 21,518 | 39,922 | 24,731 | 17,930 | |||||||||||||||
Real estate and development | 36,261 | 18,895 | 55,156 | 41,502 | 36,562 | |||||||||||||||
Commercial and financial | 15,220 | 21,151 | 36,371 | 38,910 | 36,194 | |||||||||||||||
Loans to individual customers | 88,853 | 32,609 | 121,462 | 103,918 | 82,583 | |||||||||||||||
Leasing | 7,698 | 1,450 | 9,148 | 7,692 | 6,726 | |||||||||||||||
Others | 19,875 | 10,616 | 30,491 | 21,294 | 17,370 | |||||||||||||||
SUBTOTAL | 204,311 | 113,041 | 317,352 | 262,374 | 221,995 | |||||||||||||||
Interest, fees and others | 249 | 397 | 646 | 595 | 418 | |||||||||||||||
TOTAL | 204,560 | 113,438 | 317,998 | 262,969 | 22,413 | |||||||||||||||
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Exposure(1) | Expected loss | Economic capital | ||||||||||||||||||
Portfolios | Million euros | Million euros | % | Million euros | % | |||||||||||||||
Mortgages | ||||||||||||||||||||
Spain | 73,348 | 95 | 0.13 | % | 1,171 | 1.60 | % | |||||||||||||
Mexico | 7,710 | 113 | 1.47 | % | 421 | 5.46 | % | |||||||||||||
Others | 10,623 | 75 | 0.70 | % | 415 | 3.91 | % | |||||||||||||
TOTAL | 91,681 | 283 | 0.31 | % | 2,006 | 2.19 | % | |||||||||||||
Other retail portfolios | ||||||||||||||||||||
Spain | 46,904 | 432 | 0.92 | % | 1,840 | 3.92 | % | |||||||||||||
Mexico | 10,820 | 482 | 4.46 | % | 931 | 8.61 | % | |||||||||||||
Others | 4,455 | 142 | 3.19 | % | 303 | 6.80 | % | |||||||||||||
TOTAL | 62,179 | 1,056 | 1.70 | % | 3,074 | 4.94 | % | |||||||||||||
Companies and institutions | ||||||||||||||||||||
Spain | 170,895 | 240 | 0.14 | % | 3,820 | 2.24 | % | |||||||||||||
Mexico | 16,430 | 126 | 0.77 | % | 582 | 3.54 | % | |||||||||||||
Others | 66,226 | 340 | 0.51 | % | 1,577 | 2.38 | % | |||||||||||||
TOTAL | 253,551 | 706 | 0.28 | % | 5,979 | 2.36 | % | |||||||||||||
(1) | Includes off-balance-sheet positions to which the corresponding conversion factors are applied. Segmentation according to portfolio. |
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(Million euros) | 2007 | 2006 | 2005 | |||||||||
BEGINNING BALANCE | 2,531 | 2,382 | 2,248 | |||||||||
Entries | 4,606 | 2,742 | 1,943 | |||||||||
Recoveries | (2,418 | ) | (1,830 | ) | (1,531 | ) | ||||||
NET ENTRY | 2,188 | 912 | 412 | |||||||||
Transfers to write-offs | (1,497 | ) | (707 | ) | (667 | ) | ||||||
Exchange differences and others | 186 | (56 | ) | 389 | ||||||||
FINAL BALANCE | 3,408 | 2,531 | 2,382 | |||||||||
Spain and Portugal | Global Businesses | Mexico and USA | South America | |||||||||||||||||||||||||||||
(Million euros) | 2007 | 2006 | 2007 | 2006 | 2007 | 2006 | 2007 | 2006 | ||||||||||||||||||||||||
BEGINNING BALANCE | 1,078 | 911 | 25 | 65 | 789 | 663 | 526 | 631 | ||||||||||||||||||||||||
NET ENTRY | 901 | 357 | 10 | (24 | ) | 1,096 | 512 | 190 | 59 | |||||||||||||||||||||||
Transfers to write-offs | (394 | ) | (191 | ) | (6 | ) | (11 | ) | (932 | ) | (406 | ) | (170 | ) | (99 | ) | ||||||||||||||||
Exchange differences and others | 12 | 1 | (9 | ) | (5 | ) | 194 | 20 | (11 | ) | (65 | ) | ||||||||||||||||||||
FINAL BALANCE | 1,597 | 1,078 | 20 | 25 | 1,147 | 789 | 535 | 526 | ||||||||||||||||||||||||
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• | Pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of BBVA; | ||
• | Provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that our receipts and expenditures are being made only in accordance with authorizations of BBVA’s management and directors; and | ||
• | Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of our assets that could have a material effect on the financial statements. |
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Madrid — Spain
March 31, 2008
Year ended December 31, | ||||||||||||
Services Rendered | 2007 | 2006 | 2005 | |||||||||
(millions of euros) | ||||||||||||
Audit Fees (1) | 4.3 | 4.2 | 3.5 | |||||||||
Audit-Related Fees (2) | 3.6 | 5.2 | 1.2 | |||||||||
Tax Fees (3) | 0.2 | 0.2 | — | |||||||||
All Other Fees (4) | 0.3 | 0.8 | 1.2 | |||||||||
Total | 8.4 | 10.4 | 5.9 |
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(1) | Aggregate fees billed for each of the last three fiscal years for professional services rendered by Deloitte, S.L. for the audit of BBVA’s annual financial statements or services that are normally provided by Deloitte, S.L. in connection with statutory and regulatory filings or engagements for those fiscal years. Total audit fees billed by Deloitte, S.L. and its worldwide affiliates, were€10.6 million,€9.1 million and€7.7 million in 2007, 2006 and 2005, respectively. | |
(2) | Aggregate fees billed in each of the last three fiscal years for assurance and related services by Deloitte, S.L. that are reasonably related to the performance of the audit or review of BBVA’s financial statements and are not reported under (1) above. | |
(3) | Aggregate fees billed in each of the last three fiscal years for professional services rendered by Deloitte, S.L. for tax compliance, tax advice, and tax planning. | |
(4) | Aggregate fees billed in each of the last three fiscal years for products and services provided by Deloitte, S.L. other than the services reported in (1), (2) and (3) above. Services in this category consisted primarily of employee education courses and verification of the security of information systems. |
1. | The hiring of BBVA’s external auditor or any of its affiliates is prohibited, unless there is no other firm available to provide the needed services at a comparable cost and that could deliver a similar level of quality. | ||
2. | In the event that there is no other firm available to provide needed services at a comparable cost and delivering a similar level of quality, the external auditor (or any of its affiliates) may be hired to perform such services, but only with the pre-approval of the Audit and Compliance Committee. | ||
3. | The Chairman of the Audit and Compliance Committee has been delegated the authority to approve the hiring of BBVA’s external auditor (or any of its affiliates). In such an event, however, the Chairman would be required to inform the Audit and Compliance Committee of such decision at the Committee’s next meeting. | ||
4. | The hiring of the external auditor for any of BBVA’s subsidiaries must also be pre-approved by the Audit and Compliance Committee. | ||
5. | Agreements entered into prior to May 6, 2003 between BBVA or any of its subsidiaries and any of their respective external auditors, required the approval of the Audit and Compliance Committee in the event that services provided under such agreements continued after May 6, 2004. |
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Maximum Number (or | ||||||||||||||||
Total | Total Number of | Approximate Dollar Value) of | ||||||||||||||
Number of | Shares (or Units) | Shares (or Units) that May Yet | ||||||||||||||
Ordinary | Average Price | Purchased as Part of | Be Purchased Under the Plans | |||||||||||||
Shares | Paid per Share (or | Publicly Announced | or | |||||||||||||
Period of Fiscal Year | Purchased | Unit) | Plans or Programs | Programs | ||||||||||||
January 1 to January 31 | 44,421,564 | €18.80 | — | — | ||||||||||||
February 1 to February 28 | 36,280,053 | €19.41 | — | — | ||||||||||||
March 1 to March 31 | 59,284,612 | €18.01 | — | — | ||||||||||||
April 1 to April 30 | 125,802,433 | €18.24 | — | — | ||||||||||||
May 1 to May 31 | 66,879,275 | €18.35 | — | — | ||||||||||||
June 1 to June 30 | 32,026,779 | €18.24 | — | — | ||||||||||||
July 1 to July 31 | 114,440,965 | €18.05 | — | — | ||||||||||||
August 1 to August 31 | 46,809,842 | €17.22 | — | — | ||||||||||||
September 1 to September 30 | 67,473,020 | €16.45 | — | — | ||||||||||||
October 1 to October 31 | 209,985,496 | €16.99 | — | — | ||||||||||||
November 1 to November 30 | 52,717,499 | €16.63 | — | — | ||||||||||||
December 1 to December 31 | 65,578,675 | €16.99 | — | — | ||||||||||||
Total | 921,700,213 | — | — |
Page | ||
Report of Independent Registered Public Accounting firm | F-3 | |
Consolidated Balance Sheets as of December 31, 2007, 2006 and 2005 | F-4 | |
Consolidated Income Statements for the Years Ended December 31, 2007, 2006 and 2005 | F-8 | |
Statements of Changes in Consolidated Equity for the Years Ended December 31, 2007, 2006 and 2005 | F-10 | |
Consolidated Cash Flow Statements for the Years Ended December 31, 2007, 2006 and 2005 | F-11 | |
Notes to the Consolidated Financial Statements | F-14 | |
Appendices to the Consolidated Financial Statements | F-152 |
Exhibit | ||
Number | Description | |
1.1 | Extracts of Amended and Restated Bylaws (Estatutos) of the Registrant. | |
4.1 | Plan of Merger between Banco Bilbao Vizcaya, S.A. and Argentaria, Caja Postal y Banco Hipotecario, S.A.* | |
4.2 | Master Agreement of Strategic Alliance between Telefónica and BBVA, together with an English translation.** | |
4.3 | Transaction Agreement by and between Banco Bilbao Vizcaya Argentaria, S.A. and Compass Bancshares, Inc. dated as of February 16, 2007.*** | |
7.1 | Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends**** | |
8.1 | Consolidated Companies Composing Registrant. Please see Appendix I to IV to our financial statements included herein. | |
12.1 | Section 302 Chairman and Chief Executive Officer Certification. |
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Exhibit | ||
Number | Description | |
12.2 | Section 302 President and Chief Operating Officer Certification. | |
12.3 | Section 302 Chief Accounting Officer Certification. | |
13.1 | Section 906 Certification. | |
15.1 | Consent of Independent Registered Public Accounting Firm. | |
* | Incorporated by reference to BBVA’s Registration Statement on Form F-4 (File No. 333-11090) filed with the Securities and Exchange Commission on November 4, 1999. | |
** | Incorporated by reference to BBVA’s 1999 Annual Report on Form 20-F. | |
*** | Incorporated by reference to BBVA’s 2006 Annual Report on Form 20-F. | |
**** | Incorporated by reference to exhibit 12 to BBVA’s Registration Statement on Form F-4 (File No. 333-148659) filed with the Securities and Exchange Commission on March 12, 2008. |
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BANCO BILBAO VIZCAYA ARGENTARIA, S.A. | |||||
By: | /s/ JAVIER MALAGON NAVAS | ||||
Name: JAVIER MALAGON NAVAS | |||||
Title: Chief Accounting Officer | |||||
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2005 AND FOR THE YEARS ENDED DECEMBER 31, 2007, 2006 AND 2005
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM | F-3 | |
CONSOLIDATED FINANCIAL STATEMENTS | ||
F-4 | ||
Consolidated income statements | F-8 | |
Consolidated statements of recognised income and expense | F-10 | |
Consolidated cash flow statements | F-11 | |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS | ||
1. Introduction, basis of presentation of the consolidated financial statements and other information | F-14 | |
2. Basis of consolidation, accounting policies and measurement bases applied and the IFRS recent pronouncements | F-15 | |
F-33 | ||
F-40 | ||
F-41 | ||
F-41 | ||
F-43 | ||
F-51 | ||
F-51 | ||
F-54 | ||
F-54 | ||
F-58 | ||
F-62 | ||
F-63 | ||
F-65 | ||
F-65 | ||
F-67 | ||
F-67 | ||
F-71 | ||
F-74 | ||
F-74 | ||
F-74 | ||
F-75 | ||
F-75 | ||
F-82 | ||
F-82 | ||
F-84 | ||
F-94 | ||
F-95 | ||
F-96 | ||
F-97 | ||
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32. Reserves | F-98 | |
F-99 | ||
F-100 | ||
F-100 | ||
F-102 | ||
F-103 | ||
F-104 | ||
F-104 | ||
F-104 | ||
F-104 | ||
F-105 | ||
F-105 | ||
F-107 | ||
F-108 | ||
F-108 | ||
F-108 | ||
F-109 | ||
F-109 | ||
F-109 | ||
F-109 | ||
F-111 | ||
F-111 | ||
F-111 | ||
F-112 | ||
F-112 | ||
F-112 | ||
F-114 | ||
F-116 | ||
F-117 | ||
F-118 | ||
F-118 | ||
F-118 | ||
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March 31, 2008
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VIZCAYA ARGENTARIA GROUP
Millions of euros | ||||||||||||
ASSETS | 2007 | 2006 | 2005 | |||||||||
CASH AND BALANCES WITH CENTRAL BANKS (Note 8) | 22,581 | 12,515 | 12,341 | |||||||||
FINANCIAL ASSETS HELD FOR TRADING (Note 9) | 62,336 | 51,835 | 44,013 | |||||||||
Loans and advances to credit institutions | — | — | — | |||||||||
Money market operations through counterparties | — | — | — | |||||||||
Loans and advances to other debtors | — | — | — | |||||||||
Debt securities | 38,392 | 30,470 | 24,504 | |||||||||
Other equity instruments | 9,180 | 9,949 | 6,246 | |||||||||
Trading derivatives | 14,764 | 11,416 | 13,263 | |||||||||
OTHER FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS (Note 10) | 1,167 | 977 | 1,421 | |||||||||
Loans and advances to credit institutions | — | — | — | |||||||||
Money market operations through counterparties | — | — | — | |||||||||
Loans and advances to other debtors | — | — | — | |||||||||
Debt securities | 421 | 56 | 283 | |||||||||
Other equity instruments | 746 | 921 | 1,138 | |||||||||
AVAILABLE-FOR-SALE FINANCIAL ASSETS (Note 11) | 48,432 | 42,267 | 60,034 | |||||||||
Debt securities | 37,336 | 32,230 | 50,972 | |||||||||
Other equity instruments | 11,096 | 10,037 | 9,062 | |||||||||
LOANS AND RECEIVABLES (Note 12) | 338,492 | 279,855 | 249,396 | |||||||||
Loans and advances to credit institutions | 20,997 | 17,050 | 27,470 | |||||||||
Money market operations through counterparties | — | 100 | — | |||||||||
Loans and advances to other debtors | 310,882 | 256,565 | 216,850 | |||||||||
Debt securities | 60 | 77 | 2,292 | |||||||||
Other equity instruments | 6,553 | 6,063 | 2,784 | |||||||||
HELD-TO-MATURITY INVESTMENTS (Note 13) | 5,584 | 5,906 | 3,959 | |||||||||
CHANGES IN THE FAIR VALUE OF THE HEDGED ITEMS IN THE PORTFOLIO HEDGES OF INTESREST RATE RISK | — | — | — | |||||||||
HEDGING DERIVATIVES (Note 14) | 1,050 | 1,963 | 3,913 | |||||||||
NON-CURRENT ASSETS HELD FOR SALE (Note 15) | 240 | �� | 186 | 231 | ||||||||
Loans and advances to credit institutions | — | — | — | |||||||||
Loans and advances to other debtors | — | — | — | |||||||||
Debt securities | — | — | — | |||||||||
Equity instruments | — | — | — | |||||||||
Tangible assets | 240 | 186 | 231 | |||||||||
Other assets | — | — | — | |||||||||
INVESTMENTS (Note 16) | 1,542 | 889 | 1,473 | |||||||||
Associates | 846 | 206 | 946 | |||||||||
Jointly controlled entities | 696 | 683 | 527 | |||||||||
INSURANCE CONTRACTS LINKED TO PENSIONS | — | — | — | |||||||||
REINSURANCE ASSETS (Note 17) | 43 | 32 | 235 | |||||||||
TANGIBLE ASSETS (Note 18) | 5,238 | 4,527 | 4,384 | |||||||||
Property, plants and equipment | 4,437 | 3,816 | 3,841 | |||||||||
Investment properties | 82 | 61 | 77 | |||||||||
Other assets leased out under an operating lease | 719 | 650 | 466 | |||||||||
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Millions of euros | ||||||||||||
ASSETS (Continuation) | 2007 | 2006 | 2005 | |||||||||
INTANGIBLE ASSETS (Note 19) | 8,244 | 3,269 | 2,070 | |||||||||
Goodwill | 7,436 | 2,973 | 1,858 | |||||||||
Other intangible assets | 808 | 296 | 212 | |||||||||
TAX ASSETS (Note 35) | 4,958 | 5,278 | 6,421 | |||||||||
Current | 433 | 387 | 254 | |||||||||
Deferred | 4,525 | 4,891 | 6,167 | |||||||||
PREPAYMENTS AND ACCRUED INCOME (Note 20) | 604 | 674 | 557 | |||||||||
OTHER ASSETS (Note 21) | 1,693 | 1,743 | 1,941 | |||||||||
Inventories | 457 | 470 | 339 | |||||||||
Other | 1,236 | 1,273 | 1,602 | |||||||||
TOTAL ASSETS | 502,204 | 411,916 | 392,389 | |||||||||
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VIZCAYA ARGENTARIA GROUP
Millions of euros | ||||||||||||
LIABILITIES AND EQUITY | 2007 | 2006 | 2005 | |||||||||
FINANCIAL LIABILITIES HELD FOR TRADING (Note 9) | 19,273 | 14,923 | 16,271 | |||||||||
Deposits from credit institutions | — | — | — | |||||||||
Money market operations through counterparties | — | — | — | |||||||||
Deposits from other creditors | — | — | — | |||||||||
Debt certificates | — | — | — | |||||||||
Trading derivatives | 17,540 | 13,218 | 13,863 | |||||||||
Short positions | 1,733 | 1,705 | 2,408 | |||||||||
OTHER FINANCIAL LIABILITIES AT FAIR VALUE THROUGH PROFIT OR LOSS (Note 22) | 449 | 582 | 740 | |||||||||
Deposits from credit institutions | — | — | — | |||||||||
Deposits from other creditors | 449 | 582 | 740 | |||||||||
Debt certificates | — | — | — | |||||||||
FINANCIAL LIABILITIES AT FAIR VALUE THROUGH EQUITY (Note 23) | — | — | — | |||||||||
Deposits from credit institutions | — | — | — | |||||||||
Deposits from other creditors | — | — | — | |||||||||
Debt certificates | — | — | — | |||||||||
FINANCIAL LIABILITIES AT AMORTISED COST (Note 24) | 429,204 | 348,445 | 331,590 | |||||||||
Deposits from central banks | 27,326 | 15,238 | 21,190 | |||||||||
Deposits from credit institutions | 60,772 | 42,567 | 45,126 | |||||||||
Money market operations through counterparties | 23 | 223 | 23 | |||||||||
Deposits from other creditors | 236,183 | 192,374 | 182,635 | |||||||||
Debt certificates | 82,999 | 77,674 | 62,842 | |||||||||
Subordinated liabilities | 15,662 | 13,597 | 13,723 | |||||||||
Other financial liabilities | 6,239 | 6,772 | 6,051 | |||||||||
CHANGES IN THE FAIR VALUE OF THE HEDGED ITEMS IN PORTFOLIO HEDGES OF INTEREST RATE RISK | — | — | — | |||||||||
HEDGING DERIVATIVES (Note 14) | 1,807 | 2,280 | 2,870 | |||||||||
LIABILITIES ASSOCIATED WITH NON-CURRENT ASSETS HELD FOR SALE (Note 15) | — | — | — | |||||||||
Deposits from central banks | — | — | — | |||||||||
Deposits from credit institutions | — | — | — | |||||||||
Deposits from other creditors | — | — | — | |||||||||
Debt certificates | — | — | — | |||||||||
Other liabilities | — | — | — | |||||||||
LIABILITIES UNDER INSURANCE CONTRACTS (Note 25) | 9,997 | 10,121 | 10,500 | |||||||||
PROVISIONS (Note 26) | 8,342 | 8,649 | 8,701 | |||||||||
Provisions for pensions and similar obligations | 5,967 | 6,358 | 6,240 | |||||||||
Provisions for taxes | 225 | 232 | 147 | |||||||||
Provisions for contingent exposures and commitments | 546 | 502 | 452 | |||||||||
Other provisions | 1,604 | 1,557 | 1,862 | |||||||||
TAX LIABILITIES (Note 35) | 2,817 | 2,369 | 2,100 | |||||||||
Current | 582 | 622 | 598 | |||||||||
Deferred | 2,235 | 1,747 | 1,502 | |||||||||
ACCRUED EXPENSES AND DEFERRED INCOME (Note 20) | 1,820 | 1,510 | 1,710 | |||||||||
OTHER LIABILITIES (Note 21) | 552 | 719 | 605 | |||||||||
TOTAL LIABILITIES | 474,261 | 389,598 | 375,087 | |||||||||
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Millions of euros | ||||||||||||
LIABILITIES AND EQUITY (Continuation) | 2007 | 2006 | 2005 | |||||||||
MINORITY INTERESTS (Note 28) | 880 | 768 | 971 | |||||||||
VALUATION ADJUSTMENTS | 2,252 | 3,341 | 3,295 | |||||||||
Available-for-sale financial assets (Note 11) | 3,596 | 3,356 | 3,003 | |||||||||
Financial liabilities at fair vaule through equity | — | — | — | |||||||||
Cash flow hedges | (49 | ) | 17 | (102 | ) | |||||||
— | ||||||||||||
Hedges of net investments in foreign operations | 350 | (5 | ) | (444 | ) | |||||||
Exchange differences | (1,645 | ) | (27 | ) | 838 | |||||||
Non-current assets held for sale | — | — | — | |||||||||
STOCKHOLDER’S EQUITY | 24,811 | 18,209 | 13,036 | |||||||||
Capital (Note 30) | 1,837 | 1,740 | 1,662 | |||||||||
Issued | 1,837 | 1,740 | 1,662 | |||||||||
Unpaid and uncalled (-) | — | — | — | |||||||||
Share premium (Note 31) | 12,770 | 9,579 | 6,658 | |||||||||
Reserves (Note 32) | 6,060 | 3,629 | 2,172 | |||||||||
Accumulated reserves (losses) | 5,609 | 3,268 | 2,343 | |||||||||
Retained earnings | — | — | — | |||||||||
Reserves (losses) of entities accounted for using the equity method | 451 | 361 | (171 | ) | ||||||||
Associates | 35 | 26 | (465 | ) | ||||||||
Jointly controlled entities | 416 | 335 | 294 | |||||||||
Other equity instruments | 68 | 35 | — | |||||||||
Equity component of compound financial instruments | — | — | — | |||||||||
Other | 68 | 35 | — | |||||||||
Less: Treasury shares (Note 33) | (389 | ) | (147 | ) | (96 | ) | ||||||
Income attributed to the Group | 6,126 | 4,736 | 3,806 | |||||||||
Less: Dividends and remuneration | (1,661 | ) | (1,363 | ) | (1,166 | ) | ||||||
TOTAL EQUITY (Note 29) | 27,943 | 22,318 | 17,302 | |||||||||
TOTAL LIABILITIES AND EQUITY | 502,204 | 411,916 | 392,389 | |||||||||
Millions of euros | ||||||||||||
MEMORANDUM ITEMS | 2007 | 2006 | 2005 | |||||||||
CONTINGENT EXPOSURES (Note 38) | 65,845 | 42,281 | 29,862 | |||||||||
Financial guarantees | 61,891 | 41,449 | 29,177 | |||||||||
Assets encumbered by third-party obligations | — | — | — | |||||||||
Other contingent exposures | 3,954 | 832 | 685 | |||||||||
CONTINGENT COMMITMENTS (Note 38) | 106,940 | 103,221 | 89,498 | |||||||||
Drawable by third parties | 101,444 | 98,226 | 85,001 | |||||||||
Other commitments | 5,496 | 4,995 | 4,497 | |||||||||
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VIZCAYA ARGENTARIA GROUP
Millions of euros | ||||||||||||
2007 | 2006 | 2005 | ||||||||||
INTEREST AND SIMILAR INCOME (Note 43) | 25,352 | 19,210 | 15,848 | |||||||||
INTEREST EXPENSE AND SIMILAR CHARGES (Note 43) | (15,931 | ) | (11,215 | ) | (8,932 | ) | ||||||
Income on equity having the nature of a financial liability | — | — | — | |||||||||
Other | (15,931 | ) | (11,215 | ) | (8,932 | ) | ||||||
INCOME FROM EQUITY INSTRUMENTS (Note 44) | 348 | 379 | 292 | |||||||||
NET INTEREST INCOME | 9,769 | 8,374 | 7,208 | |||||||||
SHARE OF PROFIT OR LOSS OF ENTITIES ACCOUNTED FOR USING THE EQUITY METHOD (Note 16) | 242 | 308 | 121 | |||||||||
Associates | 25 | 50 | 87 | |||||||||
Jointly controlled entities | 217 | 258 | 34 | |||||||||
FEE AND COMMISSION INCOME (Note 45) | 5,592 | 5,119 | 4,669 | |||||||||
FEE AND COMMISSION EXPENSES (Note 46) | (869 | ) | (784 | ) | (729 | ) | ||||||
INSURANCE ACTIVITY INCOME (Note 47) | 729 | 650 | 487 | |||||||||
Insurance and reinsurance premium income | 2,405 | 2,484 | 2,917 | |||||||||
Reinsurance premiums paid | (46 | ) | (44 | ) | (63 | ) | ||||||
Benefits paid and other insurance-related expenses | (1,674 | ) | (1,539 | ) | (1,786 | ) | ||||||
Reinsurance income | 32 | 76 | 44 | |||||||||
Net provisions for insurance contract liabilities | (697 | ) | (996 | ) | (1,274 | ) | ||||||
Finance income | 993 | 968 | 904 | |||||||||
Finance expense | (284 | ) | (299 | ) | (255 | ) | ||||||
GAINS OR LOSSES ON FINANCIAL ASSETS AND LIABILITIES (NET) (Note 48) | 2,261 | 1,656 | 980 | |||||||||
Held for trading | 597 | 716 | 897 | |||||||||
Other financial instruments at fair value through profit or loss | 44 | 62 | 33 | |||||||||
Available-for-sale financial assets | 1,537 | 1,121 | 429 | |||||||||
Loans and receivables | 63 | 77 | 129 | |||||||||
Other | 20 | (320 | ) | (508 | ) | |||||||
EXCHANGE DIFFERENCES (NET) | 409 | 378 | 287 | |||||||||
GROSS INCOME | 18,133 | 15,701 | 13,023 | |||||||||
SALES AND INCOME FROM THE PROVISION OF NON-FINANCIAL SERVICES (Note 49) | 788 | 605 | 576 | |||||||||
COST OF SALES (Note 49) | (601 | ) | (474 | ) | (451 | ) | ||||||
OTHER OPERATING INCOME (Note 50) | 240 | 117 | 135 | |||||||||
PERSONNEL EXPENSES (Note 51) | (4,335 | ) | (3,989 | ) | (3,602 | ) | ||||||
OTHER ADMINISTRATIVE EXPENSES (Note 52) | (2,718 | ) | (2,342 | ) | (2,160 | ) | ||||||
DEPRECIATION AND AMORTISATION | (577 | ) | (472 | ) | (449 | ) | ||||||
Tangible assets (Note 18) | (426 | ) | (383 | ) | (361 | ) | ||||||
Intangible assets (Note 19) | (151 | ) | (89 | ) | (88 | ) | ||||||
OTHER OPERATING EXPENSES (Note 50) | (386 | ) | (263 | ) | (249 | ) | ||||||
NET OPERATING INCOME | 10,544 | 8,883 | 6,823 | |||||||||
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Millions of euros | ||||||||||||
(Continuation) | 2007 | 2006 | 2005 | |||||||||
NET OPERATING INCOME | 10,544 | 8,883 | 6,823 | |||||||||
IMPAIRMENT LOSSES (NET) | (1,937 | ) | (1,504 | ) | (855 | ) | ||||||
Available-for-sale financial assets (Note 11) | (1 | ) | 19 | (8 | ) | |||||||
Loans and receivables (Note 12) | (1,902 | ) | (1,477 | ) | (813 | ) | ||||||
Held-to-maturity investments (Note 13) | — | — | — | |||||||||
Non-current assets held for sale (Note 15) | (21 | ) | (35 | ) | (33 | ) | ||||||
Investments | — | — | — | |||||||||
Tangible assets (Note 18) | (12 | ) | 5 | (2 | ) | |||||||
Goodwill (Notes 16 and 19) | — | (12 | ) | — | ||||||||
Other intangible assets | (1 | ) | — | — | ||||||||
Other assets | — | (4 | ) | 1 | ||||||||
PROVISION EXPENSE (NET) (Note 26) | (210 | ) | (1,338 | ) | (454 | ) | ||||||
FINANCE INCOME FROM NON-FINANCIAL ACTIVITIES (Note 53) | 2 | 58 | 2 | |||||||||
FINANCE EXPENSES FROM NON-FINANCIAL ACTIVITIES (Note 53) | (1 | ) | (55 | ) | (2 | ) | ||||||
OTHER GAINS (Note 54) | 496 | 1,128 | 285 | |||||||||
Gains on disposal of tangible assets | 389 | 93 | 108 | |||||||||
Gains on disposal of investment | 18 | 934 | 40 | |||||||||
Other | 89 | 101 | 137 | |||||||||
OTHER LOSSES (Note 54) | (399 | ) | (142 | ) | (208 | ) | ||||||
Losses on disposal of tangible assets | (22 | ) | (21 | ) | (22 | ) | ||||||
Losses on disposal of investment | (7 | ) | — | (12 | ) | |||||||
Other | (370 | ) | (121 | ) | (174 | ) | ||||||
INCOME BEFORE TAX | 8,495 | 7,030 | 5,591 | |||||||||
INCOME TAX (Note 35) | (2,080 | ) | (2,059 | ) | (1,521 | ) | ||||||
INCOME FROM ORDINARY ACTIVITIES | 6,415 | 4,971 | 4,070 | |||||||||
INCOME FROM DISCONTINUED OPERATIONS (NET) | — | — | — | |||||||||
CONSOLIDATED INCOME FOR THE YEAR | 6,415 | 4,971 | 4,070 | |||||||||
INCOME ATRIBUTED TO MINORITY INTEREST (Note 28) | (289 | ) | (235 | ) | (264 | ) | ||||||
INCOME ATRIBUTED TO THE GROUP | 6,126 | 4,736 | 3,806 | |||||||||
EARNINGS PER SHARE FOR CONTINUING OPERATIONS (Note 5) | ||||||||||||
Basic earnings per share | 1.70 | 1.39 | 1.12 | |||||||||
Diluted earnings per share | 1.70 | 1.39 | 1.12 | |||||||||
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VIZCAYA ARGENTARIA GROUP
Millions of euros | ||||||||||||
2007 | 2006 | 2005 | ||||||||||
NET INCOME RECOGNISED DIRECTLY IN EQUITY | (1,092 | ) | 46 | 1,188 | ||||||||
Available-for-sale financial assets | 237 | 353 | 683 | |||||||||
Revaluation gains/losses | 1,875 | 1,295 | 1,479 | |||||||||
Amounts removed to income statement | (1,537 | ) | (1,121 | ) | (428 | ) | ||||||
Income tax | (101 | ) | 179 | (368 | ) | |||||||
Reclassifications | — | — | — | |||||||||
Other financial liabilities at fair value | — | — | — | |||||||||
Revaluation gains/losses | — | — | — | |||||||||
Amounts removed to income statement | — | — | — | |||||||||
Income tax | — | — | — | |||||||||
Cash flow hedges | — | — | — | |||||||||
Revaluation gains/losses | (66 | ) | 119 | (78 | ) | |||||||
Amounts removed to income statement | (94 | ) | 181 | (120 | ) | |||||||
Amounts removed to the initial carrying amount of the hedged items | — | — | — | |||||||||
Income tax | — | — | — | |||||||||
Hedges of net investment in foreign operations | 28 | (62 | ) | 42 | ||||||||
Revaluation gains/losses | 355 | 439 | (727 | ) | ||||||||
Amounts removed to income statement | 507 | 676 | (1,118 | ) | ||||||||
Income tax | — | — | — | |||||||||
Exchange differences | (152 | ) | (237 | ) | 391 | |||||||
Translation gains/losses | (1,618 | ) | (865 | ) | 1,310 | |||||||
Amounts removed to income statement | (2,311 | ) | (1,328 | ) | 2,015 | |||||||
Income tax | — | — | — | |||||||||
Non-current assets held for sale | 693 | 463 | (705 | ) | ||||||||
Revaluation gains | — | — | — | |||||||||
Amounts removed to income statement | — | — | — | |||||||||
Income tax | — | — | — | |||||||||
Reclassifications | — | — | — | |||||||||
CONSOLIDATED INCOME FOR THE YEAR | 6,415 | 4,971 | 4,070 | |||||||||
Published consolidated income for the year | 6,415 | 4,971 | 4,070 | |||||||||
Adjustments due to changes in accounting policy | — | — | — | |||||||||
Adjustments made to correct errors | — | — | — | |||||||||
TOTAL INCOME AND EXPENSES FOR THE YEAR | 5,323 | 5,017 | 5,258 | |||||||||
Parent entity | 5,038 | 4,782 | 4,994 | |||||||||
Minority interest | 285 | 235 | 264 | |||||||||
MEMORANDUM ITEM: EQUITY ADJUSTMENTS ALLOCABLE TO PRIOR YEARS | — | — | — | |||||||||
Due to changes in accounting policies | — | — | — | |||||||||
Stockholder’s Equity | — | — | — | |||||||||
Valuation adjustments | — | — | — | |||||||||
Minority interests | — | — | — | |||||||||
Due to errors | — | — | — | |||||||||
Stockholder’s Equity | — | — | — | |||||||||
Valuation adjustments | — | — | — | |||||||||
Minority interests | — | — | — | |||||||||
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VIZCAYA ARGENTARIA GROUP
Millions of euros | ||||||||||||
2007 | 2006 | 2005 | ||||||||||
CASH FLOW FROM OPERATING ACTIVITIES | 17,142 | 2,818 | 6,011 | |||||||||
Consolidated profit for the year | 6,415 | 4,971 | 4,070 | |||||||||
Adjustment to profit: | 4,785 | 4,597 | 4,356 | |||||||||
Depreciation of tangible assets (+) | 426 | 383 | 361 | |||||||||
Amortisation of intangible assets (+) | 151 | 89 | 88 | |||||||||
Impairment losses (net) (+/-) | 1,937 | 1,504 | 855 | |||||||||
Net provisions for insurance contract liabilities (+/-) | 697 | 996 | 1,274 | |||||||||
Provision expense (net) (+/-) | 210 | 1,338 | 454 | |||||||||
Gains/Losses on disposal of tangible assets (+/-) | (368 | ) | (72 | ) | (85 | ) | ||||||
Gains/Losses on disposal of investment (+/-) | (11 | ) | (934 | ) | (28 | ) | ||||||
Share of profit or loss of entities accounted for using the equity method (net of dividends) (+/-) | (15 | ) | (307 | ) | (121 | ) | ||||||
Taxes (+/-) | 2,080 | 2,059 | 1,521 | |||||||||
Other non-monetary items (+/-) | (322 | ) | (459 | ) | 37 | |||||||
— | ||||||||||||
Adjusted profit | 11,200 | 9,568 | 8,426 | |||||||||
Net increase/decrease in operating assets | (73,691 | ) | (20,293 | ) | (55,960 | ) | ||||||
Financial assets held for trading | (10,489 | ) | (7,823 | ) | 3,331 | |||||||
Loans and advances to credit institutions | — | — | — | |||||||||
Money market operations through counterparties | — | — | — | |||||||||
Loans and advances to other debtors | — | — | — | |||||||||
Debt securities | (7,910 | ) | (5,967 | ) | 5,893 | |||||||
Other equity instruments | 768 | (3,703 | ) | (554 | ) | |||||||
Trading derivatives | (3,347 | ) | 1,847 | (2,008 | ) | |||||||
Other financial assets at fair value through profit or loss | 148 | 444 | (362 | ) | ||||||||
Loans and advances to credit institutions | — | — | — | |||||||||
Money market operations through counterparties | — | — | — | |||||||||
Loans and advances to other debtors | — | — | — | |||||||||
Debt securities | (28 | ) | 227 | (224 | ) | |||||||
Other equity instruments | 176 | 217 | (138 | ) | ||||||||
Available-for-sale financial assets | (5,635 | ) | 18,346 | (4,024 | ) | |||||||
Debt securities | (4,929 | ) | 19,006 | (5,998 | ) | |||||||
Other equity instruments | (706 | ) | (660 | ) | 1,974 | |||||||
Loans and receivables | (58,756 | ) | (34,041 | ) | (54,291 | ) | ||||||
Loans and advances to credit institutions | (3,872 | ) | 6,984 | (10,773 | ) | |||||||
Money market operations through counterparties | 100 | (100 | ) | 242 | ||||||||
Loans and advances to other debtors | (54,496 | ) | (40,348 | ) | (46,159 | ) | ||||||
Debt securities | 17 | 2,215 | 3,205 | |||||||||
Other financial assets | (505 | ) | (2,792 | ) | (806 | ) | ||||||
Other operating assets | 1,041 | 2,781 | (614 | ) | ||||||||
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Millions of euros | ||||||||||||
(Continuation) | 2007 | 2006 | 2005 | |||||||||
Net increase/decrease in operating liabilities | 79,633 | 13,543 | 53,545 | |||||||||
Financial liabilities held for trading | 4,350 | (1,347 | ) | 2,137 | ||||||||
Deposits from credit institutions | — | — | — | |||||||||
Money market operations through counterparties | — | — | — | |||||||||
Deposits from other creditors | — | — | — | |||||||||
Debt certificates | — | — | — | |||||||||
Trading derivatives | 4,321 | (644 | ) | 1,060 | ||||||||
Short positions | 29 | (703 | ) | 1,077 | ||||||||
Other financial liabilities at fair value through profit or loss | (134 | ) | (158 | ) | (94 | ) | ||||||
Deposits from credit institutions | — | — | — | |||||||||
Deposits from other creditors | (134 | ) | (158 | ) | (94 | ) | ||||||
Debt certificates | — | — | — | |||||||||
Financial liabilities at fair value through equity | — | — | — | |||||||||
Deposits from credit institutions | — | — | — | |||||||||
Deposits from other creditors | — | — | — | |||||||||
Debt certificates | — | — | — | |||||||||
Financial liabilities measured at amortised cost | 76,608 | 17,799 | 51,218 | |||||||||
Deposits from central banks | 12,065 | (5,976 | ) | 1,031 | ||||||||
Deposits from credit institutions | 18,109 | (2,683 | ) | 1,309 | ||||||||
Money market operations through counterparties | (200 | ) | 200 | (635 | ) | |||||||
Deposits from other creditors | 41,352 | 9,694 | 31,824 | |||||||||
Debt certificates | 5,815 | 15,973 | 16,555 | |||||||||
Other financial liabilities | (533 | ) | 591 | 1,134 | ||||||||
Other operating liabilities | (1,191 | ) | (2,751 | ) | 284 | |||||||
Total net cash flows from operating activities (1) | 17,142 | 2,818 | 6,011 | |||||||||
CASH FLOWS FROM INVESTING ACTIVITIES | (8,451 | ) | (2,741 | ) | (4,191 | ) | ||||||
Investment (-) | (10,228 | ) | (5,121 | ) | (4,832 | ) | ||||||
Group entities, jointly controlled entities and associates | (7,772 | ) | (1,708 | ) | (84 | ) | ||||||
Tangible assets | (2,322 | ) | (1,214 | ) | (1,488 | ) | ||||||
Intangible assets | (134 | ) | (253 | ) | (1,375 | ) | ||||||
Held-to-maturity investments | — | (1,946 | ) | (1,885 | ) | |||||||
Other financial assets | — | — | — | |||||||||
Other assets | — | — | — | |||||||||
Divestments (+) | 1,777 | 2,380 | 641 | |||||||||
Group entities, jointly controlled entities and associates | 238 | 1,759 | 11 | |||||||||
Tangible assets | 1,072 | 501 | 509 | |||||||||
Intangible assets | 146 | 120 | 121 | |||||||||
Held-to-maturity investments | 321 | — | — | |||||||||
Other financial assets | — | — | — | |||||||||
Other assets | — | — | — | |||||||||
Total net cash flows investing activities (2) | (8,451 | ) | (2,741 | ) | (4,191 | ) | ||||||
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Millions of euros | ||||||||||||
(Continuation) | 2007 | 2006 | 2005 | |||||||||
CASH FLOWS FROM FINANCING ACTIVITIES | 2,607 | 887 | (556 | ) | ||||||||
Issuance/ Redemption of capital (+/-) | 3,263 | 2,939 | — | |||||||||
- | ||||||||||||
Acquisition of own equity instruments (-) | (16,182 | ) | (5,677 | ) | (3,840 | ) | ||||||
Disposal of own equity instruments (+) | 16,041 | 5,639 | 3,779 | |||||||||
Issuance/Redemption of other equity instruments (+/-) | (33 | ) | (35 | ) | — | |||||||
Issuance/Redemption of subordinated liabilities(+/-) | 1,984 | 104 | 1,387 | |||||||||
Issuance/Redemption of other long-term liabilities (+/-) | — | — | — | |||||||||
Increase/Decrease in minority interest (+/-) | (108 | ) | (168 | ) | 234 | |||||||
Dividends paid (-) | (2,424 | ) | (1,915 | ) | (1,595 | ) | ||||||
Other items relating to financing activities (+/-) | 66 | — | (521 | ) | ||||||||
— | ||||||||||||
Total net cash flows from financing activities (3) | 2,607 | 887 | (556 | ) | ||||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH OR CASH EQUIVALENTS (4) | (1,233 | ) | (785 | ) | 930 | |||||||
NET INCREASE/DECREASE IN CASH OR CASH EQUIVALENTS (1+2+3+4) | 10,065 | 179 | 2,194 | |||||||||
Cash or cash equivalents at beginning of year | 12,496 | 12,317 | 10,123 | |||||||||
Cash or cash equivalents at end of year | 22,561 | 12,496 | 12,317 | |||||||||
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F-14
Table of Contents
1. | The impairment losses on certain financial assets (Notes 11, 12, 13 and 16). | ||
2. | The assumptions used in the actuarial calculation of the post-employment benefit liabilities and commitments (Note 27). | ||
3. | The useful life of tangible and intangible assets (Notes 18 and 19). | ||
4. | The measurement of goodwill arising on consolidation (Notes 16 and 19). | ||
5. | The fair value of certain unlisted assets (Note 11). |
F-15
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a) | power over more than half of the voting rights by virtue of an agreement with other investors; | ||
b) | power to govern the financial and operating policies of the entity under a statute or an agreement; | ||
c) | power to appoint or remove the majority of the members of the board of directors or equivalent governing body and control of the entity is by that board or body; or | ||
d) | power to cast the majority of votes at meetings of the board of directors or equivalent governing body and control of the entity is by that board or body |
F-16
Table of Contents
• | Assets and liabilities which have the nature of hybrid financial assets and liabilities and contain an embedded derivative whose fair value cannot reliably be determined. | ||
• | Financial assets that are managed jointly with “liabilities under insurance contracts” measured at fair value, with financial derivatives whose purpose and effect is to significantly reduce exposure to changes in fair value, or with financial liabilities and derivatives whose purpose is to significantly reduce overall interest rate risk exposure. |
F-17
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• | Fair value hedge: This type of hedging relationships hedge changes in the value of assets and liabilities due to fluctuations in the interest rate and/or exchange rate to which the position or balance to be covered. | ||
• | Cash flow hedge: In a cash flow hedge is hedged the changes in the estimated cash flows arising from financial assets and liabilities and highly probable transactions which an entity plans to carry out. | ||
• | Net investment in a foreign operation hedge: hedges changes in exchange rates for foreign investments made in foreign currency. |
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Table of Contents
• | In the fair value hedges, the changes in the fair value of the derivative and the hedged item attributable to the hedged risk are recognized in the heading “Gains or losses on financial assets and liabilities (Net)” in the consolidated income statement. | ||
• | In the cash flow hedges and net investments in a foreign operation hedges, the differences produced in the effective portions of hedging items are recognized temporarily under the heading “Valuation adjustments — Cash flow hedges” and “Valuation adjustments — Hedges of net investments in foreign operations” respectively. These valuation changes are recognized in the heading “Gains or losses on financial assets and liabilities (Net)” in the consolidated income statement in the same period or periods during which the hedged instrument affects profit or loss, when forecast transaction occurs or at the maturity date of the item hedged. | ||
Differences in valuation of the hedging item for ineffective portions of cash flow hedges and net investments in a foreign operation hedges are recognized directly in the heading “Gains or losses on financial assets and liabilities (Net)” in the consolidated income statement. |
F-19
Table of Contents
• | In the case of debt instruments (loans and debt securities), give rise to a negative impact on the future cash flows that were estimated at the time the transaction was arranged. | ||
• | In the case of equity instruments, mean that the carrying amount of these instruments cannot be recovered. |
§ | All the amounts that are expected to be obtained over the residual life of the instrument; including, where appropriate, those which may result from the guarantees provided for the instrument (after deducting the costs required for foreclosure and subsequent sale). | ||
§ | The various types of risk to which each instrument is subject. | ||
§ | The circumstances in which collections will foreseeable be made. |
F-20
Table of Contents
- Assets classified as impaired of customers in which the amount of their operations is less than€1 million. |
- Asset portfolio not impaired but which presents an inherent loss. |
Age of the past-due amount | Allowance percentage | |||
Up to 6 months | between 4,5% and 5,3% | |||
Over 6 months and up to 12 months | between 27,4% and 27,8% | |||
Over 12 months and up to 18 months | between 60,5% and 65,1% | |||
Over 18 months and up to 24 months | between 93,3% and 95,8% | |||
Over 24 months | 100 | % | ||
Age of the past-due amount | Allowance percentage | |||
Less than 3 years | 2 | % | ||
Over 3 years and up to 4 years | 25 | % | ||
Over 4 years and up to 5 years | 50 | % | ||
Over 5 years and up to 6 years | 75 | % | ||
Over 6 years | 100 | % | ||
Age of the past-due amount | Allowance percentage | |||
Up to 6 months | between 3,8% and 4,5% | |||
Over 6 months and up to 12 months | between 23,3% and 23,6% | |||
Over 12 months and up to 18 months | between 47,2% and 55,3% | |||
Over 18 months and up to 24 months | between 79,3% and 81,4% | |||
Over 24 months | 100 | % | ||
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- Low risk: 0.20% - 0.75%
- Medium-low risk: 0.50% - 1.88%
- Medium risk: 0.59% - 2.25%
- Medium-high risk: 0.66% - 2.50%
- High risk: 0.83% - 3.13%
a) | Equity instruments measured at fair value:The criteria for quantifying and recognising impairment losses on equity instruments are similar to those for other debt instruments, with the exception that any recovery of previously unrealised losses for an investment in an equity instrument classified as available for sale which are not recognized through profit or loss but recognized under the heading “Valuation Adjustments — Available for sale Financial Assets” in the consolidated balance sheet. | ||
b) | Equity instruments measured at cost:The impairment losses on equity instruments measured at acquisition cost are equal to the difference between their carrying amount and the present value of expected future cash flows discounted at the market rate of return for similar securities. These impairment losses are determined taking into account the equity of the investee (except for valuation adjustments due to cash flow hedges) for the last approved (consolidated) balance sheet, adjusted for the unrealised gains at the measurement date. | ||
Impairment losses are recognized in the consolidated income statement for the period in which they arise as a direct reduction of the cost of the instrument. These losses may only be reversed subsequently in the event of the sale of the assets. |
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- | Those relating linked to financial assets and liabilities measured at fair value through profit or loss, which are recognized when collected. | ||
- | Those arising from transactions or services that are provided over a period of time, which are recognized over the life of these transactions or services. | ||
- | Those relating to a single act, which is recognized when the single act is carried out. |
- | They are unbiased, in that they are neither imprudent nor excessively conservative. | ||
- | They are mutually compatible, reflecting the economic relationships between factors such as inflation, rates of salary increase, discount rates and expected return of assets. The expected return of plan assets in the post-employment benefits is estimated taking into account the market expectations and the distribution of such assets in the different portfolios. | ||
- | The future levels of salaries and benefits are based on market expectations at the balance sheet date for the period over which the obligations are to be settled. | ||
- | The discount rate used is determined by reference to market yields at the balance sheet date on high quality corporate bonds. |
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§ | Assets and liabilities: at the average spot exchange rates as of December 31, 2007, 2006 and 2005. | ||
§ | Income and expenses and cash flows: at the average exchange rates as of December 31, 2007, 2006 and 2005. | ||
§ | Equity items: at the historical exchange rates. |
Millions of euros | ||||||||||||
2007 | 2006 | 2005 | ||||||||||
Assets - | 168,983 | 126,190 | 117,409 | |||||||||
Cash and balances with Central Banks | 10,097 | 8,858 | 9,091 | |||||||||
Financial held for trading | 28,561 | 22,398 | 17,137 | |||||||||
Available-for-sale financial assets | 21,159 | 14,801 | 15,477 | |||||||||
Loans and receivables | 102,987 | 71,728 | 66,632 | |||||||||
Investments | 523 | 66 | 63 | |||||||||
Tangible assets | 2,026 | 1,661 | 1,681 | |||||||||
Other | 3,630 | 6,678 | 7,328 | |||||||||
Liabilities- | 189,683 | 135,829 | 127,769 | |||||||||
Financial held for trading | 1,893 | 1,879 | 1,571 | |||||||||
Financial liabilities at amortised cost | 181,611 | 128,154 | 118,666 | |||||||||
Other | 6,179 | 5,796 | 7,532 | |||||||||
Millions of euros | ||||||||||||||||
Mexican | Other | |||||||||||||||
USD | Pesos | foreign | TOTAL | |||||||||||||
Assets - | 73,296 | 58,449 | 37,238 | 168,983 | ||||||||||||
Cash and balances with Central Banks | 1,785 | 5,459 | 2,853 | 10,097 | ||||||||||||
Financial held for trading | 5,963 | 20,203 | 2,395 | 28,561 | ||||||||||||
Available-for-sale financial assets | 10,477 | 5,227 | 5,455 | 21,159 | ||||||||||||
Loans and receivables | 52,311 | 26,436 | 24,240 | 102,987 | ||||||||||||
Investments | 5 | 72 | 446 | 523 | ||||||||||||
Tangible assets | 737 | 823 | 466 | 2,026 | ||||||||||||
Other | 2,018 | 229 | 1,383 | 3,630 | ||||||||||||
Liabilities- | 95,939 | 53,021 | 40,723 | 189,683 | ||||||||||||
Financial held for trading | 1,441 | 18 | 434 | 1,893 | ||||||||||||
Financial liabilities at amortised cost | 93,835 | 49,647 | 38,129 | 181,611 | ||||||||||||
Other | 663 | 3,356 | 2,160 | 6,179 | ||||||||||||
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• | Mathematical provisions, which include: |
- | Life insurance provisions: these represent the value of the life insurance obligations of the insurance companies at period-end, net of the obligations of the policyholder. | ||
- | Non-life insurance provisions: provisions for unearned premiums. These provisions are intended for the accrual, at the date of calculation, of the premiums written. Their balance reflects the portion of the premiums accrued in the year that has to be allocated to the period from the reporting date to the end of the policy period. |
• | Provision for claims: this reflects the total amount of the obligations outstanding arising from claims incurred prior to the reporting date. The insurance companies calculate this provision as the difference between the total estimated or certain cost of the claims not yet reported, settled or paid, and the total amounts already paid in relation to these claims. |
• | Provisions for unexpired risks and other provisions, which include: |
- | Non-life insurance provisions — unexpired risks: the provision for unexpired risks supplements the provision for unearned premiums by the amount by which that provision is not sufficient to reflect the assessed risks and expenses to be covered by the insurance companies in the policy period not elapsed at period-end. |
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- | Technical provisions for reinsurance ceded: calculated by applying the criteria indicated above for direct insurance, taking account of the cession conditions established in the reinsurance contracts in force. | ||
- | Other technical provisions: the insurance companies have recognized provisions to cover the probable mismatches in the market reinvestment interest rates with respect to those used in the measurement of the technical provisions. | ||
- | Provision for bonuses and rebates: this provision includes the amount of the bonuses accruing to policyholders, insureds or beneficiaries and the premiums to be returned to policyholders or insureds, as the case may be, based on the behavior of the risk insured, to the extent that such amounts have not been individually assigned to each of them. |
Annual Percentage | ||
Buildings for own use | 1.33% a 4% | |
Furniture | 8% to 10% | |
Fixtures | 6% to 12% | |
Office supplies and computerisation | 8% to 25% | |
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§ | The “statement of changes in equity” will present the amounts of transactions with owners in their capacity as owners, such as equity contributions, reacquisition of the entity’s own equity instruments and dividends. | ||
§ | Present all non-owner changes in equity (that is, ‘comprehensive income’) either in one statement of comprehensive income or in two statements (a separate income statement and a statement of comprehensive income). Components of comprehensive income may not be presented in the statement of changes in equity. |
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Millions of euros | ||||||||||||
ASSETS | 2007 | 2006 | 2005 | |||||||||
CASH AND BALANCES WITH CENTRAL BANKS | 12,216 | 3,264 | 2,708 | |||||||||
FINANCIAL ASSETS HELD FOR TRAIDING | 41,180 | 35,899 | 31,224 | |||||||||
AVAILABLE-FOR-SALE FINANCIAL ASSETS | 18,709 | 17,536 | 32,895 | |||||||||
LOANS AND RECEIVABLES | 246,722 | 213,028 | 183,251 | |||||||||
HELD-TO-MATURITY INVESTMENTS | 5,584 | 5,906 | 3,959 | |||||||||
HEDGING DERIVATIVES | 779 | 1,759 | 2,505 | |||||||||
NON-CURRENT ASSETS HELD FOR SALE | 49 | 26 | 30 | |||||||||
INVESTMENT | 21,668 | 14,160 | 13,297 | |||||||||
INSURANCE CONTRACTS LINKED TO PENSIONS | 2,004 | 2,114 | 2,090 | |||||||||
TANGIBLE ASSET | 1,870 | 2,093 | 2,061 | |||||||||
INTANGIBLE ASSETS | 90 | 63 | 52 | |||||||||
TAX ASSETS | 3,227 | 3,276 | 3,940 | |||||||||
ACCRUED INCOME | 328 | 505 | 512 | |||||||||
OTHER ASSETS | 440 | 562 | 617 | |||||||||
TOTAL ASSETS | 354,866 | 300,191 | 279,141 | |||||||||
Millions of euros | ||||||||||||
TOTAL LIABILITIES AND EQUITY | 2007 | 2006 | 2005 | |||||||||
LIABILITIES | ||||||||||||
FINANCIAL LIABILITIES HELD FOR TRADING | 18,545 | 13,658 | 14,580 | |||||||||
FINANCIAL LIABILITIES AT AMORTISED COST | 303,629 | 258,697 | 242,038 | |||||||||
CHANGES IN THE FAIR VALUE OF THE HEDGED ITEMS IN PORTFOLIO HEDGES OF INTEREST RATE RISK | — | — | — | |||||||||
HEDGING DERIVATIVES | 1,765 | 2,088 | 947 | |||||||||
PROVISIONS | 6,637 | 6,926 | 6,376 | |||||||||
TAX LIABILITIES | 1,715 | 1,250 | 1,580 | |||||||||
ACCRUED EXENSES AND DEFERRED INCOME | 867 | 736 | 763 | |||||||||
OTHER LIABILITIES | 103 | 105 | 7 | |||||||||
TOTAL LIABILITIES | 333,261 | 283,460 | 266,291 | |||||||||
EQUITY | ||||||||||||
VALUATION ADJUSTMENTS | 2,888 | 2,264 | 1,810 | |||||||||
SHAREHOLDER’S EQUITY | 18,717 | 14,467 | 11,040 | |||||||||
Capital | 1,837 | 1,740 | 1,662 | |||||||||
Share premium | 12,770 | 9,579 | 6,658 | |||||||||
Reserves | 2,257 | 2,086 | 2,002 | |||||||||
Other equity instruments | 49 | 26 | — | |||||||||
Less: Treasury shares | (129 | ) | (40 | ) | (30 | ) | ||||||
Profit attributed to the Group | 3,612 | 2,440 | 1,918 | |||||||||
Less: Dividends and remuneration | (1,679 | ) | (1,364 | ) | (1,170 | ) | ||||||
TOTAL EQUITY | 21,605 | 16,731 | 12,850 | |||||||||
TOTAL EQUITY AND LIABILITES | 354,866 | 300,191 | 279,141 | |||||||||
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Millions of euros | ||||||||||||
2007 | 2006 | 2005 | ||||||||||
INTEREST AND SIMILAR INCOME | 13,785 | 9,556 | 7,169 | |||||||||
INTEREST EXPENSE AND SIMILAR CHARGES | (10,933 | ) | (6,977 | ) | (4,474 | ) | ||||||
INCOME FROM EQUITY INSTRUMENTS | 1,810 | 1,529 | 1,057 | |||||||||
NET INTEREST INCOME | 4,662 | 4,108 | 3,752 | |||||||||
FEE AND COMMISSION INCOME | 2,174 | 2,062 | 1,929 | |||||||||
FEE AND COMMISSION EXPENSES | (381 | ) | (330 | ) | (331 | ) | ||||||
GAINS/LOSSES ON FINANCIAL ASSETS AND LIABILITIES (NET) | 1,706 | 1,246 | 530 | |||||||||
EXCHANGE DIFFERENCES (NET) | 266 | 236 | 133 | |||||||||
GROSS INCOME | 8,427 | 7,322 | 6,013 | |||||||||
OTHER OPERATING INCOME | 77 | 70 | 81 | |||||||||
PERSONNEL EXPENSES | (2,238 | ) | (2,158 | ) | (2,014 | ) | ||||||
OTHER ADMINISTRATIVE EXPENSES | (982 | ) | (849 | ) | (804 | ) | ||||||
DEPRECIATION AND AMORTISATION | (209 | ) | (201 | ) | (197 | ) | ||||||
OTHER OPERATING EXPENSES | (78 | ) | (65 | ) | (63 | ) | ||||||
NET OPERATING INCOME | 4,997 | 4,119 | 3,016 | |||||||||
IMPAIRMENT LOSSES (NET) | (621 | ) | (645 | ) | (442 | ) | ||||||
PROVISION EXPENSE (NET) | (287 | ) | (1,024 | ) | (379 | ) | ||||||
OTHER GAINS | 394 | 615 | 108 | |||||||||
OTHER LOSSES | (236 | ) | (35 | ) | (35 | ) | ||||||
INCOME BEFORE TAX | 4,247 | 3,030 | 2,268 | |||||||||
INCOME TAX | (635 | ) | (590 | ) | (350 | ) | ||||||
INCOME FROM ORDINARY ACTIVITIES | 3,612 | 2,440 | 1,918 | |||||||||
INCOME FROM DISCONTINUED OPERATIONS (NET) | — | — | — | |||||||||
INCOME FOR THE YEAR | 3,612 | 2,440 | 1,918 | |||||||||
Millions of euros | ||||||||||||
2007 | 2006 | 2005 | ||||||||||
NET INCOME RECOGNISED DIRECTLY IN EQUITY | 624 | 454 | 877 | |||||||||
Available-for-sale financial assets | 583 | 453 | 992 | |||||||||
Financial liabilities at fair value through equity | — | — | — | |||||||||
Cash flow hedges | 15 | (29 | ) | (65 | ) | |||||||
Hedges of net investments in foreign operations | — | — | — | |||||||||
Exchange differences | 26 | 30 | (50 | ) | ||||||||
Non-current assets held for sale | — | — | — | |||||||||
INCOME FOR THE YEAR | 3,612 | 2,440 | 1,918 | |||||||||
TOTAL INCOME AND EXPENSES FOR THE YEAR | 4,236 | 2,894 | 2,795 | |||||||||
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Millions of euros | ||||||||||||
2007 | 2006 | 2005 | ||||||||||
CASH FLOW FROM OPERATING ACTIVITIES | ||||||||||||
Profit for the year | 3,612 | 2,440 | 1,918 | |||||||||
Adjustment to profit: | 1,543 | 2,036 | 1,414 | |||||||||
Adjusted profit | 5,155 | 4,476 | 3,332 | |||||||||
Net increase/decrease in operating assets | (38,241 | ) | (17,527 | ) | (35,679 | ) | ||||||
Financial assets held for trading | (5,280 | ) | (4,676 | ) | 2,562 | |||||||
Available-for-sale financial assets | (343 | ) | 15,574 | (4,130 | ) | |||||||
Loans and receivables | (34,030 | ) | (30,201 | ) | (34,134 | ) | ||||||
Other operating assets | 1,412 | 1,776 | 23 | |||||||||
Net increase/decrease in operating liabilities | 48,399 | 15,204 | 35,213 | |||||||||
Financial liabilities held for trading | 4,887 | (922 | ) | 2,844 | ||||||||
Financial liabilities at amortised cost | 44,203 | 15,833 | 33,984 | |||||||||
Other operating liabilities | (691 | ) | 293 | (1,615 | ) | |||||||
Total net cash flows from operating activities (1) | 15,313 | 2,153 | 2,866 | |||||||||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||||||
Investments (-) | (8,208 | ) | (4,456 | ) | (2,982 | ) | ||||||
Divestments (+) | 990 | 1,690 | 267 | |||||||||
Total net cash flows from investing activities (2) | (7,218 | ) | (2,766 | ) | (2,715 | ) | ||||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||||||
Issuance/Redemption of capital (+/-) | 3,263 | 2,960 | — | |||||||||
Acquisition of own equity instruments (-) | (12,001 | ) | (4,728 | ) | (2,619 | ) | ||||||
Disposal of own equity instruments (+) | 11,888 | 4,760 | 2,615 | |||||||||
Issuance/Redemption of other equity instruments (+/-) | 23 | 26 | — | |||||||||
Issuance/Redemption of subordinated liabilities (+/-) | 72 | 64 | 702 | |||||||||
Issuance/Redemption of other long-term liabilities (+/-) | — | — | — | |||||||||
Dividends paid (-) | (2,434 | ) | (1,916 | ) | (1,601 | ) | ||||||
Other items relating to financing activities (+/-) | 41 | 1 | (115 | ) | ||||||||
Total net cash flows from financing activities (3) | 852 | 1,167 | (1,018 | ) | ||||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH OR CASH EQUIVALENTS (4) | 5 | 2 | (2 | ) | ||||||||
NET INCREASE/DECREASE IN CASH OR CASH EQUIVALENTS (1+2+3+4) | 8,952 | 556 | (869 | ) | ||||||||
Cash or cash equivalents at beginning of year | 3,264 | 2,708 | 3,576 | |||||||||
Cash or cash equivalents at end of year | 12,216 | 3,264 | 2,707 | |||||||||
Millions of euros | ||||||||||||
COUNTRY | 2007 | 2006 | 2005 | |||||||||
Mexico | 65,556 | 55,992 | 59,220 | |||||||||
USA & Puerto Rico | 44,358 | 14,682 | 9,388 | |||||||||
Chile | 8,835 | 6,415 | 6,468 | |||||||||
Venezuela | 7,156 | 6,824 | 5,133 | |||||||||
Colombia | 5,922 | 4,797 | 4,741 | |||||||||
Peru | 5,650 | 4,464 | 4,556 | |||||||||
Argentina | 4,798 | 4,595 | 4,273 | |||||||||
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Millions of euros | ||||||||||||
COUNTRY | 2007 | 2006 | 2005 | |||||||||
Mexico | 6,083 | 5,886 | 5,495 | |||||||||
USA & Puerto Rico | 1,476 | 566 | 379 | |||||||||
Chile | 776 | 429 | 487 | |||||||||
Venezuela | 770 | 573 | 454 | |||||||||
Colombia | 589 | 437 | 291 | |||||||||
Peru | 395 | 326 | 251 | |||||||||
Argentina | 390 | 376 | 398 | |||||||||
COMPANY | % Voting Rights | % Ownership | ||||||
Banco Continental, S.A. | 92.08 | 46.04 | ||||||
Continental Bolsa, Sociedad Agente de Bolsa, S.A. | 100 | 46.04 | ||||||
Continental Sociedad Titulizadora, S.A. | 100 | 46.04 | ||||||
Continental S.A. Sociedad Administradora de Fondos | 100 | 46.04 | ||||||
Inmuebles y Recuperaciones Continental, S.A. | 100 | 46.04 | ||||||
Banco Provincial Overseas N.V. | 100 | 48.01 | ||||||
• | BBVA Bancomer USA, (formerly Valley Bank) located in California in October 2004. | ||
• | Laredo National Bancshares, Inc., located in Texas; in April 2005. | ||
• | Texas Regional Bancshares Inc. located in Texas; in November 2006. |
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% of the | Total income of | |||||||||||||||
Total assets | total | the period | % of the total | |||||||||||||
contributed to the | assets of | contributed to | income of the | |||||||||||||
Group | the Group | the Group | Group | |||||||||||||
Insurance Entities | 14,663 | 2.92 | 508 | 8.29 | ||||||||||||
Operating lease Entities | 1,667 | 0.33 | 3 | 0.05 | ||||||||||||
Real Estate Entities | 1,102 | 0.22 | 80 | 1.30 | ||||||||||||
- | On January 3, 2007 the Group closed the transaction to purchase State National Bancshares Inc. with an investment of 488 million dollars (€378 million), generating a goodwill of €270 million. (Note 19) |
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Compass Bancshares Inc. acquisition | |||
On September 7, 2007 the Group acquired 100% of the share capital of Compass Bancshares Inc., (“Compass”) a U.S. banking Group listed in NASDAQ, which conducts its main business activity in the states of Alabama, Texas, Florida, Arizona, Colorado and New Mexico. | |||
The consideration paid to former Compass stockholders for the acquisition was $9,115 million, (€6,672 million). The Group paid $4,612 million (€3,385 million) in cash and delivered 196 million of shares issued, which represent 5.5% of the current share capital of BBVA. | |||
The General Shareholder’s meeting celebrated on June 21, 2007 approved the transaction and the consequent capital stock increase. This capital increase took place on September 10, 2007 at an issuance rate of €16.77 per share, the closing market price of the BBVA’s shares at September 6, 2007, in accordance with the resolutions adopted by the BBVA’s general shareholders’ meeting (Note 30). | |||
BBVA financed the cash consideration in this transaction with internal resources, among which are the funds raised through the sale of its 5,01% stake in Iberdrola, S.A. in February 2007 (Note 48), which represented a net capital gain of €696 million. | |||
The expenses directly attributable to the acquisition amounted to €21 million. The goodwill estimated at the time of purchase was €4,901 million euros. | |||
The provisional goodwill as of December 31, 2007 was €4,548 million and the change from the date of acquisition are shown in Note 19. | |||
Total assets and liabilities of Compass as of December 31, 2007 amounted to €31,210 and €23,174 million, respectively, and represent a 6.2% and 4.9% of the total assets and liabilities of the Group. | |||
The Compass Group contribution to the consolidated income statement of BBVA Group from September 7, 2007 to December 31, 2007 was €70 million, a 1.1% of total profit and loss of the Group as of December 31, 2007. If the business combination had been as of the beginning of 2007, it would have meant an increase of €124 million in the consolidated income statement of the BBVA Group in 2007, after making the corresponding homogenization and consolidation adjustments. |
The most noteworthy acquisitions and sales of subsidiaries in 2006 were as follows: | |||
On July 28, 2006, Telefónica España, S.A., on behalf of the liquidity mechanism to integrate Uno-E Bank, S.A., as established in the agreement entered into by Terra (subsequently merged into Telefónica España, S.A.) and the Group BBVA, proceeded on January 10, 2003 to start selling to BBVA its 33% ownership interest in Uno-E Bank, S.A. for an aggregated amount of €148.5 million, reaching BBVA a 100% ownership of Uno-E Bank, S.A. | |||
In May 2006 BBVA acquired a 51% ownership interest in Forum, a Chilean company specialising in car purchase financing, through the Chilean entities Forum Distribuidora, S.A. and Forum Servicios Financieros, S.A. (which in turn own all the shares of ECASA, S.A.), giving rise to the incorporation of BBVA Financiamiento Automotriz. The goodwill recognised as of December 31, 2006 amounted to €51 million. | |||
On April 5, 2006 the Group sold its 51% ownership interest in Banc Internacional d’Andorra, S.A. for €395 million, which gave rise to a gain of €184 million. | |||
On November 10, 2006 the Group acquired Texas Regional Bancshares Inc. through the investment of $2,141 million (€1,674 million). The goodwill recognised as of December 31, 2006 amounted to €1,257 million. | |||
On November 30, 2006 the Group acquired all the shares of the Italian vehicle rental company Maggiore Fleet S.p.A., for €70.2 million, giving rise to goodwill of €35.7 million. |
On January 6, 2005 pursuant to the agreement entered into in September 2004 and after obtaining the mandatory authorisations, the Group, through BBVA Bancomer, acquired all the shares of Hipotecaria Nacional, S.A. de C.V., a Mexican company specialising in the mortgage business. The price paid was MXP 4,121 million (approximately €276 million) and the goodwill recognised, amounted to €259 million as of December 31, 2005. | |||
On 28 April, 2005 pursuant to the agreement entered into on September 20, 2004 and after obtaining the mandatory authorisations, BBVA acquired all the shares of Laredo National Bancshares, Inc., a bank holding located in Texas (United States) which operates in the banking business through two |
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independent banks: Laredo National Bank and South Texas National Bank. The price paid was $859.6 million (approximately €666 million) and the goodwill recognised amounted to €474 million as of December 31, 2005. | |||
On October 31, 2005, the Guarantee Fund for Colombian Financial Institutions, FOGAFIN, sold by public auction 98.78% of the share capital of Banco Granahorrar, S.A. (a Colombian financial institution) to the BBVA Group’s subsidiary in Colombia, BBVA Colombia, S.A. This transaction was performed in December 2005 after authorisation had been obtained from the related supervisory and control bodies. The price paid was Colombian pesos 981,572.2 million, approximately €364 million, and the goodwill recognised amounted to €267 million as of December 31, 2005. |
Millions of euros | ||||||||||||
31-05-2007 | 31-08-2007 | 30-11-2007 | ||||||||||
Dividend 1 | Dividend 2 | Dividend 3 | ||||||||||
Interim dividend - | ||||||||||||
Profit at each of the dates indicated, after the provision for income tax | 1,301 | 3,088 | 3,426 | |||||||||
Less - | ||||||||||||
Estimated provision for Legal Reserve | — | (19 | ) | (19 | ) | |||||||
Interim dividends paid | — | (539 | ) | (1,109 | ) | |||||||
Maximum amount distributable | 1,301 | 2,530 | 2,298 | |||||||||
Amount of proposed interim dividend | 539 | 570 | 570 | |||||||||
Millions of | ||||
euros | ||||
Net profit for 2007 (Note 3) | 3,612 | |||
Distribution: | ||||
Dividends | ||||
- Interim | 1,679 | |||
- Final | 1,038 | |||
Legal reserve | 19 | |||
Voluntary reserves | 876 | |||
First | Second | Third | ||||||||||||||||||
interim | interim | interim | Final | Total | ||||||||||||||||
2005 | 0.115 | 0.115 | 0.115 | 0.186 | 0.531 | |||||||||||||||
2006 | 0.132 | 0.132 | 0.132 | 0.241 | 0.637 | |||||||||||||||
2007 | 0.152 | 0.152 | 0.152 | 0.277 | 0.733 | |||||||||||||||
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EARNINGS PER SHARE FOR CONTINUING OPERATIONS | 2007 | 2006 | 2005 | |||||||||
Numerator for basic earnings per share: | ||||||||||||
Income available to common stockholders (thousands of euros) | 6,126 | 4,736 | 3,806 | |||||||||
Numerator for diluted earnings per share: | ||||||||||||
Income available to common stockholders (thousands of euros) | 6,126 | 4,736 | 3,806 | |||||||||
Denominator for basic earnings per share (millions of shares) | 3,594 | 3,406 | 3,391 | |||||||||
Denominator for diluted earnings per share (millions of shares) | 3,594 | 3,406 | 3,391 | |||||||||
Basic earnings per share (euros) | 1.70 | 1.39 | 1.12 | |||||||||
Diluted earnings per share (euros) | 1.70 | 1.39 | 1.12 | |||||||||
• | Stockholders’ equity: the Group allocates economic capital commensurate with the risks incurred by each business (CER). This is based on the concept of unexpected loss at a certain level of statistical confidence, depending on the Group’s targets in terms of capital adequacy. These targets are applied at two levels: the first is core equity, which determines the allocated capital. The Bank uses this amount as a basis for calculating the return generated on the equity in each business (ROE). The second level is total capital, which determines the additional allocation in terms of subordinate debt and preference shares. The CER calculation combines lending risk, market risk (including structural risk associated with the balance sheet and equity positions), operational risk and fixed asset and technical risks in the case of insurance companies. | ||
Stockholders’ equity, as calculated under BIS rules, is an extremely important reference to the entire Group. However, for the purpose of allocating capital to business areas the Bank prefers CeR. It is risk-sensitive and thus linked to the management policies for the individual businesses and the business portfolio. This procedure anticipates the approach likely to be adopted by the future Basel II rules on capital. These provide an equitable basis for assigning capital to businesses according to the risks incurred and make it easier to compare returns. | |||
• | Internal transfer prices: management uses rates adjusted for maturity to calculate the margins for each business. It also revises the interest rates for the different assets and liabilities that make up each unit’s balance sheet. |
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• | Assignment of operating expenses: the Bank assigns direct and indirect costs to the business areas except for those where there is no close and defined relationship, i.e., when they are of a clearly corporate or institutional nature for the entire Group. | ||
• | Cross-business register: in some cases, and for the correct assignment of results, consolidation adjustments are done to eliminate double accounting produced by the incentives given to boost cross-business between units. |
• | Spain and Portugal: this includes the Financial Services unit, i.e., individual customers, small companies and businesses in the domestic market, plus consumer finance provided by Finanzia and Uno-e; the Corporate and Business unit manages SMEs, companies and institutions in the domestic market; the insurance business and BBVA Portugal. | ||
• | Global Businesses: consisting of Global Customers and Markets with the global customers unit, investment banking, trading floor business, distribution and the Group’s activities in Asia; the mutual and pension fund managers in Spain, and domestic and international private banking. And finally, it includes business and real estate projects. | ||
• | Mexico and the United States: this area includes the banking, insurance and pension businesses in Mexico and the United States (including Puerto Rico). | ||
• | South America: this consists of banking, insurance and pension businesses in South America. | ||
• | Corporate Activities: The Corporate Activities area handles the Group’s general management functions. These mainly consist of structural positions for interest rates associated with the euro balance sheet and exchange rates, together with liquidity management and shareholders’ funds. The management of structural risks related to interest rates in currencies other than the euro is handled by the corresponding areas. This area also includes the industrial portfolio management unit and financial shareholdings. It also books the costs from central units that have a strictly corporate function and makes allocations to corporate and miscellaneous provisions, e.g., for early retirement. |
Millions of euros | ||||||||||||||||||||||||
Spain and Portugal | Global Businesses | |||||||||||||||||||||||
2007 | 2006 | 2005 | 2007 | 2006 | 2005 | |||||||||||||||||||
NET INTEREST INCOME | 4,295 | 3,747 | 3,429 | 124 | 150 | 212 | ||||||||||||||||||
Income by the equity method | — | 1 | — | 239 | 283 | 52 | ||||||||||||||||||
Net fee income | 1,679 | 1,627 | 1,496 | 521 | 453 | 385 | ||||||||||||||||||
Income from insurance activities | 461 | 376 | 309 | — | — | — | ||||||||||||||||||
CORE REVENUES | 6,435 | 5,751 | 5,234 | 884 | 886 | 649 | ||||||||||||||||||
Gains and losses on financial assets and liabilities | 235 | 215 | 152 | 789 | 498 | 350 | ||||||||||||||||||
GROSS INCOME | 6,670 | 5,966 | 5,386 | 1,673 | 1,384 | 999 | ||||||||||||||||||
Net revenues from non-financial activities | 51 | 32 | 26 | 130 | 104 | 95 | ||||||||||||||||||
Personnel and general administrative expenses | (2,487 | ) | (2,419 | ) | (2,303 | ) | (525 | ) | (418 | ) | (371 | ) | ||||||||||||
Depreciation and amortization | (109 | ) | (104 | ) | (103 | ) | (11 | ) | (10 | ) | (12 | ) | ||||||||||||
Other operating income and expenses | 26 | 20 | 51 | 4 | 10 | 22 | ||||||||||||||||||
OPERATING PROFIT | 4,151 | 3,495 | 3,057 | 1,271 | 1,070 | 733 | ||||||||||||||||||
Impairment losses on financial assets | (604 | ) | (552 | ) | (489 | ) | (127 | ) | (125 | ) | (108 | ) | ||||||||||||
- Loan Loss provisions | (595 | ) | (553 | ) | (491 | ) | (127 | ) | (125 | ) | (108 | ) | ||||||||||||
- Other | (9 | ) | 1 | 2 | — | — | — | |||||||||||||||||
Provisions (net) | (3 | ) | (3 | ) | — | 5 | (11 | ) | 3 | |||||||||||||||
Other income/losses (net) | 9 | 22 | 21 | 13 | 153 | 27 | ||||||||||||||||||
PRE-TAX PROFIT | 3,553 | 2,962 | 2,589 | 1,162 | 1,087 | 655 | ||||||||||||||||||
Corporate income tax | (1,156 | ) | (1,040 | ) | (894 | ) | (243 | ) | (218 | ) | (153 | ) | ||||||||||||
NET PROFIT | 2,397 | 1,922 | 1,695 | 919 | 869 | 502 | ||||||||||||||||||
Minority interests | — | (3 | ) | (3 | ) | (10 | ) | (7 | ) | (5 | ) | |||||||||||||
NET ATTRIBUTABLE PROFIT | 2,397 | 1,919 | 1,692 | 909 | 862 | 497 | ||||||||||||||||||
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Millions of euros | ||||||||||||||||||||||||||||||||||||
Mexico and USA | South America | Corporate Activities | ||||||||||||||||||||||||||||||||||
2007 | 2006 | 2005 | 2007 | 2006 | 2005 | 2007 | 2006 | 2005 | ||||||||||||||||||||||||||||
NET INTEREST INCOME | 4,304 | 3,535 | 2,678 | 1,657 | 1,310 | 1,039 | (610 | ) | (368 | ) | (150 | ) | ||||||||||||||||||||||||
Income by the equity method | 3 | (2 | ) | — | 2 | 3 | (1 | ) | (2 | ) | 23 | 71 | ||||||||||||||||||||||||
Net fee income | 1,621 | 1,390 | 1,212 | 919 | 815 | 695 | (18 | ) | 50 | 152 | ||||||||||||||||||||||||||
Income from insurance activities | 313 | 304 | 229 | (11 | ) | (6 | ) | 5 | (33 | ) | (24 | ) | (57 | ) | ||||||||||||||||||||||
CORE REVENUES | 6,241 | 5,227 | 4,119 | 2,567 | 2,122 | 1,738 | (663 | ) | (319 | ) | 16 | |||||||||||||||||||||||||
Gains and losses on financial assets and liabilities | 254 | 196 | 168 | 201 | 283 | 157 | 1,190 | 841 | 441 | |||||||||||||||||||||||||||
GROSS INCOME | 6,495 | 5,423 | 4,287 | 2,768 | 2,405 | 1,895 | 527 | 522 | 457 | |||||||||||||||||||||||||||
Net revenues from non-financial activities | 7 | (4 | ) | (3 | ) | — | — | 8 | (1 | ) | (1 | ) | (1 | ) | ||||||||||||||||||||||
Personnel and general administrative expenses | (2,359 | ) | (1,945 | ) | (1,737 | ) | (1,181 | ) | (1,103 | ) | (933 | ) | (502 | ) | (444 | ) | (419 | ) | ||||||||||||||||||
Depreciation and amortization | (225 | ) | (126 | ) | (138 | ) | (93 | ) | (93 | ) | (69 | ) | (139 | ) | (139 | ) | (127 | ) | ||||||||||||||||||
Other operating income and expenses | (121 | ) | (117 | ) | (106 | ) | (40 | ) | (46 | ) | (40 | ) | (14 | ) | (13 | ) | (41 | ) | ||||||||||||||||||
OPERATING PROFIT | 3,797 | 3,231 | 2,303 | 1,454 | 1,163 | 861 | (129 | ) | (75 | ) | (131 | ) | ||||||||||||||||||||||||
Impairment losses on financial assets | (930 | ) | (685 | ) | (315 | ) | (269 | ) | (149 | ) | (79 | ) | (7 | ) | 9 | 138 | ||||||||||||||||||||
- Loan Loss provisions | (919 | ) | (672 | ) | (289 | ) | (258 | ) | (151 | ) | (70 | ) | (3 | ) | 26 | 146 | ||||||||||||||||||||
- Other | (11 | ) | (13 | ) | (26 | ) | (11 | ) | 2 | (9 | ) | (4 | ) | (17 | ) | (8 | ) | |||||||||||||||||||
Provisions (net) | 21 | (73 | ) | (51 | ) | (65 | ) | (59 | ) | (78 | ) | (167 | ) | (1,193 | ) | (329 | ) | |||||||||||||||||||
Other income/losses (net) | (9 | ) | 42 | (8 | ) | (18 | ) | — | 14 | 101 | 771 | 22 | ||||||||||||||||||||||||
PRE-TAX PROFIT | 2,879 | 2,515 | 1,929 | 1,102 | 955 | 718 | (202 | ) | (488 | ) | (300 | ) | ||||||||||||||||||||||||
Corporate income tax | (794 | ) | (738 | ) | (556 | ) | (197 | ) | (229 | ) | (166 | ) | 311 | 165 | 247 | |||||||||||||||||||||
NET PROFIT | 2,085 | 1,777 | 1,373 | 905 | 726 | 552 | 109 | (323 | ) | (53 | ) | |||||||||||||||||||||||||
Minority interests | (1 | ) | (2 | ) | (3 | ) | (282 | ) | (217 | ) | (173 | ) | 4 | (6 | ) | (79 | ) | |||||||||||||||||||
NET ATTRIBUTABLE PROFIT | 2,084 | 1,775 | 1,370 | 623 | 509 | 379 | 113 | (329 | ) | (132 | ) | |||||||||||||||||||||||||
Millions of euros | ||||||||||||||||||||||||||||||||||||||||||||||||
Spain and Portugal | Global Businesses | Mexico and USA | South America | |||||||||||||||||||||||||||||||||||||||||||||
2007 | 2006 | 2005 | 2007 | 2006 | 2005 | 2007 | 2006 | 2005 | 2007 | 2006 | 2005 | |||||||||||||||||||||||||||||||||||||
Customer lending(1) | 199,929 | 179,370 | 155,500 | 35,848 | 29,049 | 20,426 | 53,052 | 31,449 | 25,222 | 21,839 | 17,366 | 15,018 | ||||||||||||||||||||||||||||||||||||
Customer deposits(2) | 91,928 | 85,309 | 73,450 | 42,742 | 35,400 | 43,042 | 56,820 | 41,309 | 39,104 | 25,310 | 22,773 | 21,023 | ||||||||||||||||||||||||||||||||||||
. Deposits | 91,862 | 85,245 | 73,378 | 33,517 | 25,031 | 26,099 | 51,358 | 34,879 | 33,180 | 24,545 | 21,667 | 19,864 | ||||||||||||||||||||||||||||||||||||
. Assets sold under repurchase agreement | 66 | 64 | 72 | 9,225 | 10,369 | 16,943 | 5,462 | 6,430 | 5,924 | 765 | 1,106 | 1,159 | ||||||||||||||||||||||||||||||||||||
Off-balance-sheet funds | 50,088 | 52,477 | 52,881 | 12,229 | 11,179 | 10,252 | 19,862 | 18,478 | 16,977 | 36,551 | 33,447 | 30,978 | ||||||||||||||||||||||||||||||||||||
. Mutual funds | 40,024 | 43,006 | 44,294 | 4,859 | 4,000 | 3,432 | 11,214 | 9,853 | 8,115 | 1,725 | 1,575 | 1,299 | ||||||||||||||||||||||||||||||||||||
. Pension funds | 10,064 | 9,471 | 8,587 | 7,370 | 7,179 | 6,820 | 8,648 | 8,625 | 8,862 | 34,826 | 31,872 | 29,679 | ||||||||||||||||||||||||||||||||||||
Other placements | 5,217 | 7,117 | 7,128 | — | — | — | 3,127 | 3,294 | 2,235 | — | — | — | ||||||||||||||||||||||||||||||||||||
Customer portfolios | 9,817 | 8,181 | 5,608 | 9,200 | 11,342 | 12,889 | 12,919 | 6,941 | 5,713 | — | — | — | ||||||||||||||||||||||||||||||||||||
Total assets | 225,930 | 203,192 | 180,496 | 97,414 | 85,274 | 102,115 | 104,059 | 71,830 | 69,147 | 36,690 | 30,496 | 28,248 | ||||||||||||||||||||||||||||||||||||
ROE (%) | 36.4 | 31.1 | 30.3 | 33.0 | 41.8 | 27.6 | 47.6 | 46.7 | 44.2 | 32.8 | 31.8 | 30.1 | ||||||||||||||||||||||||||||||||||||
Efficiency ratio (%) | 35.9 | 39.2 | 40.9 | 29.1 | 28.1 | 33.8 | 36.3 | 35.9 | 40.5 | 42.7 | 45.9 | 49.0 | ||||||||||||||||||||||||||||||||||||
Efficiency incl. depreciation and amortization (%) | 37.6 | 41.0 | 42.8 | 29.7 | 28.7 | 34.9 | 39.7 | 38.2 | 43.8 | 46.0 | 49.7 | 52.6 | ||||||||||||||||||||||||||||||||||||
NPL ratio (%) | 0.73 | 0.55 | 0.54 | 0.02 | 0.04 | 0.17 | 1.97 | 2.19 | 2.24 | 2.14 | 2.67 | 3.67 | ||||||||||||||||||||||||||||||||||||
Coverage ratio (%) | 231.2 | 315.7 | 321.8 | n.m. | n.m. | 940.7 | 189.1 | 248.9 | 251.3 | 145.6 | 132.8 | 109.3 | ||||||||||||||||||||||||||||||||||||
(1) | Gross lending excluding Non Performing Loans (NPLs). Mexico and the United States exclude Bancomer’s old mortgage portfolio. | |
(2) | Spain and Portugal and Global Businesses include collection accounts and individual annuities. South America includes marketable debt securities. Mexico and the United States exclude deposits and repos issued by Bancomer’s unit and Puerto Rico. |
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• | Market risks: these arise as a consequence of holding financial instruments whose value may be affected by changes in market conditions, following is a summary of each of the three components: |
• | Currency risk: arises as a result of changes in the exchange rate between currencies. | ||
• | Fair value interest rate risk: arises as a result of changes in market interest rates. | ||
• | Price risk: arises as a result of changes in market prices, due either to factors specific to the individual instrument or to factors that affect all instruments traded on the market. |
• | Credit risk: this is the risk that one of the parties to the financial instrument agreement will fail to honour its contractual obligations due to the insolvency or incapacity of the individuals or legal entities involved and will cause the other party to incur a financial loss. | ||
• | Liquidity risk: occasionally referred to as funding risk, this arises either because the entity may be unable to sell a financial asset quickly at an amount close to its fair value, or because the entity may encounter difficulty in finding funds to meet commitments associated with financial instruments. |
• | Analysing and assessing proposals for Group risk strategy and policies in order to submit them to the Bank’s Standing Committee for approval. | ||
• | Monitoring the degree to which the risks assumed are in line with the specified profile, as a reflection of the Bank’s risk tolerance and expected earnings in view of the risk exposure. | ||
• | Approval of risk operations within the established delegation system. | ||
• | Verification that the Group is provided with the means, systems, structures and resources in line with best practices, to enable it to implement its risk management strategy. | ||
• | Submission of the proposals it considers necessary or appropriate to the Bank’s Standing Committee so that risk management adapts to best practices arising from recommendations on corporate governance or from risk supervisory bodies. |
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Millions of euros | ||||||||||||
2007 | 2006 | 2005 | ||||||||||
Gross credit risk (amount drawn down) | 383,843 | 305,250 | 252,275 | |||||||||
Loans and advances to other debtors | 317,998 | 262,969 | 222,413 | |||||||||
Contingent liabilities | 65,845 | 42,281 | 29,862 | |||||||||
Market activities | 110,721 | 92,083 | 118,005 | |||||||||
Drawable by third parties | 101,444 | 98,226 | 85,001 | |||||||||
Total | 596,008 | 495,559 | 455,281 | |||||||||
% of Total | ||||
Exposure | ||||
AAA/AA | 27 | % | ||
A | 17 | % | ||
BBB+ | 9 | % | ||
BBB | 8 | % | ||
BBB- | 8 | % | ||
BB+ | 14 | % | ||
BB | 6 | % | ||
BB- | 6 | % | ||
B+ | 3 | % | ||
B | 2 | % | ||
B- | 0 | % | ||
Millions of euros | ||||||||||||
2007 | 2006 | 2005 | ||||||||||
Spain | 292,442 | 243,367 | 199,043 | |||||||||
Other European countries | 8,206 | 6,120 | 6,463 | |||||||||
The Americas | 83,195 | 55,763 | 46,769 | |||||||||
Mexico | 30,555 | 27,729 | 24,499 | |||||||||
Puerto Rico | 3,110 | 3,248 | 3,294 | |||||||||
Chile | 7,567 | 6,264 | 5,918 | |||||||||
USA (*) | 24,584 | 5,051 | 1,797 | |||||||||
Argentina | 2,392 | 2,203 | 2,109 | |||||||||
Perú | 4,584 | 3,666 | 2,847 | |||||||||
Colombia | 4,242 | 3,311 | 2,846 | |||||||||
Venezuela | 4,789 | 3,139 | 2,397 | |||||||||
Other | 1,372 | 1,152 | 1,062 | |||||||||
Total | 383,843 | 305,250 | 252,275 | |||||||||
(*) The change in 2007 is due to, basically, to the incorporation of Compass Group. | ||||||||||||
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Millions of euros | ||||||||||||
2007 | 2006 | 2005 | ||||||||||
Credit institutions | 20,997 | 17,150 | 27,470 | |||||||||
Fixed-income securities | 81,794 | 68,738 | 82,010 | |||||||||
Derivatives | 7,930 | 6,195 | 8,526 | |||||||||
Total | 110,721 | 92,083 | 118,006 | |||||||||
Millions of euros | ||||||||||||
2007 | 2006 | 2005 | ||||||||||
Spain | 1,663 | 1,174 | 1,051 | |||||||||
Other European countries | 63 | 42 | 37 | |||||||||
The Americas | 1,682 | 1,315 | 1,294 | |||||||||
Mexico | 659 | 612 | 573 | |||||||||
Puerto Rico | 59 | 67 | 71 | |||||||||
Chile | 203 | 194 | 235 | |||||||||
USA | 431 | 110 | 19 | |||||||||
Argentina | 16 | 26 | 38 | |||||||||
Peru | 82 | 77 | 82 | |||||||||
Colombia | 158 | 169 | 223 | |||||||||
Venezuela | 57 | 38 | 16 | |||||||||
Other | 17 | 22 | 37 | |||||||||
Total | 3,408 | 2,531 | 2,382 | |||||||||
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Millions of euros | ||||||||||||
2007 | 2006 | 2005 | ||||||||||
Balance at the beginning of the year | 2,531 | 2,382 | 2,248 | |||||||||
Additions | 4,605 | 2,742 | 1,943 | |||||||||
Recoveries | (2,418 | ) | (1,830 | ) | (1,531 | ) | ||||||
Transfers to write-off | (1,497 | ) | (708 | ) | (667 | ) | ||||||
Exchange differences and others | 187 | (55 | ) | 389 | ||||||||
Balance at the end of the year | 3,408 | 2,531 | 2,382 | |||||||||
Millions of euros | ||||||||||||
2007 | 2006 | 2005 | ||||||||||
Retail Banking Spain and Portugal | 1,597 | 824 | 672 | |||||||||
Global businesses | 20 | 278 | 303 | |||||||||
Mexico and USA | 1,146 | 789 | 663 | |||||||||
South America | 535 | 526 | 631 | |||||||||
Corporate Activities | 110 | 114 | 113 | |||||||||
Total | 3,408 | 2,531 | 2,382 | |||||||||
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Millions of euros | ||||||||||||||||
Financial instruments | ||||||||||||||||
which fair value is | ||||||||||||||||
determinated for using | Financial instruments which | |||||||||||||||
valuation technique | fair value is determinated for | |||||||||||||||
Financial instruments | based on assumptions | using valuation technique | ||||||||||||||
which fair value is | that are supported by | based on assumptions that | ||||||||||||||
determinated by | prices from observable | are not supported by prices | ||||||||||||||
published price | current market | from observable current | 2007 | |||||||||||||
quotations | transactions | market transactions | Total | |||||||||||||
Financial assets | ||||||||||||||||
Financial assets held for trading (Note 9) | 44,879 | 17,247 | 210 | 62,336 | ||||||||||||
Other financial assets at fair value through profit and loss (Note 10) | 1,116 | 51 | — | 1,167 | ||||||||||||
Available-for-sale financial assets (Note 11) | 37,590 | 10,445 | 397 | 48,432 | ||||||||||||
Hedging derivatives (Note 14) | 389 | 661 | — | 1,050 | ||||||||||||
Financial liabilities | ||||||||||||||||
Financial assets held for trading (Note 9) | 1,506 | 17,691 | 76 | 19,273 | ||||||||||||
Other financial liabilities at fair value through profit or loss (Note 22) | 449 | — | — | 449 | ||||||||||||
Hedging derivatives (Note 14) | 502 | 1,306 | — | 1,808 | ||||||||||||
![(PERFORMANCE GRAPH)](https://capedge.com/proxy/20-F/0001156973-08-000378/u55148u5514833.gif)
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Millions of euros | ||||||||||||
2007 | 2006 | 2005 | ||||||||||
Interest risk | 7 | 7 | 11 | |||||||||
Spread risk | 7 | 5 | 3 | |||||||||
Currency risk | 2 | 1 | 2 | |||||||||
Stock-market risk | 6 | 6 | 2 | |||||||||
Vega risk | 9 | 5 | 4 | |||||||||
Correlation risk | 3 | 3 | 2 | |||||||||
Average Impact on Net Interest Income | ||||||||||||||||||||
100 Basis-Point | ||||||||||||||||||||
100 Basis-Point Increase | Decrease | |||||||||||||||||||
ENTITIES | Euro | Dollar | Other | Total | Total | |||||||||||||||
BBVA | -15.1 | +13.4 | +0.5 | -1.9 | +37.5 | |||||||||||||||
BBVA Bancomer | — | +16.8 | +34.0 | +50.8 | -50.8 | |||||||||||||||
BBVA Puerto Rico | — | -5.5 | — | -5.5 | +1.6 | |||||||||||||||
BBVA Chile | — | +1.0 | +1.0 | +2.0 | +2.2 | |||||||||||||||
BBVA Colombia | — | +0.1 | +8.5 | +8.6 | -8.6 | |||||||||||||||
BBVA Banco Continental | — | +0.7 | +4.4 | +5.1 | -5.1 | |||||||||||||||
BBVA Banco Provincial | — | +1.4 | +11.0 | +12.4 | -12.4 | |||||||||||||||
BBVA Banco Francés | — | -0.2 | +1.1 | +0.9 | -0.9 | |||||||||||||||
Average Impact on Economic Value | ||||||||||||||||||||
100 Basis-Point | ||||||||||||||||||||
100 Basis-Point Increase | Decrease | |||||||||||||||||||
ENTITIES | Euro | Dollar | Other | Total | Total | |||||||||||||||
BBVA | +423.0 | +6.4 | -1.9 | +428.1 | -480.4 | |||||||||||||||
BBVA Bancomer | — | +18.6 | -322.7 | -304.1 | +300.4 | |||||||||||||||
BBVA Puerto Rico | — | -10.7 | — | -10.7 | -8.7 | |||||||||||||||
BBVA Chile | — | +4.2 | -30.8 | -26.6 | +12.7 | |||||||||||||||
BBVA Colombia | — | -0.5 | -8.6 | -9.0 | +10.5 | |||||||||||||||
BBVA Banco Continental | — | +16.8 | -3.4 | -20.2 | +21.2 | |||||||||||||||
BBVA Banco Provincial | — | -3.5 | -0.6 | -2.9 | +3.6 | |||||||||||||||
BBVA Banco Francés | — | -0.0 | -15.2 | -15.3 | +16.6 | |||||||||||||||
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Millions of euros | ||||||||||||
2007 | 2006 | 2005 | ||||||||||
Cash | 2,938 | 2,756 | 2,409 | |||||||||
Balances at the Bank of Spain | 11,543 | 2,705 | 2,381 | |||||||||
Balances at other central banks | 8,080 | 7,035 | 7,527 | |||||||||
Total gross | 22,561 | 12,496 | 12,317 | |||||||||
Valuation adjustments (*) | 20 | 19 | 24 | |||||||||
Total | 22,581 | 12,515 | 12,341 | |||||||||
(*) | Valuation adjustments include accrued interest |
Millions of euros | ||||||||||||||||||||||||
2007 | 2006 | 2005 | ||||||||||||||||||||||
Receivable | Payable | Receivable | Payable | Receivable | Payable | |||||||||||||||||||
Debt securities | 38,392 | — | 30,470 | — | 24,504 | — | ||||||||||||||||||
Other equity instruments | 9,180 | — | 9,949 | — | 6,246 | — | ||||||||||||||||||
Trading derivatives | 14,763 | 17,540 | 11,416 | 13,218 | 13,263 | 13,863 | ||||||||||||||||||
Short positions | — | 1,734 | — | 1,705 | — | 2,408 | ||||||||||||||||||
Total | 62,336 | 19,273 | 51,835 | 14,923 | 44,013 | 16,271 | ||||||||||||||||||
Millions of euros | ||||||||||||
2007 | 2006 | 2005 | ||||||||||
Issued by central banks | 208 | 623 | 142 | |||||||||
Spanish government bonds | 5,043 | 3,345 | 2,502 | |||||||||
Foreign government bonds | 22,709 | 16,971 | 13,133 | |||||||||
Issued by Spanish financial institutions | 1,436 | 1,572 | 924 | |||||||||
Issued by foreign financial institutions | 4,584 | 4,779 | 5,022 | |||||||||
Other fixed debt securities | 4,412 | 3,180 | 2,781 | |||||||||
Total | 38,392 | 30,470 | 24,504 | |||||||||
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Millions of euros | ||||||||||||
2007 | 2006 | 2005 | ||||||||||
Spain | 7,193 | 5,553 | 4,097 | |||||||||
Rest of Europe | 6,449 | 4,956 | 5,235 | |||||||||
United States | 2,612 | 3,597 | 3,187 | |||||||||
Latin America | 21,083 | 15,663 | 11,519 | |||||||||
Rest of the world | 1,055 | 701 | 466 | |||||||||
Total | 38,392 | 30,470 | 24,504 | |||||||||
Millions of euros | ||||||||||||
2007 | 2006 | 2005 | ||||||||||
Shares of Spanish companies | 2,688 | 5,197 | 3,326 | |||||||||
Credit institutions | 237 | 672 | 503 | |||||||||
Other | 2,451 | 4,525 | 2,823 | |||||||||
Shares of foreign companies | 2,959 | 1,956 | 1,274 | |||||||||
Credit institutions | 601 | 527 | 140 | |||||||||
Other | 2,358 | 1,429 | 1,134 | |||||||||
Share in the net assets of mutual funds | 3,533 | 2,796 | 1,646 | |||||||||
Total | 9,180 | 9,949 | 6,246 | |||||||||
Millions of euros | ||||||||||||||||||||||||||||
Interest | Equity | |||||||||||||||||||||||||||
Currency | Rate | Price | Commodities | Credit | Other | |||||||||||||||||||||||
2007 | Risk | Risk | Risk | Risk | Risk | Risks | Total | |||||||||||||||||||||
Organised markets | (1 | ) | 1 | 214 | 1 | — | — | 215 | ||||||||||||||||||||
Financial futures | — | — | 2 | — | — | — | 2 | |||||||||||||||||||||
Options | (1 | ) | — | 212 | 1 | — | — | 212 | ||||||||||||||||||||
Other products | — | 1 | — | — | — | — | 1 | |||||||||||||||||||||
OTC markets | (1,762 | ) | 764 | (2,063 | ) | 2 | 50 | 18 | (2,997 | ) | ||||||||||||||||||
Credit institutions | (1,672 | ) | (417 | ) | (1,140 | ) | 2 | 115 | 15 | (3,103 | ) | |||||||||||||||||
Forward transactions | (1,379 | ) | — | — | — | — | — | (1,379 | ) | |||||||||||||||||||
Future rate agreements (FRAs) | — | 70 | — | — | — | — | 70 | |||||||||||||||||||||
Swaps | (343 | ) | (328 | ) | (287 | ) | 2 | — | — | (956 | ) | |||||||||||||||||
Options | 50 | (149 | ) | (853 | ) | — | — | 9 | (943 | ) | ||||||||||||||||||
Other products | — | (10 | ) | — | — | 115 | — | 105 | ||||||||||||||||||||
Other financial Institutions | (160 | ) | 1,716 | (840 | ) | — | 91 | — | 807 | |||||||||||||||||||
Forward transactions | (161 | ) | — | (2 | ) | — | — | — | (163 | ) | ||||||||||||||||||
Future rate agreements (FRAs) | — | — | — | — | — | — | — | |||||||||||||||||||||
Swaps | — | 1,695 | 22 | — | — | — | 1,717 | |||||||||||||||||||||
Options | 1 | 21 | (860 | ) | — | — | — | (838 | ) | |||||||||||||||||||
Other products | — | — | — | — | 91 | — | 91 | |||||||||||||||||||||
Other sectors | 70 | (535 | ) | (83 | ) | — | (156 | ) | 3 | (701 | ) | |||||||||||||||||
Forward transactions | 27 | — | (1 | ) | — | — | — | 26 | ||||||||||||||||||||
Future rate agreements (FRAs) | — | — | — | — | — | — | — | |||||||||||||||||||||
Swaps | (1 | ) | (646 | ) | (251 | ) | — | — | — | (898 | ) | |||||||||||||||||
Options | 44 | 111 | 169 | — | — | 3 | 327 | |||||||||||||||||||||
Other products | — | — | — | — | (156 | ) | — | (156 | ) | |||||||||||||||||||
Total | (1,763 | ) | 765 | (1,849 | ) | 3 | 50 | 18 | (2,782 | ) | ||||||||||||||||||
of which: Asset Trading Derivatives | 2,038 | 9,866 | 2,497 | 21 | 307 | 35 | 14,764 | |||||||||||||||||||||
of which: Liability Trading Derivatives | (3,800 | ) | (9,101 | ) | (4,345 | ) | (18 | ) | (258 | ) | (23 | ) | (17,540 | ) | ||||||||||||||
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Millions of euros | ||||||||||||||||||||||||||||
Interest | Equity | |||||||||||||||||||||||||||
Currency | Rate | Price | Commodities | Credit | Other | |||||||||||||||||||||||
2006 | Risk | Risk | Risk | Risk | Risk | Risks | Total | |||||||||||||||||||||
Organised markets | (747 | ) | — | 270 | 2 | — | 1 | (474 | ) | |||||||||||||||||||
Financial futures | 13 | — | 1 | — | — | — | 14 | |||||||||||||||||||||
Options | (760 | ) | — | 269 | 2 | — | 1 | (488 | ) | |||||||||||||||||||
Other products | — | — | — | — | — | — | — | |||||||||||||||||||||
OTC markets | (240 | ) | 587 | (1,654 | ) | 5 | (4 | ) | (22 | ) | (1,328 | ) | ||||||||||||||||
Credit institutions | (267 | ) | (297 | ) | (637 | ) | 1 | (9 | ) | (22 | ) | (1,231 | ) | |||||||||||||||
Forward transactions | 8 | — | — | 1 | — | — | 9 | |||||||||||||||||||||
Future rate agreements (FRAs) | — | 44 | — | — | — | — | 44 | |||||||||||||||||||||
Swaps | (269 | ) | (177 | ) | (24 | ) | — | — | — | (470 | ) | |||||||||||||||||
Options | (6 | ) | (164 | ) | (613 | ) | — | (9 | ) | (22 | ) | (814 | ) | |||||||||||||||
Other products | — | — | — | — | — | — | — | |||||||||||||||||||||
Other financial Institutions | (5 | ) | 953 | (570 | ) | — | 3 | — | 381 | |||||||||||||||||||
Forward transactions | (3 | ) | — | — | — | — | — | (3 | ) | |||||||||||||||||||
Future rate agreements (FRAs) | — | — | — | — | — | — | — | |||||||||||||||||||||
Swaps | — | 1,045 | 7 | — | — | — | 1,052 | |||||||||||||||||||||
Options | (2 | ) | (92 | ) | (577 | ) | — | 3 | — | (668 | ) | |||||||||||||||||
Other products | — | — | — | — | — | — | — | |||||||||||||||||||||
Other sectors | 32 | (69 | ) | (447 | ) | 4 | 2 | — | (478 | ) | ||||||||||||||||||
Forward transactions | 2 | — | — | — | — | — | 2 | |||||||||||||||||||||
Future rate agreements (FRAs) | — | — | — | — | — | — | — | |||||||||||||||||||||
Swaps | — | (346 | ) | (396 | ) | 4 | — | — | (738 | ) | ||||||||||||||||||
Options | 30 | 277 | (51 | ) | — | 2 | — | 258 | ||||||||||||||||||||
Other products | — | — | — | — | — | — | — | |||||||||||||||||||||
Total | (987 | ) | 587 | (1,384 | ) | 7 | (4 | ) | (21 | ) | (1,802 | ) | ||||||||||||||||
of which: Asset Trading Derivatives | 469 | 8,518 | 2,262 | 35 | 81 | 51 | 11,416 | |||||||||||||||||||||
of which: Liability Trading Derivatives | (1,456 | ) | (7,931 | ) | (3,646 | ) | (28 | ) | (85 | ) | (72 | ) | (13,218 | ) | ||||||||||||||
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Millions of euros | ||||||||||||||||||||||||
Interest Rate | Equity Price | Other | ||||||||||||||||||||||
2005 | Currency Risk | Risk | Risk | Credit Risk | Risks | Total | ||||||||||||||||||
Organised markets | 4 | (6 | ) | 253 | 40 | 11 | 302 | |||||||||||||||||
Financial futures | 4 | (6 | ) | — | 40 | 11 | 49 | |||||||||||||||||
Options | — | — | 253 | — | — | 253 | ||||||||||||||||||
Other products | — | — | — | — | — | — | ||||||||||||||||||
OTC markets | (233 | ) | 456 | (1,117 | ) | (4 | ) | (4 | ) | (902 | ) | |||||||||||||
Credit institutions | 5 | (31 | ) | (167 | ) | (2 | ) | (4 | ) | (199 | ) | |||||||||||||
Forward transactions | 108 | 128 | (8 | ) | — | — | 228 | |||||||||||||||||
Future rate agreements (FRAs) | — | — | — | — | — | — | ||||||||||||||||||
Swaps | (8 | ) | (78 | ) | 30 | (2 | ) | — | (58 | ) | ||||||||||||||
Options | (93 | ) | 154 | (189 | ) | — | (4 | ) | (132 | ) | ||||||||||||||
Other products | (2 | ) | (235 | ) | — | — | — | (237 | ) | |||||||||||||||
Other financial Institutions | (57 | ) | (231 | ) | (46 | ) | — | — | (334 | ) | ||||||||||||||
Forward transactions | (25 | ) | — | — | — | — | (25 | ) | ||||||||||||||||
Future rate agreements (FRAs) | — | — | — | — | — | — | ||||||||||||||||||
Swaps | — | (108 | ) | (5 | ) | — | — | (113 | ) | |||||||||||||||
Options | (32 | ) | (178 | ) | (41 | ) | — | — | (251 | ) | ||||||||||||||
Other products | — | 55 | — | — | — | 55 | ||||||||||||||||||
Other sectors | (181 | ) | 718 | (904 | ) | (2 | ) | — | (369 | ) | ||||||||||||||
Forward transactions | (169 | ) | — | — | — | — | (169 | ) | ||||||||||||||||
Future rate agreements (FRAs) | — | 2 | — | — | — | 2 | ||||||||||||||||||
Swaps | — | 421 | (346 | ) | (2 | ) | — | 73 | ||||||||||||||||
Options | (12 | ) | 295 | (558 | ) | — | — | (275 | ) | |||||||||||||||
Other products | — | — | — | — | — | — | ||||||||||||||||||
Total | (229 | ) | 450 | (864 | ) | 36 | 7 | (600 | ) | |||||||||||||||
of which: Asset Trading Derivatives | 1,302 | 9,837 | 1,921 | 98 | 105 | 13,263 | ||||||||||||||||||
of which: Liability Trading Derivatives | (1,531 | ) | (9,386 | ) | (2,785 | ) | (63 | ) | (98 | ) | (13,863 | ) | ||||||||||||
Millions of euros | ||||||||||||
2007 | 2006 | 2005 | ||||||||||
Debt securities | 421 | 56 | 283 | |||||||||
Unit-Linked products | 421 | 56 | 283 | |||||||||
Government | 41 | 40 | 66 | |||||||||
Credit Institutions | 36 | 10 | 89 | |||||||||
Rest | 344 | 6 | 128 | |||||||||
Other equity instruments | 746 | 921 | 1,138 | |||||||||
Other securities | 417 | 449 | 264 | |||||||||
Unit-Linked products | 329 | 472 | 874 | |||||||||
Total | 1,167 | 977 | 1,421 | |||||||||
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Millions of euros | ||||||||||||
2007 | 2006 | 2005 | ||||||||||
Avaliable-for-sale financial assets | ||||||||||||
Debt securities | 37,336 | 32,230 | 50,972 | |||||||||
Other equity instruments | 11,096 | 10,037 | 9,062 | |||||||||
Total | 48,432 | 42,267 | 60,034 | |||||||||
Millions of euros | ||||||||||||
Unrealized | Unrealized | Fair | ||||||||||
2007 | Gains | Losses | Value | |||||||||
Domestic | 150 | (77 | ) | 10,161 | ||||||||
Spanish Government and other Spanish Government securities | 79 | (31 | ) | 5,274 | ||||||||
Other debt securities | 71 | (46 | ) | 4,887 | ||||||||
International | 737 | (287 | ) | 27,175 | ||||||||
United States | 50 | (45 | ) | 9,056 | ||||||||
Government securities | 6 | (2 | ) | 579 | ||||||||
US Treasury and other US Government agencies | 1 | — | 61 | |||||||||
States and political subdivisions | 5 | (2 | ) | 518 | ||||||||
Other securities | 44 | (43 | ) | 8,477 | ||||||||
Other Countries | 687 | (242 | ) | 18,119 | ||||||||
Securities of other foreign Governments | 562 | (128 | ) | 11,278 | ||||||||
Other debt securities | 125 | (114 | ) | 6,841 | ||||||||
TOTAL | 887 | (364 | ) | 37,336 | ||||||||
Millions of euros | ||||||||||||
Unrealized | Unrealized | Fair | ||||||||||
2006 | Gains | Losses | Value | |||||||||
Domestic | 291 | (18 | ) | 9,506 | ||||||||
Spanish Government and other Spanish Government securities | 279 | (16 | ) | 6,859 | ||||||||
Other debt securities | 12 | (2 | ) | 2,647 | ||||||||
International- | 852 | (130 | ) | 22,724 | ||||||||
United States - | 13 | (21 | ) | 5,506 | ||||||||
Government securities | 3 | (2 | ) | 653 | ||||||||
US Treasury and other US Government agencies | 3 | (2 | ) | 343 | ||||||||
States and political subdivisions | — | — | 310 | |||||||||
Other securities | 10 | (19 | ) | 4,853 | ||||||||
Other Countries | 839 | (109 | ) | 17,218 | ||||||||
Securities of other foreign Governments | 588 | (60 | ) | 10,386 | ||||||||
Other debt securities | 251 | (49 | ) | 6,832 | ||||||||
Total net | 1,143 | (148 | ) | 32,230 | ||||||||
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Millions of euros | ||||||||||||
Unrealized | Unrealized | Fair | ||||||||||
2005 | Gains | Losses | Value | |||||||||
Domestic | 887 | — | 16,705 | |||||||||
Spanish Government and other Spanish Government securities | 784 | — | 14,274 | |||||||||
Other debt securities | 103 | — | 2,431 | |||||||||
International- | 1,023 | (52 | ) | 34,267 | ||||||||
United States - | 17 | (21 | ) | 3,989 | ||||||||
Government securities | 1 | (14 | ) | 3,009 | ||||||||
US Treasury and other US Government agencies | 1 | (14 | ) | 2,958 | ||||||||
States and political subdivisions | — | — | 51 | |||||||||
Other securities | 16 | (7 | ) | 980 | ||||||||
Other Countries | 1,006 | (31 | ) | 30,278 | ||||||||
Securities of other foreign Governments | 935 | (27 | ) | 21,793 | ||||||||
Other debt securities | 71 | (4 | ) | 8,485 | ||||||||
Total net | 1,910 | (52 | ) | 50,972 | ||||||||
Millions of euros | ||||||||||||
Unrealized | Unrealized | Fair | ||||||||||
2007 | Gains | Losses | Value | |||||||||
Other equity instruments listed | 4,449 | (24 | ) | 10,797 | ||||||||
Shares of Spanish companies | 3,322 | — | 7,032 | |||||||||
Credit institutions | 4 | — | 35 | |||||||||
Other | 3,318 | — | 6,997 | |||||||||
Shares of foreign companies listed | 1,127 | (24 | ) | 3,765 | ||||||||
United States | — | (1 | ) | 419 | ||||||||
Other countries | 1,127 | (23 | ) | 3,346 | ||||||||
Other equity instruments unlisted | 52 | (5 | ) | 299 | ||||||||
Shares of Spanish companies | 64 | (5 | ) | 132 | ||||||||
Credit institutions | — | — | 2 | |||||||||
Other | 64 | (5 | ) | 130 | ||||||||
Shares of foreign companies unlisted | (12 | ) | — | 167 | ||||||||
United States | — | — | 70 | |||||||||
Other countries | (12 | ) | — | 97 | ||||||||
TOTAL | 4,501 | (29 | ) | 11,096 | ||||||||
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Millions of euros | ||||||||||||
Unrealized | Unrealized | Fair | ||||||||||
2006 | Gains | Losses | Value | |||||||||
Other equity instruments listed | 3,628 | (15 | ) | 9,867 | ||||||||
Shares of Spanish companies | 2,817 | — | 7,342 | |||||||||
Shares of foreign companies listed | 811 | (15 | ) | 2,525 | ||||||||
United States | 1 | — | 28 | |||||||||
Other countries | 810 | (15 | ) | 2,497 | ||||||||
Other equity instruments unlisted | — | — | 170 | |||||||||
Shares of Spanish companies | — | — | 39 | |||||||||
Shares of foreign companies unlisted | — | — | 131 | |||||||||
United States | — | — | 26 | |||||||||
Other countries | — | — | 105 | |||||||||
TOTAL | 3,628 | (15 | ) | 10,037 | ||||||||
Millions of euros | ||||||||||||
Unrealized | Unrealized | Fair | ||||||||||
2005 | Gains | Losses | Value | |||||||||
Other equity instruments listed | 2,980 | (20 | ) | 8,935 | ||||||||
Shares of Spanish companies | 2,230 | — | 7,324 | |||||||||
Shares of foreign companies listed | 750 | (20 | ) | 1,611 | ||||||||
United States | 2 | (4 | ) | 40 | ||||||||
Other countries | 748 | (16 | ) | 1,571 | ||||||||
Other equity instruments unlisted | 63 | — | 63 | |||||||||
Shares of Spanish companies | 63 | — | 72 | |||||||||
Shares of foreign companies unlisted | — | — | 55 | |||||||||
United States | — | — | 10 | |||||||||
Other countries | — | — | 45 | |||||||||
TOTAL | 3,043 | (20 | ) | 9,062 | ||||||||
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Millions of euros | ||||||||||||
2007 | 2006 | 2005 | ||||||||||
Balance at beginning of year | 82 | 138 | 149 | |||||||||
Increase in impairment losses charged to income | 7 | 6 | 8 | |||||||||
Decrease in impairment losses credited to income | (6 | ) | (25 | ) | (28 | ) | ||||||
Elimination of impaired balance due to transfer of asset to write-off | (1 | ) | (17 | ) | (17 | ) | ||||||
Transfers | — | — | 2 | |||||||||
Exchange differences and others | (28 | ) | (20 | ) | 24 | |||||||
Balance at end of year | 54 | 82 | 138 | |||||||||
Of which: | ||||||||||||
- For impaired portfolio | 32 | 57 | 84 | |||||||||
- For current portfolio non impaired | 22 | 25 | 54 | |||||||||
Millions of euros | ||||||||||||
2007 | 2006 | 2005 | ||||||||||
Loans and advances to credit institutions | 20,997 | 17,050 | 27,470 | |||||||||
Money market operations through counterparties | — | 100 | — | |||||||||
Loans and advances to other debtors | 310,882 | 256,565 | 216,850 | |||||||||
Debt securities | 60 | 77 | 2,292 | |||||||||
Other financial assets | 6,553 | 6,063 | 2,784 | |||||||||
Total | 338,492 | 279,855 | 249,396 | |||||||||
Millions of euros | ||||||||||||
2007 | 2006 | 2005 | ||||||||||
Reciprocal accounts | 138 | 131 | 380 | |||||||||
Deposits with agreed maturity | 9,388 | 9,470 | 13,202 | |||||||||
Demand deposits | 833 | 439 | 541 | |||||||||
Other accounts | 1,080 | 1,460 | 792 | |||||||||
Reverse repurchase agreements | 9,423 | 5,490 | 12,459 | |||||||||
Total gross | 20,862 | 16,990 | 27,374 | |||||||||
Valuation adjustments | 135 | 60 | 96 | |||||||||
Total | 20,997 | 17,050 | 27,470 | |||||||||
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Millions of euros | ||||||||||||
2007 | 2006 | 2005 | ||||||||||
Financial paper | 387 | 9 | 6 | |||||||||
Commercial credit | 36,108 | 22,453 | 20,102 | |||||||||
Secured loans | 135,557 | 116,738 | 101,527 | |||||||||
Credit accounts | 23,835 | 21,700 | 19,312 | |||||||||
Other loans | 93,624 | 77,748 | 61,672 | |||||||||
Reverse repurchase agreements | 2,000 | 1,526 | 1,176 | |||||||||
Receivable on demand and other | 13,341 | 11,658 | 8,717 | |||||||||
Finance leases | 9,148 | 8,053 | 7,138 | |||||||||
Impaired assets | 3,358 | 2,492 | 2,346 | |||||||||
Total gross | 317,358 | 262,377 | 221,996 | |||||||||
Valuation adjustments | (6,476 | ) | (5,812 | ) | (5,146 | ) | ||||||
Total | 310,882 | 256,565 | 216,850 | |||||||||
Millions of euros | ||||||||||||
2007 | 2006 | 2005 | ||||||||||
Public Sector | 21,065 | 21,194 | 22,125 | |||||||||
Agriculture | 3,737 | 3,133 | 2,504 | |||||||||
Industry | 39,922 | 24,731 | 17,930 | |||||||||
Real estate and construction | 55,156 | 41,502 | 36,562 | |||||||||
Trade and finance | 36,371 | 38,913 | 36,194 | |||||||||
Loans to individuals | 121,462 | 103,918 | 82,583 | |||||||||
Leases | 9,148 | 7,692 | 6,726 | |||||||||
Other | 30,497 | 21,294 | 17,372 | |||||||||
Total gross | 317,358 | 262,377 | 221,996 | |||||||||
Valuation adjustments | (6,476 | ) | (5,812 | ) | (5,146 | ) | ||||||
Total | 310,882 | 256,565 | 216,850 | |||||||||
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Millions of euros | ||||||||||||
2007 | 2006 | 2005 | ||||||||||
Spain | 204,311 | 183,231 | 156,127 | |||||||||
Rest of Europe | 22,966 | 17,999 | 14,663 | |||||||||
United States | 28,766 | 9,597 | 6,196 | |||||||||
Latin America | 57,060 | 49,160 | 43,491 | |||||||||
Rest of the world | 4,255 | 2,390 | 1,519 | |||||||||
Total | 317,358 | 262,377 | 221,996 | |||||||||
Millions of euros | ||||||||||||
2007 | 2006 | 2005 | ||||||||||
Derecognised on the balance sheet | 758 | 1,058 | 1,587 | |||||||||
Securitised mortgage assets | 173 | 209 | 376 | |||||||||
Other securitised assets | 585 | 849 | 1,211 | |||||||||
Retained on the balance sheet | 28,221 | 9,056 | 5,468 | |||||||||
Securitised mortgage assets | 17,214 | 2,320 | 2,250 | |||||||||
Other securitised assets | 11,007 | 6,736 | 3,218 | |||||||||
Total | 28,979 | 10,114 | 7,055 | |||||||||
Millions of euros | ||||||||||||
2007 | 2006 | 2005 | ||||||||||
Balance at beginning of year | 2,492 | 2,346 | 2,202 | |||||||||
Additions | 4,568 | 2,710 | 1,940 | |||||||||
Recoveries | (2,398 | ) | (1,805 | ) | (1,527 | ) | ||||||
Transfers to write-off | (1,497 | ) | (708 | ) | (667 | ) | ||||||
Exchange differences and other | 193 | (51 | ) | 398 | ||||||||
Balance at end of year | 3,358 | 2,492 | 2,346 | |||||||||
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Amounts less | Millons of euros | |||||||||||||||||||||||||||
than three | Impaired assets of loans and advances to other debtors | |||||||||||||||||||||||||||
�� | months past- | 3 to 6 | 6 to 12 | 12 to 18 | 18 to 24 | More than 24 | ||||||||||||||||||||||
due | months | months | months | months | months | Total | ||||||||||||||||||||||
Spain | 1,015 | 594 | 409 | 212 | 110 | 295 | 1,620 | |||||||||||||||||||||
Rest of Europe | 7 | 37 | 7 | 3 | 2 | 14 | 63 | |||||||||||||||||||||
Latin America | 405 | 808 | 104 | 12 | 8 | 312 | 1,244 | |||||||||||||||||||||
United States | 527 | 189 | 230 | — | — | 12 | 431 | |||||||||||||||||||||
Total | 1,954 | 1,628 | 750 | 227 | 120 | 633 | 3,358 | |||||||||||||||||||||
Millions of euros | ||||||||
2007 | 2006 | |||||||
Balance at the beginning of year | 6,120 | 6,187 | ||||||
Increase: | ||||||||
Assets of remote collectability | 1,895 | 472 | ||||||
Products overdue not collected | 217 | 167 | ||||||
Decrease: | ||||||||
Cash recovery | (237 | ) | (463 | ) | ||||
Foreclosed assets | (5 | ) | (5 | ) | ||||
Other causes | (2,455 | ) | (129 | ) | ||||
Net Exchange differences | 87 | (109 | ) | |||||
Balance at the end of year | 5,622 | 6,120 | ||||||
Millions of euros | ||||||||||||
2007 | 2006 | 2005 | ||||||||||
Balance at beginning of year | 6,417 | 5,586 | 4,622 | |||||||||
Increase in impairment losses charged to income | 2,455 | 2,107 | 1,419 | |||||||||
Decrease in impairment losses credited to income | (327 | ) | (445 | ) | (422 | ) | ||||||
Acquisition of subsidiaries in the year | 276 | 91 | 146 | |||||||||
Disposal of subsidiaries in the year | (26 | ) | (22 | ) | (2 | ) | ||||||
Transfers to written-off loans | (1,296 | ) | (546 | ) | (666 | ) | ||||||
Exchange differences | (420 | ) | (333 | ) | 370 | |||||||
Other | 56 | (21 | ) | 119 | ||||||||
Balance at end of year | 7,135 | 6,417 | 5,586 | |||||||||
Of which: | ||||||||||||
Based on determination form: | 7,135 | 6,417 | 5,586 | |||||||||
- For impaired portfolio | 1,967 | 2,026 | 2,129 | |||||||||
- For current portfolio non impaired | 5,168 | 4,391 | 3,457 | |||||||||
Based on the nature of the asset covered: | 7,135 | 6,417 | 5,586 | |||||||||
Loans and advances to credit institutions | 9 | 7 | 17 | |||||||||
Loans and advances to other debtors | 7,117 | 6,403 | 5,563 | |||||||||
Debt securities | 1 | — | — | |||||||||
Other financial assets | 8 | 7 | 6 | |||||||||
By geographical area: | 7,135 | 6,417 | 5,586 | |||||||||
Spain | 3,459 | 3,785 | 3,179 | |||||||||
Rest | 3,676 | 2,632 | 2,407 | |||||||||
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Millions of euros | ||||||||||||||||
Amortised | Unrealized | Unrealized | Fair | |||||||||||||
2007 | Cost | Gains | Losses | Value | ||||||||||||
Domestic | 2,402 | — | (131 | ) | 2,271 | |||||||||||
Spanish Government and other Spanish Government securities | 1,417 | — | (68 | ) | 1,349 | |||||||||||
Other debt securities | 985 | — | (63 | ) | 922 | |||||||||||
International | 3,182 | — | (119 | ) | 3,063 | |||||||||||
United States | — | — | — | — | ||||||||||||
Other countries | 3,182 | — | (119 | ) | 3,063 | |||||||||||
Securities of other foreign Government | 2,707 | — | (106 | ) | 2,601 | |||||||||||
Other debt securities | 475 | — | (13 | ) | 462 | |||||||||||
Total | 5,584 | — | (250 | ) | 5,334 | |||||||||||
Millions of euros | ||||||||||||||||
Amortised | Unrealized | Unrealized | Fair | |||||||||||||
2006 | Cost | Gains | Losses | Value | ||||||||||||
Domestic | 2,404 | 2 | (69 | ) | 2,337 | |||||||||||
Spanish Government and other Spanish Government securities | 1,417 | 1 | (40 | ) | 1,378 | |||||||||||
Other debt securities | 987 | 1 | (29 | ) | 959 | |||||||||||
International | 3,502 | 5 | (86 | ) | 3,421 | |||||||||||
TOTAL | 5,906 | 7 | (155 | ) | 5,758 | |||||||||||
Millions of euros | ||||||||||||||||
Amortised | Unrealized | Unrealized | Fair | |||||||||||||
2005 | Cost | Gains | Losses | Value | ||||||||||||
Domestic | 1,205 | 33 | (1 | ) | 1,237 | |||||||||||
Spanish Government and other Spanish Government securities | 363 | 12 | — | 375 | ||||||||||||
Other debt securities | 842 | 21 | (1 | ) | 862 | |||||||||||
International | 2,754 | 45 | (1 | ) | 2,798 | |||||||||||
TOTAL | 3,959 | 78 | (2 | ) | 4,035 | |||||||||||
Millions of euros | ||||||||||||
2007 | 2006 | 2005 | ||||||||||
Balance at beginning of year | 5,911 | 3,964 | 2,225 | |||||||||
Acquisitions | — | 2,211 | 1,885 | |||||||||
Redemptions | (300 | ) | (274 | ) | (146 | ) | ||||||
Other | (22 | ) | 10 | — | ||||||||
Balance at end of year | 5,589 | 5,911 | 3,964 | |||||||||
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Millions of euros | ||||||||||||
2007 | 2006 | 2005 | ||||||||||
Balance at beginning of year | 5 | 5 | 4 | |||||||||
Increase in impairment losses charged to income | — | — | 1 | |||||||||
Balance at end of year | 5 | 5 | 5 | |||||||||
- For impaired portfolio | 5 | 5 | 5 | |||||||||
• | Available for sale fixed rate debt securities: this risk is hedged using interest-rate derivatives (fixed- variable swaps). | ||
• | Long term fixed rate debt issued by Group: this risk is hedged using interest-rate derivatives (fixed- variable swaps). | ||
• | Available for sale equity securities: this risk is hedged using equity swaps. | ||
• | Fixed rate loans: this risk is hedged using interest-rate derivatives (fixed- variable swaps). |
Millions of euros | ||||||||||||||||
Interest Rate | Equity | |||||||||||||||
2007 | Exchange Risk | Risk | Price Risk | Total | ||||||||||||
Organised Markets | ||||||||||||||||
Fair value hedge | (1 | ) | — | — | (1 | ) | ||||||||||
Non organised markets | ||||||||||||||||
Credit institutions | 18 | (719 | ) | (72 | ) | (773 | ) | |||||||||
Fair value hedge | — | (693 | ) | (72 | ) | (765 | ) | |||||||||
Cash flow hedge | — | (26 | ) | — | (26 | ) | ||||||||||
Net investment in a foreign operation hedge | 18 | — | — | 18 | ||||||||||||
Other financial institutions | 8 | 144 | (135 | ) | 17 | |||||||||||
Fair value hedge | — | 100 | (135 | ) | (35 | ) | ||||||||||
Cash flow hedge | — | 44 | — | 44 | ||||||||||||
Net investment in a foreign operation hedge | 8 | — | — | 8 | ||||||||||||
Total | 25 | (575 | ) | (207 | ) | (757 | ) | |||||||||
of which: Asset Hedging Derivatives | 35 | 1,015 | — | 1,050 | ||||||||||||
of which: Liability hedging Derivatives | (10 | ) | (1,590 | ) | (207 | ) | (1,807 | ) | ||||||||
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Millions of euros | ||||||||||||
Interest Rate | Equity Price | |||||||||||
2006 | Risk | Risk | Total | |||||||||
Non organised markets | ||||||||||||
Credit institutions | (382 | ) | (116 | ) | (498 | ) | ||||||
Fair value hedge | (404 | ) | (116 | ) | (520 | ) | ||||||
Cash flow hedge | 22 | — | 22 | |||||||||
Other financial institutions | 178 | (3 | ) | 175 | ||||||||
Fair value hedge | 126 | (3 | ) | 123 | ||||||||
Cash flow hedge | 52 | — | 52 | |||||||||
Other sectors | 9 | (3 | ) | 6 | ||||||||
Fair value hedge | 9 | (3 | ) | 6 | ||||||||
Total | (195 | ) | (122 | ) | (317 | ) | ||||||
of which: Asset Hedging Derivatives | 1,915 | 48 | 1,963 | |||||||||
of which: Liability hedging Derivatives | (2,110 | ) | (170 | ) | (2,280 | ) | ||||||
Millions of euros | ||||||||||||||||
Interest Rate | Equity Price | |||||||||||||||
2005 | Exchange Risk | Risk | Risk | Total | ||||||||||||
Organised Markets | ||||||||||||||||
Fair value hedge | — | (8 | ) | (2 | ) | (10 | ) | |||||||||
Non organised markets | ||||||||||||||||
Credit institutions | ||||||||||||||||
Fair value hedge | (1,715 | ) | 741 | 31 | (943 | ) | ||||||||||
Cash flow hedge | 1,599 | (150 | ) | — | 1,449 | |||||||||||
Other financial institutions | ||||||||||||||||
Fair value hedge | — | 195 | — | 195 | ||||||||||||
Other sectors | ||||||||||||||||
Fair value hedge | — | 355 | (3 | ) | 352 | |||||||||||
Total | (116 | ) | 1,133 | 26 | 1,043 | |||||||||||
of which: Asset Hedging Derivatives | 1,599 | 2,282 | 32 | 3,913 | ||||||||||||
of which: Liability hedging Derivatives | (1,715 | ) | (1,149 | ) | (6 | ) | (2,870 | ) | ||||||||
Millions of euros | ||||||||||||||||
More than 3 | ||||||||||||||||
3 months or | months but less | From 1 to 5 | More than 5 | |||||||||||||
less | than 1 year | years | years | |||||||||||||
Cash inflows from assets | 187 | 488 | 377 | 144 | ||||||||||||
Cash outflows from liabilities | 144 | 304 | 341 | 213 | ||||||||||||
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Millions of euros | ||||||||||||
2007 | 2006 | 2005 | ||||||||||
Revalued cost - | ||||||||||||
Balance beginning of year | 268 | 401 | 339 | |||||||||
Additions | 487 | 279 | 122 | |||||||||
Retirements | (744 | ) | (370 | ) | (212 | ) | ||||||
Acquisition of subsidiaries in the year | 15 | 17 | 91 | |||||||||
Disposal of subsidiaries in the year | — | — | — | |||||||||
Transfers | 265 | 13 | 8 | |||||||||
Exchange difference and other | 15 | (72 | ) | 53 | ||||||||
Balance at end of year | 306 | 268 | 401 | |||||||||
Impairment - | ||||||||||||
Balance beginning of year | 82 | 170 | 180 | |||||||||
Additions | 38 | 61 | 31 | |||||||||
Retirements | (43 | ) | (105 | ) | (52 | ) | ||||||
Acquisition of subsidiaries in the year | — | — | 28 | |||||||||
Transfers | 8 | 6 | 4 | |||||||||
Exchange difference and other | (19 | ) | (50 | ) | (21 | ) | ||||||
Balance at end of year | 66 | 82 | 170 | |||||||||
Balance total at end of year | 240 | 186 | 231 | |||||||||
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Millons of euros | ||||||||||||
Investments in Associates | 2007 | 2006 | 2005 | |||||||||
Citic Intemational Financial Holdings Limited CIFH | 432 | — | — | |||||||||
Metropolitan Participaciones, S.L. | 131 | — | — | |||||||||
Tubos Reunidos, S.A. | 85 | 69 | 58 | |||||||||
BBVA Elcano Empresarial II, S.C.R., S.A. | 57 | 31 | — | |||||||||
BBVA Elcano Empresarial, S.C.R., S.A. | 57 | 31 | — | |||||||||
Banca Nazionale del Lavoro, S.p.A. | — | — | 727 | |||||||||
Técnicas Reunidas, S.A. | — | — | 39 | |||||||||
Rest of companies | 84 | 75 | 122 | |||||||||
Total | 846 | 206 | 946 | |||||||||
Millions of euros | ||||||||||||
2007 | 2006 | 2005 | ||||||||||
Balance at beginning of year | 206 | 946 | 910 | |||||||||
Acquisitions | 626 | 28 | 10 | |||||||||
Disposals | — | (802 | ) | (11 | ) | |||||||
Transfers and others | 14 | 34 | 37 | |||||||||
Balance at end of year | 846 | 206 | 946 | |||||||||
Millions of euros | ||||||||
COMPANY | Book value | Fair value | ||||||
Citic International Financial Holdings Limited | 432 | 355 | ||||||
Tubos Reunidos, S.A. | 85 | 241 | ||||||
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Millions of euros | ||||||||||||
2007 | 2006 | 2005 | ||||||||||
Net sales | 290 | 276 | 763 | |||||||||
Operating Income | 104 | 317 | 159 | |||||||||
Net Income | 250 | 282 | 122 | |||||||||
Current Assets | 1,102 | 780 | 2,251 | |||||||||
Non-current Assets | 2,446 | 433 | 11,815 | |||||||||
Current Liabilities | 585 | 238 | 1,543 | |||||||||
Non-current Liabilities | 2,963 | 975 | 12,523 | |||||||||
Millions of euros | ||||||||||||
2007 | 2006 | 2005 | ||||||||||
Reinsurance assets | 43 | 32 | 235 | |||||||||
Reinsurer’s share of technical provisions | 43 | 32 | 223 | |||||||||
Debtors arising from insurance and reinsurance operations (*) | — | — | 12 | |||||||||
Total | 43 | 32 | 235 | |||||||||
(*) | This caption is included in the heading “Loans and Receivables” as of December 31, 2007 and 2006 |
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Millions of euros | ||||||||||||||||||||||||
Property, plants and equipment | Assets | |||||||||||||||||||||||
Furniture, | Leased out | |||||||||||||||||||||||
Fixtures | under an | |||||||||||||||||||||||
Land and | Work in | and | Investment | Operating | ||||||||||||||||||||
2007 | Buildings | Progress | Vehicles | Properties | Lease | Total | ||||||||||||||||||
Revalued cost - | ||||||||||||||||||||||||
Balance at 1 January 2007 | 3,088 | 24 | 4,974 | 76 | 881 | 9,043 | ||||||||||||||||||
Additions | 501 | 138 | 577 | 38 | 213 | 1,467 | ||||||||||||||||||
Retirements | (116 | ) | (29 | ) | (165 | ) | (2 | ) | (16 | ) | (328 | ) | ||||||||||||
Acquisition of subsidiaries in the year | 388 | 32 | 65 | — | 57 | 542 | ||||||||||||||||||
Disposal of entities in the year | — | — | (19 | ) | (16 | ) | (160 | ) | (195 | ) | ||||||||||||||
Transfers | (272 | ) | (8 | ) | (174 | ) | 1 | — | (453 | ) | ||||||||||||||
Exchange difference and other | (174 | ) | (6 | ) | (234 | ) | (1 | ) | (9 | ) | (424 | ) | ||||||||||||
Balance at 31 December 2007 | 3,415 | 151 | 5,024 | 96 | 966 | 9,652 | ||||||||||||||||||
Accumulated depreciation - | ||||||||||||||||||||||||
Balance at 1 January 2007 | (798 | ) | — | (3,445 | ) | (14 | ) | (231 | ) | (4,488 | ) | |||||||||||||
Additions | (54 | ) | — | (340 | ) | (3 | ) | (79 | ) | (476 | ) | |||||||||||||
Retirements | 6 | — | 114 | — | 77 | 197 | ||||||||||||||||||
Acquisition of subsidiaries in the year | (8 | ) | — | (4 | ) | — | (21 | ) | (33 | ) | ||||||||||||||
Disposal of entities in the year | — | — | 24 | — | — | 24 | ||||||||||||||||||
Transfers | 65 | — | 81 | — | — | 146 | ||||||||||||||||||
Exchange difference and other | 64 | — | 168 | 4 | 9 | 245 | ||||||||||||||||||
Balance at 31 December 2007 | (725 | ) | — | (3,402 | ) | (13 | ) | (245 | ) | (4,385 | ) | |||||||||||||
Impairment - | ||||||||||||||||||||||||
Balance at 1 January 2007 | (27 | ) | — | — | (1 | ) | — | (28 | ) | |||||||||||||||
Additions | (6 | ) | — | (5 | ) | — | — | (11 | ) | |||||||||||||||
Retirements | 3 | 4 | — | — | — | 7 | ||||||||||||||||||
Acquisition of subsidiaries in the year | — | — | — | — | (2 | ) | (2 | ) | ||||||||||||||||
Exchange difference and other | 9 | (4 | ) | — | — | — | 5 | |||||||||||||||||
Balance at 31 December 2007 | (21 | ) | — | (5 | ) | (1 | ) | (2 | ) | (29 | ) | |||||||||||||
Net tangible assets - | ||||||||||||||||||||||||
Balance at 1 January 2007 | 2,263 | 24 | 1,529 | 61 | 650 | 4,527 | ||||||||||||||||||
Balance at 31 December 2007 | 2,669 | 151 | 1,617 | 82 | 719 | 5,238 | ||||||||||||||||||
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Millions of euros | ||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||
Property, plants and equipment | Leased out | |||||||||||||||||||||||
Furniture, | under an | |||||||||||||||||||||||
Land and | Work in | Fixtures and | Investment | Operating | ||||||||||||||||||||
2006 | Buildings | Progress | Vehicles | Properties | Lease | Total | ||||||||||||||||||
Revalued cost - | ||||||||||||||||||||||||
Balance at 1 January 2006 | 3,153 | 19 | 4,976 | 93 | 630 | 8,871 | ||||||||||||||||||
Additions | 58 | 32 | 436 | — | 304 | 830 | ||||||||||||||||||
Retirements | (14 | ) | (15 | ) | (195 | ) | (5 | ) | (187 | ) | (416 | ) | ||||||||||||
Acquisition of subsidiaries in the year | 127 | 2 | 32 | — | 150 | 311 | ||||||||||||||||||
Disposal of entities in the year | (47 | ) | — | (37 | ) | — | — | (84 | ) | |||||||||||||||
Transfers | (18 | ) | (7 | ) | 5 | (1 | ) | — | (21 | ) | ||||||||||||||
Exchange difference and other | (171 | ) | (7 | ) | (243 | ) | (11 | ) | (16 | ) | (448 | ) | ||||||||||||
Balance at 31 December 2006 | 3,088 | 24 | 4,974 | 76 | 881 | 9,043 | ||||||||||||||||||
Accumulated depreciation - | ||||||||||||||||||||||||
Balance at 1 January 2006 | (796 | ) | — | (3,483 | ) | (15 | ) | (164 | ) | (4,458 | ) | |||||||||||||
Additions | (68 | ) | — | (266 | ) | (1 | ) | (48 | ) | (383 | ) | |||||||||||||
Retirements | 13 | — | 160 | 1 | 13 | 187 | ||||||||||||||||||
Acquisition of subsidiaries in the year | — | — | (9 | ) | — | (48 | ) | (57 | ) | |||||||||||||||
Disposal of entities in the year | 3 | — | 35 | — | — | 38 | ||||||||||||||||||
Transfers | 7 | — | 1 | — | — | 8 | ||||||||||||||||||
Exchange difference and other | 43 | — | 117 | 1 | 16 | 177 | ||||||||||||||||||
Balance at 31 December 2006 | (798 | ) | — | (3,445 | ) | (14 | ) | (231 | ) | (4,488 | ) | |||||||||||||
Impairment - | ||||||||||||||||||||||||
Balance at 1 January 2006 | (28 | ) | — | — | (1 | ) | — | (29 | ) | |||||||||||||||
Additions | (4 | ) | — | — | — | — | (4 | ) | ||||||||||||||||
Retirements | 8 | — | — | — | — | 8 | ||||||||||||||||||
Acquisition of subsidiaries in the year | — | — | — | — | — | — | ||||||||||||||||||
Exchange difference and other | (3 | ) | — | — | — | — | (3 | ) | ||||||||||||||||
Balance at 31 December 2006 | (27 | ) | — | — | (1 | ) | — | (28 | ) | |||||||||||||||
Net tangible assets - | ||||||||||||||||||||||||
Balance at 1 January 2006 | 2,329 | 19 | 1,493 | 77 | 466 | 4,384 | ||||||||||||||||||
Balance at 31 December 2006 | 2,263 | 24 | 1,529 | 61 | 650 | 4,527 | ||||||||||||||||||
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Millions of euros | ||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||
Property, plants and equipment | Leased out | |||||||||||||||||||||||
Furniture, | under an | |||||||||||||||||||||||
Land and | Work in | Fixtures and | Investment | Operating | ||||||||||||||||||||
2005 | Buildings | Progress | Vehicles | Properties | Lease | Total | ||||||||||||||||||
Revalued cost - | ||||||||||||||||||||||||
Balance at 1 January 2005 | 2,766 | 8 | 4,357 | 195 | 566 | 7,892 | ||||||||||||||||||
Additions | 109 | 19 | 375 | 4 | 240 | 747 | ||||||||||||||||||
Retirements | (148 | ) | (6 | ) | (160 | ) | (39 | ) | (114 | ) | (467 | ) | ||||||||||||
Acquisition of subsidiaries in the year | 159 | 10 | 124 | — | — | 293 | ||||||||||||||||||
Disposal of entities in the year | (6 | ) | — | (4 | ) | — | — | (10 | ) | |||||||||||||||
Transfers | 3 | (7 | ) | 7 | (34 | ) | — | (31 | ) | |||||||||||||||
Exchange difference and other | 270 | (5 | ) | 277 | (33 | ) | (62 | ) | 447 | |||||||||||||||
Balance at 31 December 2005 | 3,153 | 19 | 4,976 | 93 | 630 | 8,871 | ||||||||||||||||||
Accumulated depreciation - | ||||||||||||||||||||||||
Balance at 1 January 2005 | (664 | ) | (1 | ) | (3,013 | ) | (32 | ) | (127 | ) | (3,837 | ) | ||||||||||||
Additions | (52 | ) | — | (219 | ) | (1 | ) | (89 | ) | (361 | ) | |||||||||||||
Retirements | 41 | 1 | 143 | 4 | 54 | 243 | ||||||||||||||||||
Acquisition of subsidiaries in the year | (29 | ) | — | (80 | ) | — | — | (109 | ) | |||||||||||||||
Disposal of entities in the year | — | — | 2 | 1 | — | 3 | ||||||||||||||||||
Transfers | (10 | ) | — | 4 | 6 | — | — | |||||||||||||||||
Exchange difference and other | (82 | ) | — | (320 | ) | 7 | (2 | ) | (397 | ) | ||||||||||||||
Balance at 31 December 2005 | (796 | ) | — | (3,483 | ) | (15 | ) | (164 | ) | (4,458 | ) | |||||||||||||
Impairment - | ||||||||||||||||||||||||
Balance at 1 January 2005 | (116 | ) | — | — | — | — | (116 | ) | ||||||||||||||||
Additions | (2 | ) | — | — | (1 | ) | — | (3 | ) | |||||||||||||||
Retirements | 10 | — | — | — | — | 10 | ||||||||||||||||||
Acquisition of subsidiaries in the year | (2 | ) | — | — | — | — | (2 | ) | ||||||||||||||||
Exchange difference and other | 82 | — | — | — | — | 82 | ||||||||||||||||||
Balance at 31 December 2005 | (28 | ) | — | — | (1 | ) | — | (29 | ) | |||||||||||||||
Net tangible assets - | ||||||||||||||||||||||||
Balance at 1 January 2005 | 1,986 | 7 | 1,344 | 163 | 439 | 3,939 | ||||||||||||||||||
Balance at 31 December 2005 | 2,329 | 19 | 1,493 | 77 | 466 | 4,384 | ||||||||||||||||||
Number of branches | ||||||||||||
2007 | 2006 | 2005 | ||||||||||
Spain | 3,595 | 3,635 | 3,578 | |||||||||
United States(*) | 4,291 | 3,742 | 3,618 | |||||||||
Rest of the world | 142 | 122 | 132 | |||||||||
Total | 8,028 | 7,499 | 7,328 | |||||||||
(*) | Includes those related to the BBVA Group’s banking, pensions fund managers and insurance companies in all the American countries in which it is present. |
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Millions of euros | ||||||||||||||||||||||||||||
Balance at | ||||||||||||||||||||||||||||
beginning of | Exchange | Balance at | ||||||||||||||||||||||||||
2007 | year | Additions | Other | Retirements | Differences | Impairment | end of year | |||||||||||||||||||||
BBVA USA Bancshares, Inc. | 1,679 | 5,171 | (27 | ) | — | (558 | ) | — | 6,265 | |||||||||||||||||||
of which: | ||||||||||||||||||||||||||||
Laredo National Bank | 422 | — | — | — | (43 | ) | — | 379 | ||||||||||||||||||||
Texas Regional Bank | 1,257 | — | (27 | ) | — | (129 | ) | — | 1,101 | |||||||||||||||||||
State National Bank | — | 270 | — | — | (33 | ) | — | 237 | ||||||||||||||||||||
Compass Bank | — | 4,901 | — | — | (353 | ) | — | 4,548 | ||||||||||||||||||||
Grupo Financiero Bancomer, S.A. de C.V. | 544 | — | — | — | (59 | ) | — | 485 | ||||||||||||||||||||
Hipotecaria Nacional S.A. C.V. | 239 | — | — | — | (26 | ) | — | 213 | ||||||||||||||||||||
BBVA Colombia, S.A. | 213 | — | (8 | ) | — | (1 | ) | — | 204 | |||||||||||||||||||
BBVA Pensiones Chile, S.A. | 90 | — | — | — | (3 | ) | — | 87 | ||||||||||||||||||||
Maggiore Fleet, S.p.A. | 36 | — | (2 | ) | — | — | — | 34 | ||||||||||||||||||||
BBVA Chile, S.A. | 35 | — | — | — | (1 | ) | — | 34 | ||||||||||||||||||||
BBVA Puerto Rico, S. A. | 35 | — | — | — | (4 | ) | — | 31 | ||||||||||||||||||||
FORUM Servicios Financieros,S.A. | 49 | — | (20 | ) | — | (1 | ) | — | 28 | |||||||||||||||||||
AFP Provida, S.A. | 22 | — | — | — | (1 | ) | — | 21 | ||||||||||||||||||||
BBVA Portugal,S.A. | 16 | — | — | — | — | — | 16 | |||||||||||||||||||||
Finanzia, Banco de Crédito, S.A. | 5 | — | — | — | — | — | 5 | |||||||||||||||||||||
BBVA Finanzia S.p.A. | 4 | — | — | — | — | — | 4 | |||||||||||||||||||||
BBVA Bancomer USA | 4 | — | — | — | — | — | 4 | |||||||||||||||||||||
BBVA Renting S.p.A. | — | 1 | 2 | — | — | — | 3 | |||||||||||||||||||||
FORUM Distribuidora, S.A. | 2 | — | — | — | — | — | 2 | |||||||||||||||||||||
FULLY CONSOLIDATED COMPANIES | 2,973 | 5,172 | (55 | ) | — | (654 | ) | — | 7,435 | |||||||||||||||||||
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Millions of euros | ||||||||||||||||||||||||||||
Balance at | Balance | |||||||||||||||||||||||||||
beginning of | Exchange | at end of | ||||||||||||||||||||||||||
2006 | year | Additions | Other | Retirements | Differences | Impairment | year | |||||||||||||||||||||
Texas Regional Bancshares, Inc. | — | 1,294 | — | — | (37 | ) | — | 1,257 | ||||||||||||||||||||
Grupo Financiero BBVA Bancomer, S.A. de C.V. | 617 | — | — | — | (73 | ) | — | 544 | ||||||||||||||||||||
Grupo Laredo | 474 | — | (3 | ) | — | (49 | ) | — | 422 | |||||||||||||||||||
Hipotecaria Nacional, S.A. de C.V. | 259 | — | 10 | — | (30 | ) | — | 239 | ||||||||||||||||||||
Grupo BBVA Colombia | 267 | — | (35 | ) | — | (19 | ) | — | 213 | |||||||||||||||||||
BBVA Pensiones Chile, S.A. | 104 | — | — | — | (14 | ) | — | 90 | ||||||||||||||||||||
Forum Servicios Financieros, S.A. | — | 51 | — | — | (2 | ) | — | 49 | ||||||||||||||||||||
Maggiore Fleet, S.p.A. | — | 36 | — | — | — | — | 36 | |||||||||||||||||||||
BBVA Chile, S.A. | 41 | — | — | — | (6 | ) | — | 35 | ||||||||||||||||||||
BBVA Puerto Rico, S.A. | 39 | — | — | — | (4 | ) | — | 35 | ||||||||||||||||||||
AFP Provida | 26 | — | — | — | (4 | ) | — | 22 | ||||||||||||||||||||
BBVA Portugal, S.A. | 16 | — | — | — | — | — | 16 | |||||||||||||||||||||
Finanzia, Banco de Crédito, S.A. | 5 | — | — | — | — | — | 5 | |||||||||||||||||||||
BBVA Bancomer USA (*) | 5 | — | — | — | (1 | ) | — | 4 | ||||||||||||||||||||
BBVA Finanzia, S.p.A. | — | 4 | — | — | — | — | 4 | |||||||||||||||||||||
Forum Distribuidora, S.A. | — | 2 | — | — | — | — | 2 | |||||||||||||||||||||
Invesco Management Nº1 | — | 6 | — | — | — | (6 | ) | — | ||||||||||||||||||||
Other companies | 5 | 3 | 1 | (9 | ) | — | — | — | ||||||||||||||||||||
FULLY CONSOLIDATED COMPANIES | 1,858 | 1,396 | (27 | ) | (9 | ) | (239 | ) | (6 | ) | 2,973 | |||||||||||||||||
(*) Former Valley Bank. |
Millions of euros | ||||||||||||||||||||
Balance at | ||||||||||||||||||||
beginning | Exchange | Balance at end | ||||||||||||||||||
2005 | of year | Additions | Other | Differences | of year | |||||||||||||||
Grupo Financiero BBVA Bancomer, S.A. de C.V. | 513 | — | — | 104 | 617 | |||||||||||||||
Grupo Laredo | — | 433 | — | 41 | 474 | |||||||||||||||
Grupo BBVA Colombia (*) | — | 267 | — | — | 267 | |||||||||||||||
Hipotecaria Nacional, S.A. de C.V. | — | 224 | — | 35 | 259 | |||||||||||||||
Grupo Provida | 104 | — | — | 26 | 130 | |||||||||||||||
BBVA Chile, S.A. | 32 | — | — | 8 | 40 | |||||||||||||||
BBVA Puerto Rico, S.A. | 34 | — | — | 5 | 39 | |||||||||||||||
BBVA (Portugal), S.A. | 16 | — | — | — | 16 | |||||||||||||||
Finanzia, Banco de Crédito, S.A. | 5 | — | — | — | 5 | |||||||||||||||
Valley Bank | 6 | — | — | — | 6 | |||||||||||||||
Other companies | — | 5 | — | — | 5 | |||||||||||||||
FULLY CONSOLIDATED COMPANIES | 710 | 929 | — | 219 | 1,858 | |||||||||||||||
(*) Goodwill of Banco Granahorrar, S.A. |
F-72
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Millions of euros | ||||
Acquisition cost of Compass Bancshares, Inc. | 6,693 | |||
Book value | Fair Value | |||||||
Cash | 426 | 426 | ||||||
Loans and receivables | 18,610 | 18,221 | ||||||
Financial assets | 5,692 | 5,631 | ||||||
Tangible assets | 443 | 514 | ||||||
Intangible assets obtained from previous business combinations | 560 | 2 | ||||||
Intangible assets identify at the date of the business combination (*) | — | 545 | ||||||
Other assets | 390 | 391 | ||||||
Financial liabilities | (23,521 | ) | (23,518 | ) | ||||
Other liabilities | (378 | ) | (402 | ) | ||||
Recognised contingent liabilities | — | — | ||||||
Deferred tax | — | (18 | ) | |||||
Total Equity | 2,222 | 1,792 | ||||||
Goodwill | 4,901 | |||||||
(*) | The intangible assets amount identified at the acquisition date, corresponds principally to gains assigned to “core deposits” and amounted to €466 million. |
Millions of euros | ||||
Acquisition cost of State National Bancshares, Inc. | 378 | |||
Book value | Fair Value | |||||||
Cash | 82 | 82 | ||||||
Loans and receivables | 899 | 884 | ||||||
Financial assets | 207 | 204 | ||||||
Tangible assets | 45 | 47 | ||||||
Intangible assets obtained from previous business combinations | 88 | — | ||||||
Intangible assets identify at the date of the business combination | — | 28 | ||||||
Other assets | 8 | 7 | ||||||
Financial liabilities | (1,145 | ) | (1,146 | ) | ||||
Other liabilities | (5 | ) | (7 | ) | ||||
Recognised contingent liabilities | — | — | ||||||
Deferred tax | — | 9 | ||||||
Total Equity | 179 | 108 | ||||||
Goodwill | 270 | |||||||
Average | ||||||||||||||||
Useful | ||||||||||||||||
Millions of euros | Life | |||||||||||||||
2007 | 2006 | 2005 | (years) | |||||||||||||
Computer software acquisition expense | 42 | 56 | 45 | 5 | ||||||||||||
Other deferred charges | 202 | 116 | 80 | 5 | ||||||||||||
Other intangible assets | 571 | 132 | 92 | 5 | ||||||||||||
Impairment | (7 | ) | (8 | ) | (5 | ) | ||||||||||
Total | 808 | 296 | 212 | |||||||||||||
F-73
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Millons de euros | ||||||||||||
2007 | 2006 | 2005 | ||||||||||
Balance at beginning of year | 296 | 212 | 111 | |||||||||
Additions | 134 | 171 | 228 | |||||||||
Year amortisation | (151 | ) | (89 | ) | (88 | ) | ||||||
Exchange differences and other (*) | 530 | 5 | (34 | ) | ||||||||
Impairment | (1 | ) | (3 | ) | (5 | ) | ||||||
Balance at end of year | 808 | 296 | 212 | |||||||||
(*) | The heading “Exchange differences and other” as of December 31, 2007 includes €500 million of the acquisition of Compass in September 2007. |
Millions of euros | ||||||||||||
2007 | 2006 | 2005 | ||||||||||
Assets - | ||||||||||||
Prepaid expenses | 359 | 279 | 199 | |||||||||
Other prepayments and accrued income | 245 | 395 | 358 | |||||||||
Total | 604 | 674 | 557 | |||||||||
Liabilities - | ||||||||||||
Unmatured accrued expenses | 1,381 | 1,169 | 1,147 | |||||||||
Other accrued expenses and deferred income | 439 | 341 | 563 | |||||||||
Total | 1,820 | 1,510 | 1,710 | |||||||||
Millions of euros | ||||||||||||
2007 | 2006 | 2005 | ||||||||||
Assets - | ||||||||||||
Inventories (*) | 457 | 470 | 339 | |||||||||
Transactions in transit | 203 | 106 | 9 | |||||||||
Public Treasury | — | 63 | 101 | |||||||||
Other | 1,033 | 1,104 | 1,492 | |||||||||
Total | 1,693 | 1,743 | 1,941 | |||||||||
Liabilities - | ||||||||||||
Transactions in transit | 54 | 140 | 24 | |||||||||
Other | 498 | 579 | 581 | |||||||||
Total | 552 | 719 | 605 | |||||||||
(*) | The balance of the heading Inventories in the consolidated financial statements relates basically to the following companies: Inensur Brunete, S.L., Anida Desarrollos Inmobiliarios, Monasterio Desarrollo, S.L., Montealiaga, S.A. and Desarrollo Urbanístico Chamartín, S.A. |
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Millions of euros | ||||||||||||
2007 | 2006 | 2005 | ||||||||||
Deposits from central banks | 27,326 | 15,238 | 21,190 | |||||||||
Deposits from credit institutions | 60,772 | 42,567 | 45,126 | |||||||||
Money markets operations | 23 | 223 | 23 | |||||||||
Deposits from other creditors | 236,183 | 192,374 | 182,635 | |||||||||
Debt certificates (including bonds) | 82,999 | 77,674 | 62,842 | |||||||||
Subordinated liabilities | 15,662 | 13,597 | 13,723 | |||||||||
Other financial liabilities (*) | 6,239 | 6,772 | 6,051 | |||||||||
Total | 429,204 | 348,445 | 331,590 | |||||||||
(*) | As of December 31 2007, 2006 and 2005, Other Financial Liabilities included €570 million, €469 million and €390 million, respectively, relating to the third interim dividend (Note 4). |
Millions of euros | ||||||||||||
2007 | 2006 | 2005 | ||||||||||
Bank of Spain | 19,454 | 7,265 | 16,139 | |||||||||
Credit account drawdowns | 8,209 | 4,010 | 6,822 | |||||||||
Other State debt and Treasury bills under repurchase agreement | — | — | 386 | |||||||||
Other assets under repurchase agreement | 11,245 | 3,255 | 8,931 | |||||||||
Other central banks | 7,802 | 7,927 | 5,028 | |||||||||
Total gross | 27,256 | 15,192 | 21,167 | |||||||||
Valuation adjustments | 70 | 46 | 23 | |||||||||
Total | 27,326 | 15,238 | 21,190 | |||||||||
Millions of euros | ||||||||||||
2007 | 2006 | 2005 | ||||||||||
Reciprocal accounts | 3,059 | 78 | 271 | |||||||||
Deposits with agreed maturity | 33,576 | 27,016 | 28,807 | |||||||||
Demand deposits | 1,410 | 1,782 | 1,054 | |||||||||
Other accounts | 362 | 393 | 1,113 | |||||||||
Repurchase agreements | 21,988 | 13,017 | 13,723 | |||||||||
Total gross | 60,395 | 42,286 | 44,968 | |||||||||
Valuation adjustments | 377 | 281 | 158 | |||||||||
Total | 60,772 | 42,567 | 45,126 | |||||||||
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Millions of euros | ||||||||||||||||
Deposits with | Funds Received | |||||||||||||||
Demand | Agree | Under Financial | ||||||||||||||
2007 | Deposits | Maturity | Asset Transfers | Total | ||||||||||||
Spain | 790 | 5,247 | 3,239 | 9,276 | ||||||||||||
Rest of Europe | 231 | 13,126 | 3,943 | 17,300 | ||||||||||||
United States | 3,077 | 6,853 | 881 | 10,811 | ||||||||||||
Latin America | 331 | 3,962 | 13,925 | 18,218 | ||||||||||||
Rest of the world | 40 | 4,750 | — | 4,790 | ||||||||||||
Total | 4,469 | 33,938 | 21,988 | 60,395 | ||||||||||||
Millions of euros | ||||||||||||||||
Deposits with | Funds Received | |||||||||||||||
Demand | Agree | Under Financial | ||||||||||||||
2006 | Deposits | Maturity | Asset Transfers | Total | ||||||||||||
Spain | 807 | 5,001 | 1,683 | 7,491 | ||||||||||||
Rest of Europe | 642 | 12,640 | 4,621 | 17,903 | ||||||||||||
United States | 110 | 2,653 | 797 | 3,560 | ||||||||||||
Latin America | 239 | 3,166 | 5,916 | 9,321 | ||||||||||||
Rest of the world | 61 | 3,950 | — | 4,011 | ||||||||||||
Total | 1,859 | 27,410 | 13,017 | 42,286 | ||||||||||||
Millions of euros | ||||||||||||||||
Deposits with | Funds Received | |||||||||||||||
Demand | Agree | Under Financial | ||||||||||||||
2005 | Deposits | Maturity | Asset Transfers | Total | ||||||||||||
Spain and rest of Europe | 1,033 | 14,815 | 8,255 | 24,103 | ||||||||||||
United States | 69 | 3,670 | 1,650 | 5,389 | ||||||||||||
Latin America | 1,290 | 2,643 | 3,818 | 7,751 | ||||||||||||
Rest of the world | 46 | 7,679 | — | 7,725 | ||||||||||||
Total | 2,438 | 28,807 | 13,723 | 44,968 | ||||||||||||
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Millions of euros | ||||||||||||
2007 | 2006 | 2005 | ||||||||||
General Government | 16,372 | 14,171 | 17,673 | |||||||||
Spanish | 6,844 | 7,109 | 9,742 | |||||||||
Foreign | 9,512 | 7,038 | 7,876 | |||||||||
Valuation adjustments | 16 | 24 | 55 | |||||||||
Other resident sectors - | 107,417 | 94,393 | 79,756 | |||||||||
Current accounts | 22,798 | 25,346 | 20,645 | |||||||||
Savings accounts | 21,389 | 22,460 | 20,629 | |||||||||
Fixed-term deposits | 33,781 | 27,682 | 20,435 | |||||||||
Reverse repos | 8,785 | 9,081 | 12,030 | |||||||||
Other accounts | 19,825 | 9,112 | 5,382 | |||||||||
Valuation adjustments | 839 | 712 | 635 | |||||||||
Non-resident sectors | 112,394 | 83,810 | 85,206 | |||||||||
Current accounts | 25,453 | 19,043 | 18,717 | |||||||||
Savings accounts | 19,057 | 13,636 | 11,370 | |||||||||
Fixed-term deposits | 58,492 | 40,906 | 45,266 | |||||||||
Repurchase agreements | 8,544 | 9,555 | 9,215 | |||||||||
Other accounts | 186 | 110 | 77 | |||||||||
Valuation adjustments | 662 | 560 | 561 | |||||||||
Total | 236,183 | 192,374 | 182,635 | |||||||||
Of which: | ||||||||||||
In euros | 123,924 | 108,313 | 100,623 | |||||||||
In foreign currency | 112,259 | 84,061 | 82,012 | |||||||||
Millions of euros | ||||||||||||||||||||
Deposits | ||||||||||||||||||||
Demand | Saving | with Agreed | ||||||||||||||||||
2007 | Deposits | Deposits | Maturity | Repos | Total | |||||||||||||||
Spain | 28,339 | 21,468 | 54,417 | 9,199 | 113,423 | |||||||||||||||
Rest of Europe | 3,055 | 312 | 12,555 | 10 | 15,932 | |||||||||||||||
United States | 6,996 | 7,877 | 22,964 | 148 | 37,985 | |||||||||||||||
Latin America | 18,677 | 9,445 | 21,874 | 8,392 | 58,388 | |||||||||||||||
Rest of the world | 1,657 | 2,842 | 4,439 | — | 8,938 | |||||||||||||||
Total | 58,724 | 41,944 | 116,249 | 17,749 | 234,666 | |||||||||||||||
Millions of euros | ||||||||||||||||||||
Deposits with | ||||||||||||||||||||
Demand | Saving | Agreed | ||||||||||||||||||
2006 | Deposits | Deposits | Maturity | Repos | Total | |||||||||||||||
Spain | 30,907 | 22,525 | 36,907 | 10,303 | 100,642 | |||||||||||||||
Rest of Europe | 2,746 | 1,050 | 7,244 | 448 | 11,488 | |||||||||||||||
United States | 1,419 | 2,019 | 10,529 | 57 | 14,024 | |||||||||||||||
Latin America | 17,816 | 11,466 | 22,505 | 9,064 | 60,851 | |||||||||||||||
Rest of the world | 795 | 403 | 2,875 | — | 4,073 | |||||||||||||||
Total | 53,683 | 37,463 | 80,060 | 19,872 | 191,078 | |||||||||||||||
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Millions of euros | ||||||||||||||||||||
Deposits with | ||||||||||||||||||||
Demand | Saving | Agreed | ||||||||||||||||||
2005 | Deposits | Deposits | Maturity | Repos | Total | |||||||||||||||
Spain and rest of Europe | 30,294 | 21,676 | 36,344 | 17,145 | 105,459 | |||||||||||||||
United States | 1,007 | 354 | 10,372 | 135 | 11,868 | |||||||||||||||
Latin America | 17,041 | 10,164 | 22,968 | 7,983 | 58,156 | |||||||||||||||
Rest of the world | 775 | 518 | 4,608 | — | 5,901 | |||||||||||||||
Total | 49,117 | 32,712 | 74,292 | 25,263 | 181,384 | |||||||||||||||
Millions of euros | ||||||||||||
2007 | 2006 | 2005 | ||||||||||
Promissory notes and bills | 5,759 | 7,556 | 7,418 | |||||||||
Bonds and debentures issued: | 76,867 | 69,305 | 53,469 | |||||||||
Mortgage-backed securities | 39,730 | 36,029 | 26,927 | |||||||||
Other non-convertible securities | 37,137 | 33,276 | 26,542 | |||||||||
Valuation adjustments | 373 | 813 | 1,955 | |||||||||
Total | 82,999 | 77,674 | 62,842 | |||||||||
Millions of euros | ||||||||||||
2007 | 2006 | 2005 | ||||||||||
In euros | 4,902 | 6,671 | 6,725 | |||||||||
In other currencies | 857 | 885 | 693 | |||||||||
Total | 5,759 | 7,556 | 7,418 | |||||||||
Millions of euros | ||||||||||||
2007 | 2006 | 2005 | ||||||||||
In euros - | ||||||||||||
Non-convertible bonds and debentures at floating interest rates | 18,955 | 18,346 | 18,488 | |||||||||
Non-convertible bonds and debentures | 6,154 | 6,438 | 5,214 | |||||||||
Covered bonds | 38,680 | 35,808 | 26,683 | |||||||||
Valuation adjustments | 252 | 734 | 1,940 | |||||||||
In foreign currencies - | ||||||||||||
Non-convertible bonds and debentures at floating interest rates | 10,707 | 7,866 | 2,614 | |||||||||
Non-convertible bonds and debentures | 1,322 | 626 | 226 | |||||||||
Covered bonds | 1,049 | 221 | 244 | |||||||||
Valuation adjustments | 121 | 79 | 15 | |||||||||
Total | 77,240 | 70,118 | 55,424 | |||||||||
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Millions of euros | ||||||||||||
2007 | 2006 | 2005 | ||||||||||
Subordinated debt | 10,834 | 9,385 | 9,179 | |||||||||
Preference shares | 4,562 | 4,025 | 4,128 | |||||||||
Total gross | 15,396 | 13,410 | 13,307 | |||||||||
Valuation adjustments | 266 | 187 | 416 | |||||||||
Total | 15,662 | 13,597 | 13,723 | |||||||||
Millions of euros | ||||||||||||||||||||||||
ISSUER | Currency | 2007 | 2006 | 2005 | Interest Rate 2007 | Maturity Date | ||||||||||||||||||
ISSUES IN EUROS | ||||||||||||||||||||||||
BBVA | ||||||||||||||||||||||||
july-96 | EUR | — | — | 79 | — | December 22, 2006 | ||||||||||||||||||
july-96 | EUR | 27 | 27 | 27 | 9.37 | % | December 22, 2016 | |||||||||||||||||
february-97 | EUR | — | 60 | 60 | 6.97 | % | December 18, 2007 | |||||||||||||||||
september-97 | EUR | — | 36 | 36 | 6.65 | % | December 17, 2007 | |||||||||||||||||
december-01 (*) | EUR | — | 1,500 | 1,500 | 3.50 | % | January 1, 2017 | |||||||||||||||||
july-03 | EUR | 600 | 600 | 600 | 4.32 | % | July 17, 2013 | |||||||||||||||||
november-03 | EUR | 750 | 750 | 750 | 4.50 | % | November 12, 2015 | |||||||||||||||||
october-04 | EUR | 992 | 991 | 992 | 4.37 | % | October 20, 2019 | |||||||||||||||||
february-07 | EUR | 297 | — | — | 4.50 | % | February 16, 2022 | |||||||||||||||||
BBVA CAPITAL FUNDING, LTD. | ||||||||||||||||||||||||
march-97 | EUR | — | 46 | 46 | 2.71 | % | March 20, 2007 | |||||||||||||||||
october-97 | EUR | — | 77 | 77 | 4.10 | % | October 8, 2007 | |||||||||||||||||
october-97 | EUR | 229 | 229 | 228 | 6.00 | % | December 24, 2009 | |||||||||||||||||
july-99 | EUR | 73 | 73 | 73 | 6.35 | % | October 16, 2015 | |||||||||||||||||
february-00 | EUR | 497 | 498 | 500 | 6.38 | % | February 25, 2010 | |||||||||||||||||
july-01 (*) | EUR | — | — | 500 | — | July 4, 2011 | ||||||||||||||||||
october-01 | EUR | 60 | 60 | 60 | 5.73 | % | October 10, 2011 | |||||||||||||||||
october-01 | EUR | 40 | 40 | 40 | 6.08 | % | October 10, 2016 | |||||||||||||||||
october-01 | EUR | 50 | 50 | 50 | 5.33 | % | October 15, 2016 | |||||||||||||||||
november-01 | EUR | 55 | 55 | 55 | 5.30 | % | November 2, 2016 |
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Millions of euros | ||||||||||||||||||||||||
ISSUER | Currency | 2007 | 2006 | 2005 | Interest Rate 2007 | Maturity Date | ||||||||||||||||||
december-01 | EUR | 56 | 56 | 56 | 5.58 | % | December 20, 2016 | |||||||||||||||||
BBVA SUBORDINATED CAPITAL, S.A.U. | ||||||||||||||||||||||||
may-05 | EUR | 497 | 497 | 480 | 4.95 | % | May 23, 2017 | |||||||||||||||||
october-05 | EUR | 150 | 150 | 150 | 5.03 | % | October 13, 2020 | |||||||||||||||||
october-05 | EUR | 250 | 250 | 250 | 4.90 | % | October 20, 2017 | |||||||||||||||||
october-06 | EUR | 1,000 | 1,000 | — | 4.93 | % | October 24, 2016 | |||||||||||||||||
april-07 | EUR | 750 | — | — | 5.01 | % | April 3, 2017 | |||||||||||||||||
april-07 | EUR | 100 | — | — | 4.34 | % | April 4, 2022 | |||||||||||||||||
BBVA BANCOMER, S.A. de C.V. | ||||||||||||||||||||||||
may-07 | EUR | 596 | — | — | 4.80 | % | May 17, 2017 | |||||||||||||||||
ALTURA MARKETS A.V., S.A. | ||||||||||||||||||||||||
november-07 | EUR | 3 | — | — | 6.72 | % | November 29, 2017 | |||||||||||||||||
ISSUES IN FOREIGN CURRENCY | ||||||||||||||||||||||||
BBVA PUERTO RICO, S.A. | ||||||||||||||||||||||||
september-04 | USD | 34 | 38 | 42 | 4.20 | % | September 23, 2014 | |||||||||||||||||
september-06 | USD | 25 | 28 | — | 5.76 | % | September 29, 2016 | |||||||||||||||||
september-06 | USD | 21 | 23 | — | 5.39 | % | September 29, 2016 | |||||||||||||||||
BBVA GLOBAL FINANCE, LTD. | ||||||||||||||||||||||||
december-95 | USD | 136 | 152 | 170 | 7.00 | % | December 1, 2025 | |||||||||||||||||
december-95 | USD | — | — | 64 | — | May 9, 2006 | ||||||||||||||||||
BANCO BILBAO VIZCAYA ARGENTARIA, CHILE | CLP | 283 | 276 | 172 | Various | Various | ||||||||||||||||||
BBVA BANCOMER, S.A. de C.V. | ||||||||||||||||||||||||
november-98 | — | — | 198 | — | September 28, 2006 | |||||||||||||||||||
july-05 | USD | 340 | 377 | 421 | 5.38 | % | July 22, 2015 | |||||||||||||||||
september-06 | MNX | 156 | 174 | — | 8.23 | % | September 18, 2014 | |||||||||||||||||
may-07 | USD | 340 | — | — | 6.01 | % | May 17, 2022 | |||||||||||||||||
BBVA CAPITAL FUNDING, LTD. | ||||||||||||||||||||||||
october-95 | JPY | 60 | 64 | 72 | 6.00 | % | October 26, 2015 | |||||||||||||||||
february-96 | USD | — | — | 212 | — | February 14, 2006 | ||||||||||||||||||
november-96 | USD | — | — | 170 | — | November 27, 2006 | ||||||||||||||||||
BBVA BANCOMER CAPITAL TRUST, INC. | ||||||||||||||||||||||||
february-01(*) | USD | — | — | 424 | — | February 16, 2011 | ||||||||||||||||||
LNB CAPITAL TRUST I | ||||||||||||||||||||||||
november-01(*) | USD | — | — | 18 | — | December 8, 2031 | ||||||||||||||||||
LNB STATUTORY TRUST I | ||||||||||||||||||||||||
december-01(*) | USD | — | — | 25 | — | December 18, 2031 | ||||||||||||||||||
BBVA SUBORDINATED CAPITAL, S.A.U. | ||||||||||||||||||||||||
october-05 | JPY | 122 | 127 | 144 | 2.75 | % | October 22, 2035 | |||||||||||||||||
october-05 | GBP | 409 | 447 | 438 | 6.48 | % | October 21, 2015 | |||||||||||||||||
march-06 | GBP | 409 | 447 | — | 5.00 | % | March 31, 2016 | |||||||||||||||||
march-07 | GBP | 343 | — | — | 5.75 | % | March 11, 2018 | |||||||||||||||||
RIVERWAY HOLDING CAPITAL TRUST I | ||||||||||||||||||||||||
march-01 | USD | 7 | 9 | — | 10.18 | % | June 8, 2031 | |||||||||||||||||
RIVERWAY HOLDING CAPITAL TRUST II | ||||||||||||||||||||||||
july-01 (*) | USD | — | 4 | — | 9.30 | % | July 25, 2031 | |||||||||||||||||
february-04 | USD | 34 | 38 | — | 7.84 | % | March 17, 2034 | |||||||||||||||||
COMPASS BANCSHARES INC | ||||||||||||||||||||||||
july-01 | USD | 2 | — | — | 10.18 | % | July 31, 2031 | |||||||||||||||||
STATE NATIONAL CAPITAL TRUST I | ||||||||||||||||||||||||
july-03 | USD | 10 | — | — | 7.88 | % | September 30, 2033 | |||||||||||||||||
STATE NATIONAL STATUTORY TRUST II | ||||||||||||||||||||||||
march-04 | USD | 7 | — | — | 7.78 | % | March 17, 2034 | |||||||||||||||||
TEXASBANC CAPITAL TRUST I | ||||||||||||||||||||||||
july-04 | USD | 17 | — | — | 7.75 | % | July 23, 2034 | |||||||||||||||||
COMPASS BANK | ||||||||||||||||||||||||
august-99 | USD | 124 | — | — | 7.75 | % | September 15, 2009 | |||||||||||||||||
april-99 | USD | 69 | — | — | 6.45 | % | May 1, 2009 |
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Millions of euros | ||||||||||||||||||||||||
ISSUER | Currency | 2007 | 2006 | 2005 | Interest Rate 2007 | Maturity Date | ||||||||||||||||||
march-05 | USD | 188 | — | — | 5.50 | % | April 1, 2020 | |||||||||||||||||
march-06 | USD | 175 | — | — | 5.90 | % | April 1, 2026 | |||||||||||||||||
sep-07 | USD | 236 | — | — | 6.40 | % | October 1, 2017 | |||||||||||||||||
BBVA COLOMBIA, S.A. | ||||||||||||||||||||||||
august-06 | COP | 135 | 136 | — | 11.54 | % | August 28, 2011 | |||||||||||||||||
BANCO CONTINENTAL, S.A. | ||||||||||||||||||||||||
december-06 | USD | 20 | — | — | 6.65 | % | December 16, 2016 | |||||||||||||||||
may-07 | PEN | 9 | — | — | 5.85 | % | May 7, 2022 | |||||||||||||||||
may-07 | USD | 14 | — | — | 6.00 | % | May 14, 2027 | |||||||||||||||||
june-07 | PEN | 12 | — | — | 3.47 | % | June 18, 2032 | |||||||||||||||||
september-07 | USD | 14 | — | — | 6.26 | % | September 24, 2017 | |||||||||||||||||
november-07 | PEN | 11 | — | — | 3.56 | % | June 18, 2032 | |||||||||||||||||
TOTAL | 10,834 | 9,385 | 9,179 | |||||||||||||||||||||
(*) Issuances cancelled before their maturity date |
Millions of euros | ||||||||||||
2007 | 2006 | 2005 | ||||||||||
BBVA Internacional, Ltd.(1) | 500 | 1,000 | 1,341 | |||||||||
BBVA Preferred Capital, Ltd.(2) | — | — | 203 | |||||||||
BBVA Privanza International (Gibraltar), Ltd. | — | — | 59 | |||||||||
BBVA Capital Finance, S.A. | 1,975 | 1,975 | 1,975 | |||||||||
Banco Provincial, S.A | 66 | — | — | |||||||||
BBVA International Preferred, S.A.U.(3) | 2,003 | 1,050 | 550 | |||||||||
Tucson Loan Holdings, Inc. | 18 | — | — | |||||||||
Total | 4,562 | 4,025 | 4,128 | |||||||||
(1) | Listed on the Spanish AIAF market. | |
(2) | Listed in New York Stock Exchange | |
(3) | Listed in London Stock Exchange |
Amount Issued | Fixed Annual | |||||||
2007 | Currency | (Millions) | Dividend | |||||
BBVA International, Ltd. | ||||||||
December 2002 | EUR | 500 | 4.800 | % | ||||
BBVA Capital Finance, S.A. | ||||||||
December 2003 | EUR | 350 | 4.806 | % | ||||
July 2004 | EUR | 500 | 4.806 | % | ||||
December 2004 | EUR | 1,125 | 4.809 | % | ||||
BBVA International Preferred, S.A.U. | ||||||||
September 2005 | EUR | 550 | 3.80 | % | ||||
September 2006 | EUR | 500 | 4.94 | % | ||||
April 2007 | USD | 600 | 5.92 | % | ||||
July 2007 | GBP | 400 | 7.09 | % | ||||
Banco Provincial, S.A. — Banco Universal | ||||||||
October 2007 | BS | 150,000 | 12.00 | % | ||||
November 2007 | BS | 58,000 | 12.00 | % | ||||
Tucson Loan Holdings Inc. | ||||||||
November 1997 | USD | 28 | 9.875 | % | ||||
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Amount Issued | Fixed Annual | |||||||
2006 | Currency | (Millions) | Dividend | |||||
BBVA International, Ltd. | ||||||||
March 2002 | EUR | 500 | 3.50 | % | ||||
December 2002 | EUR | 500 | 3.41 | % | ||||
BBVA Capital Finance, S.A. | ||||||||
December 2003 | EUR | 350 | 3.41 | % | ||||
July 2004 | EUR | 500 | 3.41 | % | ||||
December 2004 | EUR | 1,125 | 3.41 | % | ||||
BBVA International Preferred, S.A.U. | ||||||||
September 2005 | EUR | 550 | 3.80 | % | ||||
September 2006 | EUR | 500 | 4.95 | % | ||||
Amount Issued | Fixed Annual | |||||||
2005 | Currency | (Millions) | Dividend | |||||
BBVA Privanza Internacional (Gibraltar), Ltd. | ||||||||
June 1997 | USD | 70 | 7.76 | % | ||||
BBVA International, Ltd. | ||||||||
April 2001 | EUR | 340 | 7.00 | % | ||||
March 2002 | EUR | 500 | 3.50 | % | ||||
December 2002 | EUR | 500 | 3.25 | % | ||||
BBVA Preferred Capital, Ltd. | ||||||||
June 2001 | USD | 240 | 7.75 | % | ||||
BBVA Capital Finance, S.A. | ||||||||
December 2003 | EUR | 350 | 2.75 | % | ||||
July 2004 | EUR | 500 | 3.00 | % | ||||
December 2004 | EUR | 1,125 | 3.00 | % | ||||
BBVA International Preferred, S.A.U. | ||||||||
September 2005 | EUR | 550 | 3.80 | % | ||||
Millions of euros | ||||||||||||
2007 | 2006 | 2005 | ||||||||||
Technical provisions for: | ||||||||||||
Mathematical reserves | 8,977 | 8,678 | 9,023 | |||||||||
Provision for unpaid claims reported | 580 | 655 | 419 | |||||||||
Other insurance technical provisions | 440 | 788 | 1,058 | |||||||||
Total | 9,997 | 10,121 | 10,500 | |||||||||
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Millions of euros | ||||||||||||
2007 | 2006 | 2005 | ||||||||||
Provisions for pensions and similar obligations (Note 27) | 5,967 | 6,358 | 6,240 | |||||||||
Provisions for taxes | 225 | 232 | 147 | |||||||||
Provisions for contingent exposures and commitments (Note 7) | 546 | 502 | 452 | |||||||||
Other provisions | 1,604 | 1,557 | 1,862 | |||||||||
Total | 8,342 | 8,649 | 8,701 | |||||||||
Millions of euros | ||||||||||||
Provisions for Pensions and similar | ||||||||||||
obligation | ||||||||||||
2007 | 2006 | 2005 | ||||||||||
Balance at beginning of the year | 6,358 | 6,240 | 6,304 | |||||||||
Add - | ||||||||||||
Year provision with a charge to income for the year | 417 | 1,410 | 647 | |||||||||
Transfers and other changes | (4 | ) | — | 98 | ||||||||
Less - | ||||||||||||
Payments | (843 | ) | (1,208 | ) | (778 | ) | ||||||
Amount use and other variations | 39 | (84 | ) | (31 | ) | |||||||
Balance at end of the year | 5,967 | 6,358 | 6,240 | |||||||||
Millions of euros | ||||||||||||
Commitments and contingent risks | ||||||||||||
provisions | ||||||||||||
2007 | 2006 | 2005 | ||||||||||
Balance at beginning of the year | 502 | 452 | 349 | |||||||||
Add - | ||||||||||||
Year provision with a charge to income for the year | 93 | 74 | 114 | |||||||||
Transfers and other Changes | — | 5 | 9 | |||||||||
Less - | ||||||||||||
Available funds | (46 | ) | (17 | ) | (12 | ) | ||||||
Amount use and other variations | (3 | ) | (12 | ) | (8 | ) | ||||||
Balance at end of the year | 546 | 502 | 452 | |||||||||
Millions of euros | ||||||||||||
Provisions for taxes and other | ||||||||||||
provisions | ||||||||||||
2007 | 2006 | 2005 | ||||||||||
Balance at beginning of the year | 1,789 | 2,009 | 1,739 | |||||||||
Add - | ||||||||||||
Year provision with a charge to income for the year | 275 | 353 | 278 | |||||||||
Adquisition of subsidiaries | 56 | 4 | 42 | |||||||||
Transfers and other Changes | 14 | 101 | 318 | |||||||||
Less - | ||||||||||||
Available funds | (140 | ) | (51 | ) | (160 | ) | ||||||
Amount use and other variations | (165 | ) | (608 | ) | (205 | ) | ||||||
Disposal of subsidiaries | — | (19 | ) | (3 | ) | |||||||
Balance at end of the year | 1,829 | 1,789 | 2,009 | |||||||||
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Millions of euros | ||||||||||||||||||||||||||||||||||||
Commitments in Spain | Commitments abroad | TOTAL | ||||||||||||||||||||||||||||||||||
2007 | 2006 | 2005 | 2007 | 2006 | 2005 | 2007 | 2006 | 2005 | ||||||||||||||||||||||||||||
Post-employment benefits | ||||||||||||||||||||||||||||||||||||
Post-employment benefits | 3,115 | 3,386 | 3,443 | 1,097 | 956 | 966 | 4,212 | 4,342 | 4,409 | |||||||||||||||||||||||||||
Early retirement | 2,950 | 3,186 | 2,583 | — | — | — | 2,950 | 3,186 | 2,583 | |||||||||||||||||||||||||||
Post-employment welfare benefits | 234 | 223 | 211 | 420 | 422 | 436 | 654 | 645 | 647 | |||||||||||||||||||||||||||
Total | 6,299 | 6,795 | 6,237 | 1,517 | 1,378 | 1,402 | 7,816 | 8,173 | 7,639 | |||||||||||||||||||||||||||
Insurance contracts | ||||||||||||||||||||||||||||||||||||
Post-employment benefits | 467 | 569 | 627 | — | — | — | 467 | 569 | 627 | |||||||||||||||||||||||||||
467 | 569 | 627 | — | — | — | 467 | 569 | 627 | ||||||||||||||||||||||||||||
Other plan assets | — | — | ||||||||||||||||||||||||||||||||||
Post-employment benefits | — | — | — | 1,062 | 879 | 687 | 1,062 | 879 | 687 | |||||||||||||||||||||||||||
Post-employment welfare benefits | — | — | — | 354 | 368 | 85 | 354 | 368 | 85 | |||||||||||||||||||||||||||
— | — | — | 1,416 | 1,247 | 772 | 1,416 | 1,247 | 772 | ||||||||||||||||||||||||||||
Net commitments of plan assets | 5,832 | 6,226 | 5,610 | 101 | 131 | 630 | 5,933 | 6,357 | 6,240 | |||||||||||||||||||||||||||
of which: | ||||||||||||||||||||||||||||||||||||
Net assets | — | — | — | (34 | ) | — | — | (34 | ) | — | — | |||||||||||||||||||||||||
Net liabilities (*) | 5,832 | 6,226 | 5,610 | 135 | 131 | 630 | 5,967 | 6,357 | 6,240 | |||||||||||||||||||||||||||
(*) | Recorded under the heading “Provisions — Provisions for Pensions and Similar Obligations” |
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2007 | 2006 | 2005 | ||||||||||
Mortality tables | PERM/F 2000P. | PERM/F 2000P. | PERM/F 2000P. | |||||||||
Discount rate (cumulative annual) | 4.5%/AA corporate bond yield curve | 4%/AA corporate bond yield curve | 4%/AA corporate bond yield curve | |||||||||
Consumer price index (cumulative annual) | 2.0 | % | 1.5 | % | 1.5 | % | ||||||
Salary growth rate (cumulative annual) | At least 3% (depending on employee) | At least 2.5% (depending on employee) | At least 2.5% (depending on employee) | |||||||||
Retirement ages | First date at which the employees are entitled to retire or contractually agreed at the individual level in the case of early retirements | |||||||||||
Millions of euros | ||||||||||||
2007 | 2006 | 2005 | ||||||||||
Commitments to retired employees | 2,733 | 3,187 | 3,203 | |||||||||
Vested contingencies in respect of current employees | 382 | 200 | 240 | |||||||||
Total commitments | 3,115 | 3,387 | 3,443 | |||||||||
Insurance contracts assigned to the funding of commitments | 467 | 569 | 627 | |||||||||
Net commitments(*) | 2,648 | 2,818 | 2,816 | |||||||||
(*) | Recorded in the heading “Provisions- Provisions for Pensions and Similar Obligations” (Note 26) |
Millions of euros | ||||||||||||
2007 | 2006 | 2005 | ||||||||||
Balance at beginning of the year | 2,817 | 2,816 | 2,826 | |||||||||
+ Interest cost | 109 | 110 | 107 | |||||||||
+ Current services cost | 18 | 23 | 19 | |||||||||
- Payments made | (163 | ) | (159 | ) | (145 | ) | ||||||
+/- Other changes | 1 | 11 | 2 | |||||||||
+/- Actuarial losses (gains) | (134 | ) | 16 | 7 | ||||||||
Balance at end of the year | 2,648 | 2,817 | 2,816 | |||||||||
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2008 | 2009 | 2010 | 2011 | 2012 | 2013-2017 | |||||||||||||||||||
Pensions | 169 | 172 | 176 | 176 | 175 | 851 | ||||||||||||||||||
Millions of euros | ||||||||||||
2007 | 2006 | 2005 | ||||||||||
Balance at beginning of the year | 3,186 | 2,583 | 2,657 | |||||||||
+ Interest cost | 112 | 92 | 95 | |||||||||
+ Early retirements in the year | 294 | 1,019 | 286 | |||||||||
- Payments made | (587 | ) | (505 | ) | (477 | ) | ||||||
+/- Other movements | — | (3 | ) | 6 | ||||||||
+/- Actuarial losses (gains) | (55 | ) | — | 16 | ||||||||
Balance at end of the year | 2,950 | 3,186 | 2,583 | |||||||||
2008 | 2009 | 2010 | 2011 | 2012 | 2013-2017 | |||||||||||||||||||
Pensions | 524 | 469 | 430 | 391 | 353 | 1,103 | ||||||||||||||||||
Millions of euros | ||||||||||||
2007 | 2006 | 2005 | ||||||||||
Post-employment welfare benefit commitments to retired employees | 192 | 169 | 159 | |||||||||
Vested post-employment welfare benefit contingencies in respect of current employees | 42 | 54 | 52 | |||||||||
Total (*) | 234 | 223 | 211 | |||||||||
(*) | Recognized in the heading “Provisions- Provisions for Pensions and Similar Obligations” |
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Millions of euros | ||||||||||||
2007 | 2006 | 2005 | ||||||||||
Balance at beginning of the year | 223 | 211 | 204 | |||||||||
+ Interest cost | 9 | 9 | 8 | |||||||||
+ Current service cost | 2 | 2 | 2 | |||||||||
- Payments made | (12 | ) | (13 | ) | (12 | ) | ||||||
+Prior service cost or changes in the plan | 8 | — | — | |||||||||
+/- Other movements | 3 | 6 | — | |||||||||
+/- Actuarial losses (gains) | 1 | 8 | 9 | |||||||||
Balance at end of the year | 234 | 223 | 211 | |||||||||
2008 | 2009 | 2010 | 2011 | 2012 | 2013-2017 | |||||||||||||||||||
Pensions | 45 | 17 | 16 | 16 | 15 | 72 | ||||||||||||||||||
Millions of euros | ||||||||||||
2007 | 2006 | 2005 | ||||||||||
Interest expense and similar charges | ||||||||||||
Interest cost of pension funds | 230 | 210 | 211 | |||||||||
Personnel expenses | ||||||||||||
Transfers to pension plans | 18 | 27 | 23 | |||||||||
Social attentions | 2 | 2 | 2 | |||||||||
Provision expense (net) | ||||||||||||
Transfers to fund for pensions and similar obligations | ||||||||||||
Pension funds | (180 | ) | 23 | 33 | ||||||||
Early retirement | 294 | 1,019 | 286 | |||||||||
Total | 364 | 1,281 | 555 | |||||||||
2007 | 2006 | 2005 | ||||||||||
Other commitments to employees (Note 26) | ||||||||||||
Long-service cash bonuses | 8 | 32 | 30 | |||||||||
Long-service share-based bonuses | 10 | 49 | 46 | |||||||||
Total | 18 | 81 | 76 | |||||||||
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Millions of euros | ||||||||||||
2007 | 2006 | 2005 | ||||||||||
| | | | ||||||||||||
Balance at beginning of the year | 81 | 76 | 64 | |||||||||
Interest cost | 1 | 1 | 1 | |||||||||
Current service cost | 8 | 8 | 7 | |||||||||
Payments made and settlements | (16 | ) | — | (2 | ) | |||||||
Effect of reduction and settlements | (26 | ) | — | — | ||||||||
Other movements | (26 | ) | (2 | ) | 5 | |||||||
Actuarial losses (gains) | (4 | ) | (2 | ) | 1 | |||||||
Balance at end of the year | 18 | 81 | 76 | |||||||||
Number of shares | ||||||||||||
2007 | 2006 | 2005 | ||||||||||
Shares at beginning of the year | 6,538,948 | 6,946,467 | 6,658,067 | |||||||||
Current service cost | 413,680 | 407,487 | 399,753 | |||||||||
Payments made and settlements | (4,122,739 | ) | (186,480 | ) | (269,100 | ) | ||||||
Effect of reduction and settlements | (1,818,683 | ) | — | — | ||||||||
Actuarial losses (gains) | (173,738 | ) | (628,526 | ) | 157,747 | |||||||
Shares at end of year | 837,468 | 6,538,948 | 6,946,467 | |||||||||
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Millions of euros | ||||||||||||
Plan | Net | |||||||||||
Commitments | Assets | Commitments | ||||||||||
Post-employment benefits | ||||||||||||
Pension commitments | ||||||||||||
Mexico | 584 | 572 | 12 | |||||||||
Portugal | 295 | 292 | 3 | |||||||||
United States | 159 | 166 | (7 | ) | ||||||||
Rest | 59 | 32 | 27 | |||||||||
1,097 | 1,062 | 35 | ||||||||||
Post-employment welfare benefits | ||||||||||||
Mexico | 416 | 354 | 62 | |||||||||
Portugal | — | — | — | |||||||||
United States | — | — | — | |||||||||
Rest | 4 | — | 4 | |||||||||
420 | 354 | 66 | ||||||||||
Total Commitments | 1,517 | 1,416 | 101 | |||||||||
2007 | 2006 | 2005 | ||||||||||
Mortality tables | EMSSA 97 | EMSSA 97 | EMSSA 97 | |||||||||
Discount rate (cumulative annual) | 8.8 | % | 9.0 | % | 9.2 | % | ||||||
Consumer price index (cumulative annual) | 3.6 | % | 3.5 | % | 4.0 | % | ||||||
Salary Growth rate | 4.5 | % | 6.0 | % | 6.1 | % | ||||||
Expected rate of return | 8.8 | % | 9.0 | % | 9.2 | % | ||||||
Medical cost trend rates | 5.5 | % | 6.0 | % | 6.1 | % | ||||||
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Millions of euros | ||||||||||||
2007 | ||||||||||||
Plan | Net | |||||||||||
Commitments | assets | commitments | ||||||||||
Balance at beginning of the year | 623 | 623 | — | |||||||||
Finance expenses | 53 | — | 53 | |||||||||
Finance Income | — | 52 | (52 | ) | ||||||||
Current service cost | 17 | — | 17 | |||||||||
Prior service cost or changes in the plan | 3 | — | 3 | |||||||||
Acquisitions or divestments made | — | — | — | |||||||||
Effect of reductions or settlement | (6 | ) | — | (6 | ) | |||||||
Payments | (31 | ) | (31 | ) | — | |||||||
Exchange difference | (69 | ) | (68 | ) | (1 | ) | ||||||
Actuarial losses (gains) | (11 | ) | (11 | ) | — | |||||||
Contributions | — | 5 | (5 | ) | ||||||||
Other movements | 5 | 2 | 3 | |||||||||
Balance at end of the year | 584 | 572 | 12 | |||||||||
2008 | 2009 | 2010 | 2011 | 2012 | 2013-2017 | |||||||||||||||||||
Pensions | 30 | 29 | 30 | 31 | 32 | 197 | ||||||||||||||||||
Millions of | ||||
euros | ||||
2007 | ||||
Interest expense and similar charges | 1 | |||
Personnel expenses | 17 | |||
Provision expense (net) | 3 | |||
Total | 15 | |||
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Millions of euros | ||||||||||||
2007 | ||||||||||||
Plan | Net | |||||||||||
Commitments | assets | commitments | ||||||||||
Balance at beginning of the year | 422 | 368 | 54 | |||||||||
Finance expenses | 36 | — | 36 | |||||||||
Finance Income | — | 31 | (31 | ) | ||||||||
Current service cost | 16 | — | 16 | |||||||||
Prior service cost or changes in the plan | — | — | — | |||||||||
Acquisitions or divestments made | — | — | — | |||||||||
Effect of reductions or settlement | (9 | ) | — | (9 | ) | |||||||
Payments | (18 | ) | (18 | ) | — | |||||||
Exchange difference | (48 | ) | (41 | ) | (7 | ) | ||||||
Actuarial losses (gains) | 16 | (6 | ) | 22 | ||||||||
Contributions | (1 | ) | 19 | (20 | ) | |||||||
Other movements | 2 | 1 | 1 | |||||||||
Balance at end of the year | 416 | 354 | 62 | |||||||||
Millions of | ||||
euros | ||||
2007 | ||||
Interest expense and similar charges | 5 | |||
Personnel expenses | 16 | |||
Provision expense (net) | 13 | |||
Total | 34 | |||
1% Increase | 1% Decrease | |||||||
Increase/Decrease in Current Services Cost and Interest Cost | 10 | (10 | ) | |||||
Increase/Decrease in commitments | 69 | (69 | ) | |||||
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2007 | 2006 | 2005 | ||||||||||
Mortality tables | TV88/90 | TV88/90 | TV88/90 | |||||||||
Discount rate (cumulative annual) | 5.3 | % | 4.8 | % | 4.5 | % | ||||||
Consumer price index (cumulative annual) | 2.0 | % | 2.0 | % | 2.0 | % | ||||||
Salary growth rate (cumulative annual) | 3.0 | % | 3.0 | % | 3.0 | % | ||||||
Expected rate of return on plan assets | 4.6 | % | 4.5 | % | 4.5 | % | ||||||
2007 | ||||
Equity securities | 13.0 | % | ||
Debt securities | 83.5 | % | ||
Property, Land and Buildings | 0.3 | % | ||
Cash | 0.8 | % | ||
Other investments | 2.4 | % | ||
Millions of euros | ||||||||||||
2007 | ||||||||||||
Plan | Net | |||||||||||
Commitments | assets | commitments | ||||||||||
Balance at beginning of the year | 295 | 256 | 40 | |||||||||
Finance expenses | 14 | — | 14 | |||||||||
Finance Income | — | 12 | (12 | ) | ||||||||
Current service cost | 5 | — | 5 | |||||||||
Prior service cost or changes in the plan | 5 | — | 5 | |||||||||
Acquisitions or divestments made | — | — | — | |||||||||
Effect of reductions or settlement | 11 | — | 11 | |||||||||
Payments | (14 | ) | (14 | ) | — | |||||||
Exchange difference | — | — | — | |||||||||
Actuarial losses (gains) | (22 | ) | (16 | ) | (5 | ) | ||||||
Contributions | — | 54 | (54 | ) | ||||||||
Other movements | — | 1 | (1 | ) | ||||||||
Balance at end of the year | 295 | 292 | 3 | |||||||||
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2008 | 2009 | 2010 | 2011 | 2012 | 2013-2017 | |||||||||||||||||||
Pensions | 14 | 15 | 15 | 15 | 15 | 75 | ||||||||||||||||||
Millions of euros | ||||
2007 | ||||
Interest expense and similar charges | 2 | |||
Personnel expenses | 5 | |||
Provision expense (net) | 11 | |||
Total | 18 | |||
2007 | ||||
Mortality table | RP 2000 Projected | |||
Discount rate (cumulative annual) | 6.6 | % | ||
Consumer price index (cumulative annual) | 2.5 | % | ||
Salary growth rate (cumulative annual) | 4.0 | % | ||
Expected rate of return on plan assets | 7.5 | % | ||
Medical Care Growth rate | n/a | |||
2007 | ||||
Equity securities | 59.2 | % | ||
Debt securities | 39.9 | % | ||
Property, Land and Buildings | 0.0 | % | ||
Cash | 0.0 | % | ||
Other investments | 0.9 | % | ||
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Table of Contents
Millions of euros | ||||||||||||
2007 | ||||||||||||
Plan | Net | |||||||||||
Commitments | assets | commitments | ||||||||||
Balance at beginning of the year | 17 | 8 | 9 | |||||||||
Finance expenses | 4 | — | 4 | |||||||||
Finance Income | — | 4 | (4 | ) | ||||||||
Current service cost | 2 | — | 2 | |||||||||
Prior service cost or changes in the plan | — | — | — | |||||||||
Acquisitions or divestments made | 156 | 165 | (9 | ) | ||||||||
Effect of reductions or settlement | (3 | ) | (2 | ) | (1 | ) | ||||||
Payments | (2 | ) | (2 | ) | — | |||||||
Exchange difference | (13 | ) | (13 | ) | — | |||||||
Actuarial losses (gains) | (2 | ) | 3 | (5 | ) | |||||||
Contributions | — | 2 | (2 | ) | ||||||||
Other movements | — | 1 | (1 | ) | ||||||||
Balance at end of the year | 159 | 166 | (7 | ) | ||||||||
2008 | 2009 | 2010 | 2011 | 2012 | 2013-2017 | |||||||||||||||||||
Pensions | 5 | 6 | 7 | 7 | 8 | 55 | ||||||||||||||||||
Millions of euros | ||||
2007 | ||||
Interest expense and similar charges | — | |||
Personnel expenses | 2 | |||
Provision expense (net) | (6 | ) | ||
Total | (4 | ) | ||
Millions of euros | ||||
2007 | ||||
Interest expense and similar charges | 3 | |||
Personnel expenses | 3 | |||
Provision expense (net) | 5 | |||
Total | 11 | |||
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Millions of euros | ||||||||||||
2007 | 2006 | 2005 | ||||||||||
BBVA Colombia Group | 23 | 18 | 16 | |||||||||
BBVA Chile Group | 116 | 95 | 121 | |||||||||
BBVA Banco Continental Group | 246 | 235 | 222 | |||||||||
BBVA Banco Provincial Group | 267 | 224 | 204 | |||||||||
Provida Group | 79 | 66 | 70 | |||||||||
BBVA Banco Francés Group | 87 | 52 | 17 | |||||||||
Other companies | 62 | 78 | 321 | |||||||||
Total | 880 | 768 | 971 |
Millions of euros | ||||||||||||
2007 | 2006 | 2005 | ||||||||||
BBVA Colombia Group | 5 | 3 | 4 | |||||||||
BBVA Chile Group | 15 | 3 | 14 | |||||||||
BBVA Banco Continental Group | 76 | 67 | 60 | |||||||||
BBVA Banco Provincial Group | 106 | 69 | 47 | |||||||||
Provida Group | 28 | 25 | 18 | |||||||||
BBVA Banco Francés Group | 36 | 43 | 63 | |||||||||
Other companies | 23 | 25 | 58 | |||||||||
Total | 289 | 235 | 264 | |||||||||
Millions of euros | ||||||||||||||||||||||||||||||||
Treasury | ||||||||||||||||||||||||||||||||
shares and | ||||||||||||||||||||||||||||||||
Share | Reserves | other equity | Valuation | Minority | Interim | |||||||||||||||||||||||||||
Capital | (Note 31 & | Profit for | instruments | Adjustments | Interest | Dividends | Total | |||||||||||||||||||||||||
2007 | (Note 30) | 32) (*) | the year | (Note 33) | (**) | (Note 28) | (***) | Equity | ||||||||||||||||||||||||
Balance at beginning of the year | 1,740 | 13,208 | 4,736 | (112 | ) | 3,341 | 768 | (1,363 | ) | 22,318 | ||||||||||||||||||||||
Valuation adjustments | — | — | — | — | 174 | (12 | ) | — | 162 | |||||||||||||||||||||||
Distribution of prior Years’ profit | — | 2,525 | (2,525 | ) | — | — | — | — | — | |||||||||||||||||||||||
Dividends | — | — | (2,211 | ) | — | — | — | 1,363 | (848 | ) | ||||||||||||||||||||||
Gains or losses on transactions involving treasury shares and other equity instruments | — | (26 | ) | — | (209 | ) | — | — | — | (235 | ) | |||||||||||||||||||||
Profit for the year | — | — | 6,126 | — | — | — | (1,661 | ) | 4,465 | |||||||||||||||||||||||
Increase of capital | 97 | 3,191 | — | — | — | — | — | 3,288 | ||||||||||||||||||||||||
Dividends paid to minority shareholders | — | — | — | — | — | (108 | ) | — | (108 | ) | ||||||||||||||||||||||
Changes in the composition of the Group | — | — | — | — | — | (1 | ) | — | (1 | ) | ||||||||||||||||||||||
Exchange differences | — | — | — | — | (1,263 | ) | (55 | ) | — | (1,318 | ) | |||||||||||||||||||||
Share of minority interests in profit for the year | — | — | — | — | — | 288 | — | 288 | ||||||||||||||||||||||||
Other | — | (68 | ) | — | — | — | — | — | (68 | ) | ||||||||||||||||||||||
Balance at end of the year | 1,837 | 18,830 | 6,126 | (321 | ) | 2,252 | 880 | (1,661 | ) | 27,943 | ||||||||||||||||||||||
(*) | The amounts recognised under the heading Reserves include the amounts of the headings “Reserves” and “Share premium” of the consolidated balance sheet. | |
(**) | See the consolidated statements of recognised income and expense. | |
(***) | Excluded the dividens corresponding to Treasury stocks. |
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Millions of euros | ||||||||||||||||||||||||||||||||
Treasury | ||||||||||||||||||||||||||||||||
shares and | ||||||||||||||||||||||||||||||||
Share | Reserves | other equity | Valuation | Minority | Interim | |||||||||||||||||||||||||||
Capital | (Note 31 & | Profit for | instruments | Adjustments | Interest | Dividends | Total | |||||||||||||||||||||||||
2006 | (Note 30) | 32) (*) | the year | (Note 33) | (**) | (Note 28) | (***) | Equity | ||||||||||||||||||||||||
Balance at beginning of the year | 1,662 | 8,830 | 3,806 | (96 | ) | 3,295 | 971 | (1,167 | ) | 17,301 | ||||||||||||||||||||||
Valuation adjustments | — | — | — | — | 472 | (3 | ) | — | 469 | |||||||||||||||||||||||
Distribution of prior Years’ profit | — | 2,011 | (2,011 | ) | — | — | — | — | — | |||||||||||||||||||||||
Dividends | — | — | (1,795 | ) | — | — | (17 | ) | 1,167 | (645 | ) | |||||||||||||||||||||
Gains or losses on transactions involving treasury shares and other equity instruments | — | 17 | — | (16 | ) | — | — | — | 1 | |||||||||||||||||||||||
Profit for the year | — | — | 4,736 | — | — | — | (1,363 | ) | 3,373 | |||||||||||||||||||||||
Increase of capital | 78 | 2,921 | — | — | — | — | — | 2,999 | ||||||||||||||||||||||||
Dividends paid to minority shareholders | — | — | — | — | — | (87 | ) | — | (87 | ) | ||||||||||||||||||||||
Changes in the composition of the Group | — | (55 | ) | — | — | — | (279 | ) | — | (334 | ) | |||||||||||||||||||||
Exchange differences | — | — | — | — | (426 | ) | (62 | ) | — | (488 | ) | |||||||||||||||||||||
Share of minority interests in profit for the year | — | — | — | — | — | 235 | — | 235 | ||||||||||||||||||||||||
Other | — | (517 | ) | — | — | — | 10 | — | (507 | ) | ||||||||||||||||||||||
Balance at end of the year | 1,740 | 13,208 | 4,736 | (112 | ) | 3,341 | 768 | (1,363 | ) | 22,317 | ||||||||||||||||||||||
(*) | The amounts recognised under the heading Reserves include the amounts of the headings “Reserves” and “Share premium” of the consolidated balance sheet. | |
(**) | See the consolidated statements of recognised income and expense. | |
(***) | Excluded the dividens corresponding to Treasury stocks. |
Millions of euros | ||||||||||||||||||||||||||||||||||||
Treasury | ||||||||||||||||||||||||||||||||||||
Share | shares and | |||||||||||||||||||||||||||||||||||
Capital | Reserves | other equity | Valuation | Minority | Interim | |||||||||||||||||||||||||||||||
(Note | (Note 31 | Profit for | instruments | Adjustments | Interest | Dividends | ||||||||||||||||||||||||||||||
2005 | 30) | & 32) (*) | the year | (Note 33) | (**) | (Note 28) | (***) | Total Equity | ||||||||||||||||||||||||||||
Balance at beginning of the year | 1,662 | 7,428 | 2,923 | (36 | ) | 2,107 | 738 | (1,015 | ) | 13,807 | ||||||||||||||||||||||||||
Valuation adjustments | — | — | — | — | 605 | 2 | — | 607 | ||||||||||||||||||||||||||||
Distribution of prior Years’ profit | — | 1,427 | (1,427 | ) | — | — | — | — | — | |||||||||||||||||||||||||||
Dividends | — | — | (1,496 | ) | — | — | (9 | ) | 1,015 | (490 | ) | |||||||||||||||||||||||||
Gains or losses on transactions involving treasury shares and other equity instruments | — | 34 | — | (60 | ) | — | — | — | (26 | ) | ||||||||||||||||||||||||||
Profit for the year | — | — | 3,806 | — | — | (1 | ) | (1,167 | ) | 2,638 | ||||||||||||||||||||||||||
Increase of capital | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Dividends paid to minority shareholders | — | — | — | — | — | (55 | ) | — | (55 | ) | ||||||||||||||||||||||||||
Changes in the composition of the Group | — | — | — | — | — | (8 | ) | — | (8 | ) | ||||||||||||||||||||||||||
Exchange differences | — | — | — | — | 583 | 43 | — | 626 | ||||||||||||||||||||||||||||
Share of minority interests in profit for the year | — | — | — | — | — | 264 | — | 264 | ||||||||||||||||||||||||||||
Other | — | (58 | ) | — | — | — | (3 | ) | — | (61 | ) | |||||||||||||||||||||||||
Balance at end of the year | 1,662 | 8,830 | 3,806 | (96 | ) | 3,295 | 971 | (1,167 | ) | 17,302 |
(*) | The amounts recognised under the heading Reserves include the amounts of the headings “Reserves” and “Share premium” of the consolidated balance sheet. | |
(**) | See the consolidated statements of recognised income and expense. | |
(***) | Excluded the dividens corresponding to Treasury stocks. |
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F-97
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Millions of euros | ||||||||||||
2007 | 2006 | 2005 | ||||||||||
Legal reserve | 348 | 332 | 332 | |||||||||
Restricted reserve for retired capital | 88 | 88 | 88 | |||||||||
Restricted reserve for Parent Company shares | 912 | 815 | 357 | |||||||||
Restricted reserve for redenomination of capital in euros | 2 | 2 | 2 | |||||||||
Revaluation Royal Decree-Law 7/1996 | 85 | 176 | 176 | |||||||||
Voluntary reserves | 822 | 672 | 1,047 | |||||||||
Consolidation reserves attributed to the Bank, dependents consolidated companies | 3,803 | 1,544 | 171 | |||||||||
Total | 6,060 | 3,629 | 2,173 | |||||||||
Millions of euros | ||||||||||||
2007 | ||||||||||||
Legal revaluations and regularisations of tangible assets: | ||||||||||||
Cost | 187 | |||||||||||
Less: | ||||||||||||
Single revaluation tax (3%) | (6 | ) | ||||||||||
Balance as of December 31, 1999 | 181 | |||||||||||
Adjustment as a result of review by the tax authorities in 2000 | (5 | ) | ||||||||||
Transfer to voluntary reserves | (91 | ) | ||||||||||
Total | 85 | |||||||||||
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Millions of euros | ||||||||||||
2007 | 2006 | 2005 | ||||||||||
Fully and proportionately consolidated companies | 5,548 | 3,594 | 1,963 | |||||||||
BBVA Bancomer Group | 2,782 | 2,187 | 1,379 | |||||||||
Provida Group | 264 | 214 | 187 | |||||||||
BBVA Banco Provincial Group | 84 | 35 | (9 | ) | ||||||||
BBVA Continental Group | 79 | 58 | 50 | |||||||||
BBVA Puerto Rico Group | 43 | 38 | 15 | |||||||||
BBVA USA Bancshares Group | 23 | 2 | 2 | |||||||||
BBVA Chile Group | (109 | ) | (102 | ) | (101 | ) | ||||||
BBVA Portugal Group | (236 | ) | (207 | ) | (222 | ) | ||||||
BBVA Colombia Group | (313 | ) | (341 | ) | (388 | ) | ||||||
BBVA Banco Francés Group | (441 | ) | (602 | ) | (817 | ) | ||||||
BBVA Luxinvest, S.A. | 1,295 | 999 | 780 | |||||||||
Corporacion General Financiera, S.A. | 965 | 701 | 546 | |||||||||
BBVA Seguros, S.A. | 681 | 485 | 281 | |||||||||
Anida Grupo Inmobiliario, S.L. | 296 | 218 | 194 | |||||||||
Cidessa Uno, S.L. | 197 | 73 | 77 | |||||||||
BBVA Suiza, S.A. | 197 | 171 | 146 | |||||||||
Finanzia, Banco de Crédito, S.A. | 139 | 115 | 89 | |||||||||
Bilbao Vizcaya Holding, S.A. | 104 | 54 | 46 | |||||||||
Banco de Crédito Local, S.A. | (243 | ) | (249 | ) | (250 | ) | ||||||
BBVA International Investment Corporation | (424 | ) | (424 | ) | (424 | ) | ||||||
Others | 165 | 169 | 382 | |||||||||
For using the equity method: | 451 | 360 | (171 | ) | ||||||||
Corp. IBV Participaciones Empresariales, S.A. | 428 | 326 | 298 | |||||||||
Part. Servired, Sdad.Civil | 8 | 8 | 8 | |||||||||
Tubos Reunidos, S.A. | 66 | 56 | 50 | |||||||||
Tribugest, S.L. | (17 | ) | (12 | ) | (12 | ) | ||||||
Banca Nazionale de Lavoro S.p.A. | — | — | (458 | ) | ||||||||
Others | (34 | ) | (18 | ) | (57 | ) | ||||||
Total | 5,999 | 3,954 | 1,792 | |||||||||
2007 | 2006 | 2005 | ||||||||||||||||||||||
COMPANY | Number of Shares | % CAPITAL | Number of Shares | % CAPITAL | Number of Shares | % CAPITAL | ||||||||||||||||||
BBVA | 291,850 | 0.008 | 2,462,171 | 0.069 | 3,099,470 | 0.091 | ||||||||||||||||||
Corporación General Financiera | 15,525,688 | 0.414 | 5,827,394 | 0.164 | 4,420,015 | 0.130 | ||||||||||||||||||
Others | 19,154 | 0.001 | 16,640 | 0.000 | 89,782 | 0.003 | ||||||||||||||||||
Total | 15,836,692 | 0.423 | 8,306,205 | 0.233 | 7,609,267 | 0.224 | ||||||||||||||||||
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2007 | 2006 | 2005 | ||||||||||||||||||||||
Number of shares | Millions of euros | Number of shares | Millions of euros | Number of shares | Millions of euros | |||||||||||||||||||
Balance as of January 1, 2007 | 8,306,205 | 147 | 7,609,267 | 96 | 2,873,964 | 36 | ||||||||||||||||||
+ Purchases | 921,700,213 | 16,156 | 338,017,080 | 5,677 | 279,496,037 | 3,839 | ||||||||||||||||||
- Sales | (914,169,726 | ) | (16,041 | ) | (337,319,748 | ) | (5,639 | ) | (274,760,734 | ) | (3,757 | ) | ||||||||||||
+/- Other | — | (1 | ) | (394 | ) | (1 | ) | — | (6 | ) | ||||||||||||||
- Derivatives over BBVA shares | — | 128 | — | 14 | — | (16 | ) | |||||||||||||||||
Balance as of December 31, 2007 | 15,836,692 | 389 | 8,306,205 | 147 | 7,609,267 | 96 | ||||||||||||||||||
Millions of euros | ||||||||||||
2007 | 2006 | 2005 | ||||||||||
Basic equity | 19,115 | 18,313 | 15,352 | |||||||||
Additional equity | 13,147 | 12,344 | 7,520 | |||||||||
Other deductions | (1,786 | ) | (1,223 | ) | (2,023 | ) | ||||||
Additional Capital due to mixed Group | 1,160 | 980 | 1,048 | |||||||||
Total Equity | 31,636 | 30,414 | 21,897 | |||||||||
Minimum equity required | 25,496 | 21,047 | 18,420 | |||||||||
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Millions of euros | ||||||||||||
2007 | 2006 | 2005 | ||||||||||
Corporation tax (*) | 2,761 | 2,461 | 1,957 | |||||||||
Decreases due to permanent differences: | ||||||||||||
Tax credits and tax relief at consolidated Companies | (439 | ) | (353 | ) | (361 | ) | ||||||
Other items net | (229 | ) | (151 | ) | 11 | |||||||
Net increases (decreases) due to temporary differences | (262 | ) | (38 | ) | (263 | ) | ||||||
Charge for income tax and other taxes | 1,831 | 1,919 | 1,344 | |||||||||
Deferred tax assets and liabilities recorded (utilised) | 262 | 38 | 263 | |||||||||
Income tax and other taxes accrued in the year | 2,093 | 1,957 | 1,607 | |||||||||
Adjustments to prior years’ income tax and other taxes | (13 | ) | 102 | (86 | ) | |||||||
Income tax and other taxes | 2,080 | 2,059 | 1,521 | |||||||||
(*) | Tax rate 32.5% as of December 31, 2007, 35% as of December 31, 2006 and 2005. |
Millions of euros | ||||||||||||
2007 | 2006 | 2005 | ||||||||||
Consolidated Tax Group | 4,422 | 3,376 | 2,771 | |||||||||
Other Spanish entities | 3 | 102 | 56 | |||||||||
Foreign entities | 4,069 | 3,552 | 2,764 | |||||||||
8,494 | 7,030 | 5,591 | ||||||||||
Income tax | 2,080 | 2,059 | 1,521 | |||||||||
Effective tax rate | 24.49 | % | 29.29 | % | 27.20 | % | ||||||
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Millions of euros | ||||||||||||
2007 | 2006 | 2005 | ||||||||||
Charges to equity net | ||||||||||||
Debt securities | (36 | ) | (291 | ) | (179 | ) | ||||||
Equity instruments | (1,373 | ) | (1,105 | ) | (1,018 | ) | ||||||
Credits to equity net | ||||||||||||
Other | 22 | 41 | 56 | |||||||||
Total | (1,387 | ) | (1,355 | ) | (1,141 | ) | ||||||
Millions of euros | ||||||||||||
2007 | 2006 | 2005 | ||||||||||
Deferred tax assets: | 4,958 | 5,278 | 6,421 | |||||||||
Of which: | ||||||||||||
Pensions commitments | 1,519 | 1,640 | 1,645 | |||||||||
Portfolio | 587 | 672 | 1,129 | |||||||||
Loan loss provisions | 1,400 | 1,464 | 1,195 | |||||||||
Tax losses and other | 805 | 927 | 1,301 | |||||||||
Deferred tax liabilities | 2,817 | 2,369 | 2,100 | |||||||||
Of which: | ||||||||||||
Free depreciation and other | (2,235 | ) | (1,769 | ) | (1,219 | ) | ||||||
Millons of euros | ||||||||||||||||||||||||
2007 | 2006 | 2005 | ||||||||||||||||||||||
Book value | Fair value | Book value | Fair value | Book value | Fair value | |||||||||||||||||||
Assets | ||||||||||||||||||||||||
Cash and balances with central banks | 22,581 | 22,581 | 12,515 | 12,515 | 12,341 | 12,341 | ||||||||||||||||||
Financial assets held for trading | 62,336 | 62,336 | 51,835 | 51,835 | 44,013 | 44,013 | ||||||||||||||||||
Other financial assets at fair value through profit or loss | 1,167 | 1,167 | 977 | 977 | 1,421 | 1,421 | ||||||||||||||||||
Available-for-sale financial assets | 48,432 | 48,432 | 42,267 | 42,267 | 60,034 | 60,034 | ||||||||||||||||||
Loans and receivables | 338,492 | 345,505 | 279,855 | 287,590 | 249,396 | 249,515 | ||||||||||||||||||
Held-to-maturity investments | 5,584 | 5,334 | 5,906 | 5,757 | 3,959 | 4,035 | ||||||||||||||||||
Hedging derivatives | 1,050 | 1,050 | 1,963 | 1,963 | 3,913 | 3,913 | ||||||||||||||||||
Liabilities | ||||||||||||||||||||||||
Financial liabilities held for trading | 19,273 | 19,273 | 14,923 | 14,923 | 16,271 | 16,271 | ||||||||||||||||||
Other financial liabilities at fair value through profit or loss | 449 | 449 | 582 | 582 | 740 | 740 | ||||||||||||||||||
Financial liabilities at amortised cost | 429,204 | 425,265 | 348,445 | 347,557 | 329,590 | 323,015 | ||||||||||||||||||
Hedging derivatives | 1,807 | 1,807 | 2,280 | 2,280 | 2,870 | 2,870 | ||||||||||||||||||
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Millions of euros | ||||||||||||||||||||||||||||
Up to 1 | 1 to 3 | 3 to 12 | 1 to 5 | Over 5 | ||||||||||||||||||||||||
2007 | Total | Demand | month | months | months | years | years | |||||||||||||||||||||
ASSETS - | ||||||||||||||||||||||||||||
Cash and balances with central banks | 22,561 | 22,532 | 29 | — | — | — | — | |||||||||||||||||||||
Loans and advances to credit insititutions | 20,862 | 3,219 | 10,473 | 2,155 | 1,968 | 2,312 | 735 | |||||||||||||||||||||
Loans and advances to other debtors | 317,358 | 7,168 | 30,121 | 23,603 | 45,888 | 86,760 | 123,818 | |||||||||||||||||||||
Debt securities | 81,715 | 516 | 1,719 | 24,726 | 8,964 | 20,884 | 24,906 | |||||||||||||||||||||
Other assets | 6,561 | 2,197 | 684 | 52 | 2,944 | 567 | 117 | |||||||||||||||||||||
OTC derivatives | 13,797 | — | 724 | 415 | 1,222 | 5,024 | 6,412 | |||||||||||||||||||||
LIABILITIES- | ||||||||||||||||||||||||||||
Deposits from central banks | 27,256 | 117 | 25,013 | 1,435 | 691 | — | — | |||||||||||||||||||||
Deposits from credit institutions | 60,395 | 6,696 | 36,665 | 4,063 | 5,258 | 5,657 | 2,055 | |||||||||||||||||||||
Money market operations through counterparties | 23 | — | 23 | — | — | — | — | |||||||||||||||||||||
Deposits from other creditors | 235,115 | 80,602 | 56,817 | 17,098 | 38,974 | 38,894 | 2,730 | |||||||||||||||||||||
Debt certificates (including bonds) | 82,627 | — | 2,269 | 2,941 | 12,361 | 39,798 | 25,257 | |||||||||||||||||||||
Subordinated liabilities | 15,396 | 1,200 | 495 | 15 | 582 | 2,722 | 10,382 | |||||||||||||||||||||
Other financial liabilities | 6,238 | 3,810 | 1,372 | 182 | 450 | 371 | 53 | |||||||||||||||||||||
OTC derivatives | 16,791 | — | 1,263 | 692 | 2,076 | 6,818 | 5,942 | |||||||||||||||||||||
Millions of euros | ||||||||||||||||||||||||||||
Up to 1 | 1 to 3 | 3 to 12 | 1 to 5 | Over 5 | ||||||||||||||||||||||||
2006 | Total | Demand | month | months | months | years | years | |||||||||||||||||||||
ASSETS - | ||||||||||||||||||||||||||||
Cash and balances with central banks | 12,496 | 12,446 | 50 | — | — | — | — | |||||||||||||||||||||
Loans and advances to credit insititutions | 16,989 | 2,211 | 8,622 | 1,229 | 2,065 | 2,241 | 621 | |||||||||||||||||||||
Loans and advances to other debtors | 262,374 | 1,817 | 22,812 | 21,553 | 37,292 | 71,382 | 107,518 | |||||||||||||||||||||
Money market operations through counterparties | 100 | — | 100 | — | — | — | — | |||||||||||||||||||||
Debt securities | 62,593 | 379 | 1,273 | 16,224 | 7,078 | 16,482 | 21,157 | |||||||||||||||||||||
Other assets | 6,077 | 3,597 | 986 | 60 | 146 | 1,282 | 6 | |||||||||||||||||||||
OTC derivatives | 10,299 | — | 314 | 331 | 704 | 3,130 | 5,820 | |||||||||||||||||||||
LIABILITIES- | ||||||||||||||||||||||||||||
Deposits from central banks | 15,191 | 1,802 | 11,041 | 1,850 | 498 | — | — | |||||||||||||||||||||
Deposits from credit institutions | 42,285 | 2,529 | 22,017 | 5,268 | 5,968 | 4,460 | 2,043 | |||||||||||||||||||||
Money market operations through counterparties | 223 | — | 223 | — | — | — | — | |||||||||||||||||||||
Deposits from other creditors | 191,661 | 81,107 | 48,362 | 12,889 | 17,178 | 29,354 | 2,771 | |||||||||||||||||||||
Debt certificates (including bonds) | 76,860 | — | 3,551 | 2,470 | 9,223 | 39,994 | 21,622 | |||||||||||||||||||||
Subordinated liabilities | 13,411 | — | — | 560 | 631 | 3,435 | 8,785 | |||||||||||||||||||||
Other financial liabilities | 6,771 | 4,552 | 1,596 | 262 | 210 | 147 | 4 | |||||||||||||||||||||
OTC derivatives | 11,628 | — | 223 | 439 | 1,002 | 5,468 | 4,496 | |||||||||||||||||||||
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Millions of euros | ||||||||||||
2007 | 2006 | 2005 | ||||||||||
Contingent exposures - | ||||||||||||
Collateral, bank guarantees and indemnities | 56,983 | 37,002 | 25,790 | |||||||||
Rediscounts, endorsements and acceptances | 58 | 44 | 42 | |||||||||
Other | 8,804 | 5,235 | 4,030 | |||||||||
65,845 | 42,281 | 29,862 | ||||||||||
Contingent commitments - | ||||||||||||
Drawable by third parties: | 101,444 | 98,226 | 85,001 | |||||||||
Credit institutions | 2,619 | 4,356 | 2,816 | |||||||||
General government sector | 4,419 | 3,122 | 3,128 | |||||||||
Other resident sectors | 42,448 | 43,730 | 36,063 | |||||||||
Non-resident sector | 51,958 | 47,018 | 42,994 | |||||||||
Other commitments | 5,496 | 4,995 | 4,497 | |||||||||
106,940 | 103,221 | 89,498 | ||||||||||
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Millions of euros | ||||||||||||||||||||
Up to 1 | ||||||||||||||||||||
year | 1 to 3 years | 3 to 5 years | Over 5 years | Total | ||||||||||||||||
Financial leases | — | 1 | 1 | 9 | 11 | |||||||||||||||
Operational leases | 29 | 66 | 68 | 269 | 432 | |||||||||||||||
Purchase commitments | 47 | — | — | — | 47 | |||||||||||||||
Technology and systems projects | 42 | — | — | — | 42 | |||||||||||||||
Other projects | 5 | — | — | — | 5 | |||||||||||||||
Total | 76 | 67 | 69 | 278 | 490 | |||||||||||||||
Millions de euros | ||||||||||||
2007 | 2006 | 2005 | ||||||||||
Financial instruments entrusted by third parties | 567,263 | 524,151 | 502,274 | |||||||||
Conditional bills and other securities received for collection | 20,824 | 3,640 | 3,765 | |||||||||
Securities received in credit | 632 | 70 | — | |||||||||
Millions de euros | ||||||||||||
2007 | 2006 | 2005 | ||||||||||
The off balanced sheet customer funds | 165,314 | 157,550 | 152,977 | |||||||||
- Commercialised by the Group | ||||||||||||
- Investment companies and mutual funds | 63,487 | 62,246 | 61,412 | |||||||||
- Pension funds | 59,143 | 55,505 | 51,061 | |||||||||
- Saving insurance contracts | 10,437 | 13,104 | 9,441 | |||||||||
- Customer portfolios managed on a discretionary basis (*) | 31,936 | 26,465 | 30,927 | |||||||||
- Commercialised by the Group managed by third parties outside the Group | ||||||||||||
- Investment companies and mutual funds | 156 | 115 | 68 | |||||||||
- Pension funds | 128 | 97 | 56 | |||||||||
- Saving insurance contracts | 27 | 18 | 12 | |||||||||
(*) | The amounts for customer portfolios managed on a discretionary basis in 2007 and 2006 were€18,904 and€13,995 million respectively. |
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Millions of euros | ||||||||||||
2007 | 2006 | 2005 | ||||||||||
Central Banks | 458 | 444 | 458 | |||||||||
Loans and advances to credit institutions | 1,664 | 958 | 714 | |||||||||
Loans and advances to other debtors | 19,207 | 13,599 | 10,190 | |||||||||
General government | 668 | 539 | 437 | |||||||||
Resident sector | 9,280 | 6,394 | 4,852 | |||||||||
Non resident sector | 9,259 | 6,666 | 4,901 | |||||||||
Debt securities | 3,472 | 3,196 | 3,624 | |||||||||
Trading | 2,028 | 1,363 | 1,454 | |||||||||
Investment | 1,444 | 1,833 | 2,170 | |||||||||
Rectification of income as a result of hedging transactions | 177 | 684 | 530 | |||||||||
Other income | 374 | 329 | 332 | |||||||||
Total | 25,352 | 19,210 | 15,848 | |||||||||
Millions of euros | ||||||||||||
2007 | 2006 | 2005 | ||||||||||
Bank of Spain and other central banks | 365 | 300 | 288 | |||||||||
Deposits from credit institutions | 3,119 | 2,343 | 1,985 | |||||||||
Deposits from other creditors | 7,839 | 5,038 | 4,071 | |||||||||
Debt certificates (Note 24) | 4,526 | 3,388 | 2,455 | |||||||||
Promissory notes, bills and debt securities | 3,658 | 2,821 | 1,899 | |||||||||
Subordinated liabilities | 868 | 567 | 556 | |||||||||
Rectification of expenses as a result of hedging transactions | (326 | ) | (231 | ) | (304 | ) | ||||||
Cost attributable to pension funds (Note 27) | 241 | 254 | 255 | |||||||||
Other charges | 167 | 123 | 182 | |||||||||
Total | 15,931 | 11,215 | 8,932 | |||||||||
Millions of euros | ||||||||||||||||||||||||||||||||||||
2007 | 2006 | 2005 | ||||||||||||||||||||||||||||||||||
Interest | Interest | Interest | ||||||||||||||||||||||||||||||||||
Average | Rates | Average | Rates | Average | Rates | |||||||||||||||||||||||||||||||
ASSETS | Balances | Income | (%) | Balances | Income | (%) | Balances | Income | (%) | |||||||||||||||||||||||||||
Cash and balances with central banks | 16,038 | 458 | 2.86 | 11,903 | 444 | 3.73 | 10,494 | 458 | 4.37 | |||||||||||||||||||||||||||
Securities portfolio and derivatives (*) | 107,236 | 3,961 | 3.69 | 103,387 | 4,156 | 4.02 | 116,373 | 4,328 | 3.72 | |||||||||||||||||||||||||||
Loans and advances to credit institutions | 31,084 | 1,776 | 5.72 | 23,671 | 992 | 4.19 | 20,600 | 767 | 3.72 | |||||||||||||||||||||||||||
Euros | 21,097 | 1,138 | 5.39 | 14,090 | 452 | 3.21 | 10,653 | 276 | 2.59 | |||||||||||||||||||||||||||
Foreign currency | 9,987 | 638 | 6.39 | 9,581 | 540 | 5.63 | 9,947 | 491 | 4.94 | |||||||||||||||||||||||||||
Loans and advances to customers | 280,459 | 19,288 | 6.88 | 232,792 | 13,801 | 5.93 | 192,920 | 10,404 | 5.39 | |||||||||||||||||||||||||||
Euros | 205,857 | 10,747 | 5.22 | 177,331 | 7,366 | 4.15 | 150,358 | 5,699 | 3.79 | |||||||||||||||||||||||||||
Foreign currency | 74,602 | 8,541 | 11.45 | 55,461 | 6,435 | 11.60 | 42,562 | 4,705 | 11.06 | |||||||||||||||||||||||||||
Other finance income | — | 217 | — | — | 196 | — | — | 183 | — | |||||||||||||||||||||||||||
Other assets | 26,851 | — | — | 24,198 | — | — | 23,669 | — | — | |||||||||||||||||||||||||||
ASSETS/FINANCE INCOME | 461,668 | 25,700 | 5.57 | 395,951 | 19,589 | 4.95 | 364,056 | 16,140 | 4.43 | |||||||||||||||||||||||||||
(*) | Include the income from equity instruments (Note 44). |
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Millions of euros | ||||||||||||||||||||||||||||||||||||
2007 | 2006 | 2005 | ||||||||||||||||||||||||||||||||||
Interest | Interest | Interest | ||||||||||||||||||||||||||||||||||
Average | Rates | Average | Rates | Average | Rates | |||||||||||||||||||||||||||||||
LIABILITIES | Balances | Expenses | (%) | Balances | Expenses | (%) | Balances | Expenses | (%) | |||||||||||||||||||||||||||
Deposits from central banks and credit institutions | 65,822 | 3,298 | 5.01 | 63,730 | 2,420 | 3.80 | 64,804 | 2,176 | 3.36 | |||||||||||||||||||||||||||
Euros | 27,388 | 1,090 | 3.98 | 34,550 | 983 | 2.85 | 36,453 | 797 | 2.19 | |||||||||||||||||||||||||||
Foreign currency | 38,434 | 2,208 | 5.75 | 29,180 | 1,437 | 4.92 | 28,351 | 1,379 | �� | 4.86 | ||||||||||||||||||||||||||
Customer deposits | 219,732 | 7,584 | 3.45 | 177,927 | 5,392 | 3.03 | 159,103 | 4,433 | 2.79 | |||||||||||||||||||||||||||
Euros | 123,597 | 3,706 | 3.00 | 99,148 | 1,736 | 1.75 | 87,418 | 1,078 | 1.23 | |||||||||||||||||||||||||||
Foreign currency | 96,135 | 3,878 | 4.03 | 78,779 | 3,656 | 4.64 | 71,685 | 3,355 | 4.68 | |||||||||||||||||||||||||||
Marketable securities and subordinated liabilities | 99,539 | 4,642 | 4.66 | 87,526 | 3,026 | 3.46 | 68,925 | 1,886 | 2.74 | |||||||||||||||||||||||||||
Euros | 82,905 | 3,659 | 4.41 | 77,483 | 2,506 | 3.23 | 64,188 | 1,573 | 2.45 | |||||||||||||||||||||||||||
Foreign currency | 16,634 | 983 | 5.91 | 10,043 | 520 | 5.18 | 4,737 | 313 | 6.61 | |||||||||||||||||||||||||||
Other finance expenses | — | 407 | — | — | 377 | — | — | 437 | — | |||||||||||||||||||||||||||
Other liabilities | 51,960 | — | — | 47,979 | — | — | 55,544 | — | — | |||||||||||||||||||||||||||
Equity | 24,615 | — | — | 18,787 | — | — | 15,680 | — | — | |||||||||||||||||||||||||||
LIABILITIES + EQUITY/ FINANCE EXPENSE | 461,668 | 15,931 | 3.45 | 395,949 | 11,215 | 2.83 | 364,056 | 8,932 | 2.45 | |||||||||||||||||||||||||||
Millions of euros | ||||||||||||
Volume Price-Effect 2007/2006 | ||||||||||||
Volume | Price Effect | Total Effect | ||||||||||
Effect (1) | (2) | |||||||||||
Cash and balances with central banks | 154 | (140 | ) | 14 | ||||||||
Securities portfolio and derivatives | 155 | (349 | ) | (194 | ) | |||||||
Loans and advances to credit institutions | 310 | 475 | 785 | |||||||||
Euros | 224 | 462 | 686 | |||||||||
Foreign currency | 23 | 76 | 99 | |||||||||
Loans and advances to customers | 2,826 | 2,662 | 5,488 | |||||||||
Euros | 1,185 | 2,197 | 3,382 | |||||||||
Foreign currency | 2,221 | (114 | ) | 2,107 | ||||||||
Other financial income | — | 18 | 18 | |||||||||
FINANCE INCOME + INCOME FROM EQUITY INSTRUMENTS | 3,251 | 2,859 | 6,111 | |||||||||
Deposits from central banks and credit institutions | 80 | 798 | 878 | |||||||||
Euros | (204 | ) | 310 | 106 | ||||||||
Foreign currency | 456 | 316 | 772 | |||||||||
Customer deposits | 1,267 | 925 | 2,192 | |||||||||
Euros | 428 | 1,542 | 1,970 | |||||||||
Foreign currency | 805 | (583 | ) | 222 | ||||||||
Marketable securities and subordinated liabilities | 416 | 1,200 | 1,616 | |||||||||
Euros | 175 | 977 | 1,152 | |||||||||
Foreign currency | 341 | 122 | 463 | |||||||||
Other finance expense | — | 30 | 30 | |||||||||
FINANCE EXPENSE | 1,862 | 2,854 | 4,716 | |||||||||
NET INTEREST INCOME | 1,395 | |||||||||||
(1) | The volume effect is calculated by multiplying the interest rate for the first year by the difference between the average balances for the two years. | |
(2) | The price effect is calculated by multiplying the average balance for the second year by the difference between the interest rates for the two years. |
Millions of euros | ||||||||||||
2007 | 2006 | 2005 | ||||||||||
Dividends from other shares and other equity instrument | ||||||||||||
Held for investment | 227 | 258 | 222 | |||||||||
Held for trading | 121 | 121 | 70 | |||||||||
Total | 348 | 379 | 292 | |||||||||
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Millions of euros | ||||||||||||
2007 | 2006 | 2005 | ||||||||||
Commitment fees | 55 | 56 | 50 | |||||||||
Contingent liabilities | 229 | 204 | 176 | |||||||||
Documentary credits | 38 | 33 | 31 | |||||||||
Bank and other guarantees | 191 | 171 | 145 | |||||||||
Arising from exchange of foreign currencies and banknotes | 24 | 20 | 18 | |||||||||
Collection and payment services | 2,567 | 2,274 | 2,019 | |||||||||
Securities services | 2,089 | 2,017 | 1,948 | |||||||||
Counselling on and management of one-off transactions | 16 | 14 | 16 | |||||||||
Financial and similar counselling services | 23 | 19 | 11 | |||||||||
Factoring transactions | 25 | 20 | 19 | |||||||||
Non-banking financial products sales | 87 | 79 | 40 | |||||||||
Other fees and commissions | 477 | 416 | 372 | |||||||||
Total | 5,592 | 5,119 | 4,669 | |||||||||
Millions of euros | ||||||||||||
2007 | 2006 | 2005 | ||||||||||
Brokerage fees on lending and deposit transactions | 7 | 11 | 13 | |||||||||
Fees and commissions assigned to third parties | 612 | 560 | 519 | |||||||||
Other fees and commissions | 250 | 213 | 197 | |||||||||
Total | 869 | 784 | 729 | |||||||||
Millions of euros | ||||||||||||
2007 | 2006 | 2005 | ||||||||||
Premium income | 2,405 | 2,484 | 2,917 | |||||||||
Reinsurance premiums paid | (46 | ) | (44 | ) | (63 | ) | ||||||
Benefits paid and other insurance-related expenses | (1,674 | ) | (1,539 | ) | (1,786 | ) | ||||||
Reinsurance Income | 32 | 76 | 44 | |||||||||
Net provisioning expense | (697 | ) | (996 | ) | (1,274 | ) | ||||||
Finance increase | 993 | 968 | 904 | |||||||||
Finance expense | (284 | ) | (299 | ) | (255 | ) | ||||||
Total | 729 | 650 | 487 | |||||||||
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Millions of euros | ||||||||||||
2007 | 2006 | 2005 | ||||||||||
Financial assets held for trading | 597 | 716 | 897 | |||||||||
Other financial assets at fair value through profit or loss | 44 | 62 | 33 | |||||||||
Available-for-sale financial assets (Note 11) | 1,537 | 1,121 | 429 | |||||||||
Loans and receivables | 63 | 77 | 129 | |||||||||
Other | 20 | (320 | ) | (508 | ) | |||||||
Total | 2,261 | 1,656 | 980 | |||||||||
Millions of euros | ||||||||||||
2007 | 2006 | 2005 | ||||||||||
Debt instruments | (89 | ) | 80 | 48 | ||||||||
Equity instruments | 1,826 | 2,604 | 1,111 | |||||||||
Loans and advances to other debtors | 89 | 113 | 193 | |||||||||
Derivatives | 407 | (1,178 | ) | (415 | ) | |||||||
Deposits from other creditors | — | — | — | |||||||||
Other | 28 | 37 | 43 | |||||||||
Total | 2,261 | 1,656 | 980 | |||||||||
Millions of euros | ||||||||||||||||||||||||
2007 | 2006 | 2005 | ||||||||||||||||||||||
Sales/ | Cost of | Sales/ | Cost of | Sales/ | Cost of | |||||||||||||||||||
Income | Sales | Income | Sales | Income | Sales | |||||||||||||||||||
Real estate | 412 | 282 | 333 | 231 | 285 | 215 | ||||||||||||||||||
Services and other | 376 | 319 | 272 | 243 | 291 | 236 | ||||||||||||||||||
Total | 788 | 601 | 605 | 474 | 576 | 451 | ||||||||||||||||||
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Millions of euros | ||||||||||||
2007 | 2006 | 2005 | ||||||||||
Wages and salaries | 3,297 | 3,012 | 2,743 | |||||||||
Social security costs | 546 | 504 | 472 | |||||||||
Transfers to internal pension provisions (Note 27) | 56 | 74 | 69 | |||||||||
Contributions to external pension funds (Note 27) | 58 | 53 | 56 | |||||||||
Other personnel expenses | 378 | 346 | 262 | |||||||||
Total | 4,335 | 3,989 | 3,602 | |||||||||
Average number of employees | ||||||||||||
2007 | 2006 | 2005 | ||||||||||
Spanish banks | ||||||||||||
Executives | 1,102 | 1,104 | 1,087 | |||||||||
Other line personnel | 21,672 | 21,818 | 21,807 | |||||||||
Clerical staff | 6,849 | 7,141 | 7,429 | |||||||||
Abroad branches | 745 | 676 | 674 | |||||||||
30,368 | 30,739 | 30,997 | ||||||||||
Companies abroad | ||||||||||||
Mexico | 26,568 | 25,157 | 24,721 | |||||||||
Venezuela | 5,793 | 5,555 | 5,568 | |||||||||
Argentina | 3,955 | 3,604 | 3,428 | |||||||||
Colombia | 4,639 | 5,155 | 3,487 | |||||||||
Peru | 3,349 | 2,705 | 2,358 | |||||||||
United States | 6,767 | 1,685 | 933 | |||||||||
Other | 4,780 | 4,490 | 4,628 | |||||||||
55,851 | 48,351 | 45,123 | ||||||||||
Pension fund managers | 8,969 | 8,297 | 7,078 | |||||||||
Other non-banking companies | 9,327 | 8,351 | 7,546 | |||||||||
Total | 104,515 | 95,738 | 90,744 | |||||||||
Average number | ||||||||
Men | Women | |||||||
Executives | 1,667 | 318 | ||||||
Other line personnel | 24,506 | 16,337 | ||||||
Clerical staff | 28,993 | 32,694 | ||||||
Total | 55,166 | 49,349 | ||||||
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Millions of euros | ||||||||||||
2007 | 2006 | 2005 | ||||||||||
Technology and systems | 539 | 495 | 434 | |||||||||
Communications | 236 | 218 | 203 | |||||||||
Advertising | 249 | 207 | 212 | |||||||||
Property, fixtures and materials | 520 | 451 | 415 | |||||||||
Taxes other than income tax | 257 | 203 | 213 | |||||||||
Other expenses | 917 | 768 | 683 | |||||||||
Total | 2,718 | 2,342 | 2,160 | |||||||||
Millions of euros | ||||||||||||
2007 | 2006 | 2005 | ||||||||||
Other Gains | ||||||||||||
Gains on disposal of tangible assets | 389 | 93 | 108 | |||||||||
Gains on disposal of investment | 18 | 934 | 40 | |||||||||
Income from the provision of non-typical services | 5 | 4 | 4 | |||||||||
Other income | 84 | 97 | 133 | |||||||||
496 | 1,128 | 285 | ||||||||||
Other Losses | ||||||||||||
Losses on fixed asset disposals | 22 | 21 | 22 | |||||||||
Losses on disposal of investment | 7 | — | 12 | |||||||||
Other losses | 370 | 121 | 174 | |||||||||
Total | 399 | 142 | 208 | |||||||||
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Millions of euros | ||||
Audits of the companies audited by firms belonging to the Deloitte worldwide organisation | 10.6 | |||
Fees for audits conducted by other firms | 2.7 | |||
Other reports required pursuant to applicable legislation and tax regulations issued by the national supervisory bodies of the countries in which the Group operates, reviewed by firms belonging to the Deloitte worldwide organisation | 5.1 | |||
Millions of euros | ||||
Firms belonging to the Deloitte worldwide organisation | 1.6 | |||
Other firms | 8.4 | |||
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Millions of euros | ||||||||||||
2007 | 2006 | 2005 | ||||||||||
Assets: | ||||||||||||
Due from credit institutions | — | — | 5 | |||||||||
Total net lending | 610 | 374 | 268 | |||||||||
Liabilities: | ||||||||||||
Due to credit institutions | (32 | ) | — | 2 | ||||||||
Deposits | 55 | 83 | 19 | |||||||||
Debt certificates | 440 | 463 | 257 | |||||||||
Memorandum accounts: | ||||||||||||
Contingent risks | 129 | 23 | 35 | |||||||||
Commitments contingents | 443 | 457 | 44 | |||||||||
Millions of euros | ||||||||||||
2007 | 2006 | 2005 | ||||||||||
Statement of income: | ||||||||||||
Financial Revenues | 33 | 12 | 8 | |||||||||
Financial Expenses | 18 | 13 | 6 | |||||||||
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Thousands of euros | ||||||||||||||||||||||||
Standing | Appoinments and | |||||||||||||||||||||||
Board | Committee | Audit | Risk | Compensation | Total | |||||||||||||||||||
Tomás Alfaro Drake | 124 | — | 68 | — | — | 192 | ||||||||||||||||||
Juan Carlos Álvarez Mezquíriz | 124 | 159 | — | — | 41 | 324 | ||||||||||||||||||
Rafael Bermejo Blanco | 104 | — | 130 | 78 | — | 312 | ||||||||||||||||||
Richard C. Breeden | 337 | — | — | — | — | 337 | ||||||||||||||||||
Ramón Bustamante y de La Mora | 124 | — | 68 | 102 | — | 294 | ||||||||||||||||||
José Antonio Fernández Rivero (*) | 124 | — | — | 204 | — | 328 | ||||||||||||||||||
Ignacio Ferrero Jordi | 124 | 159 | — | — | 41 | 324 | ||||||||||||||||||
Román Knörr Borrás | 124 | 159 | — | — | — | 283 | ||||||||||||||||||
Carlos Loring Martínez de Irujo | 124 | — | 68 | — | 102 | 294 | ||||||||||||||||||
Enrique Medina Fernández | 124 | 159 | — | 102 | — | 385 | ||||||||||||||||||
Susana Rodríguez Vidarte | 124 | — | 68 | — | 31 | 223 | ||||||||||||||||||
Total (**) | 1,557 | 636 | 402 | 486 | 215 | 3,296 | ||||||||||||||||||
(*) | Mr José Antonio Fernández Rivero, apart from the amounts detailed above, also received a total of €652 thousand during 2007 in early retirement payments as a former member of the BBVA management. | |
(**) | Mr Ricardo Lacasa Suárez and Telefónica de España, S.A., who stood down as directors at the Annual General Meeting in March 2007, received €95 thousand and €30 thousand, respectively, in 2007 in payment of his membership of the Board of Directors. |
Thousands of euros | ||||||||||||
Fixed | Variable | |||||||||||
remunerations | remunerations (*) | Total (**) | ||||||||||
Chairman & CEO | 1,827 | 3,255 | 5,082 | |||||||||
President & COO | 1,351 | 2,730 | 4,081 | |||||||||
Company Secretary | 622 | 794 | 1,416 | |||||||||
Total | 3,800 | 6,779 | 10,579 | |||||||||
(*) | Figures relating to variable remuneration for 2006 paid in 2007. | |
(**) | In addition, the executive directors received remuneration in kind during 2007 totalling €33 thousand, of which €8 thousand relates to Chairman & CEO, €14 thousand relates to President & COO and €11 thousand to Company Secretary. |
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Thousands of | ||||
euros | ||||
Chairman & CEO | 61,319 | |||
President & COO | 46,400 | |||
Company Secretary | 7,714 | |||
Total | 115,433 | |||
Theoretical shares | ||||
Chairman & CEO | 320,000 | |||
President & COO | 270,000 | |||
Company Secretary | 100,000 | |||
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Accumulated | ||||||||
Theoretical | theoretical | |||||||
Directors | Shares | shares | ||||||
Tomás Alfaro Drake | 1,407 | 1,407 | ||||||
Juan Carlos Álvarez Mezquíriz | 3,283 | 19,491 | ||||||
Ramón Bustamante y de la Mora | 2,982 | 19,923 | ||||||
José Antonio Fernández Rivero | 3,324 | 9,919 | ||||||
Ignacio Ferrero Jordi | 3,184 | 20,063 | ||||||
Román Knörr Borrás | 2,871 | 15,591 | ||||||
Carlos Loring Martínez de Irujo | 2,778 | 7,684 | ||||||
Enrique Medina Fernández | 3,901 | 28,035 | ||||||
Susana Rodríguez Vidarte | 1,952 | 10,511 | ||||||
Total | 25,682 | 132,624 | ||||||
BOARD OF DIRECTORS | DIRECT SHARES | INDIRECT SHARES | TOTAL | |||||||||||||||||||||
NAME | Number | %/ Capital | Number | %/ Capital | Number | %/ Capital | ||||||||||||||||||
Francisco González Rodríguez | 2,394 | 0.0001 | 1,411,265 | 0.0377 | 1,413,659 | 0.0377 | ||||||||||||||||||
José Ignacio Goirigolzarri Tellaeche | 496 | 0.0000 | 444,635 | 0.0119 | 445,131 | 0.0119 | ||||||||||||||||||
Tomás Alfaro Drake | 7,856 | 0.0002 | — | 0.0000 | 7,856 | 0.0002 | ||||||||||||||||||
Juan Carlos Álvarez Mezquíriz | 30,530 | 0.0008 | — | 0.0000 | 30,530 | 0.0008 | ||||||||||||||||||
Rafael Bermejo Blanco | 11,000 | 0.0003 | — | 0.0000 | 11,000 | 0.0003 | ||||||||||||||||||
Richard C. Breeden | 32,001 | 0.0009 | — | 0.0000 | 32,001 | 0.0009 | ||||||||||||||||||
Ramón Bustamante y de la Mora | 10,139 | 0.0003 | — | 0.0000 | 10,139 | 0.0003 | ||||||||||||||||||
José Antonio Fernández Rivero | 50,000 | 0.0013 | 325 | 0.0000 | 50,325 | 0.0013 | ||||||||||||||||||
Ignacio Ferrero Jordi | 2,647 | 0.0001 | 51,300 | 0.0014 | 53,947 | 0.0014 | ||||||||||||||||||
Román Knörr Borrás | 34,329 | 0.0009 | 6,773 | 0.0002 | 41,102 | 0.0011 | ||||||||||||||||||
Carlos Loring Martínez de Irujo | 9,149 | 0.0002 | — | 0.0000 | 9,149 | 0.0002 | ||||||||||||||||||
José Maldonado Ramos | 11,621 | 0.0003 | — | 0.0000 | 11,621 | 0.0003 | ||||||||||||||||||
Enrique Medina Fernández | 29,285 | 0.0008 | 1,100 | 0.0000 | 30,385 | 0.0008 | ||||||||||||||||||
Susana Rodríguez Vidarte | 11,179 | 0.0003 | 2,156 | 0.0001 | 13,335 | 0.0004 | ||||||||||||||||||
Total | 242,626 | 0.0065 | 1,917,554 | 0.0512 | 2,160,180 | 0.0576 | ||||||||||||||||||
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MANAGMENT DIRECTORS | DIRECT SHARES | INDIRECT SHARES | TOTAL | |||||||||||||||||||||
NAME | Number | %/ Capital | Number | %/ Capital | Number | %/ Capital | ||||||||||||||||||
Eduardo Arbizu Lostao | 4,000 | 0.0001 | — | 0.0000 | 4,000 | 0.00011 | ||||||||||||||||||
Francisco Javier Argente Ariño | 27,618 | 0.0007 | — | 0.0000 | 27,618 | 0.00074 | ||||||||||||||||||
Juan Asua Madariaga | 7,104 | 0.0002 | 118,086 | 0.0032 | 125,190 | 0.00334 | ||||||||||||||||||
Javier Ayuso Canals | 2,441 | 0.0001 | — | 0.0000 | 2,441 | 0.00007 | ||||||||||||||||||
José Andrés Barreiro Hernández | 6,463 | 0.0002 | — | 0.0000 | 6,463 | 0.00017 | ||||||||||||||||||
Javier Bernal Dionis | 7,120 | 0.0002 | — | 0.0000 | 7,120 | 0.00019 | ||||||||||||||||||
Ángel Cano Fernández | 67,058 | 0.0018 | — | 0.0000 | 67,058 | 0.00179 | ||||||||||||||||||
Ignacio Deschamps González | 2,618 | 0.0001 | — | 0.0000 | 2,618 | 0.00010 | ||||||||||||||||||
José María García Meyer-Dohner | 10,495 | 0.0003 | — | 0.0000 | 10,495 | 0.00028 | ||||||||||||||||||
Manuel González Cid | 13,666 | 0.0004 | — | 0.0000 | 13,666 | 0.00036 | ||||||||||||||||||
Vicente Rodero Rodero | 27,047 | 0.0007 | 300 | 0.0000 | 27,347 | 0.00073 | ||||||||||||||||||
José Sevilla Álvarez | 100 | 0.0000 | 7,057 | 0.0002 | 7,157 | 0.00019 | ||||||||||||||||||
Total | 175,730 | 0.0047 | 125,443 | 0.0033 | 301,173 | 0.0081 | ||||||||||||||||||
Investments | ||||||
Number of | Type of Ownership | |||||
Surname (s) and First Name | Company | Shares | Interest | |||
Alfaro Drake, Tomás | — | — | — | |||
Alvarez Mezquiriz, Juan Carlos | — | — | — | |||
Bermejo Blanco, Rafael | Banco Santander | 7,400 | Direct | |||
Banco Crédito Balear | 1,000 | Direct | ||||
Banco Popular Español | 13,880 | Direct | ||||
Breeden, Richard C. | — | — | — | |||
Bustamante y de la Mora, Ramón | Royal Bank of Scotland | 7,350 | Indirect | |||
Banesto | 4,560 | Indirect | ||||
Banco Popular Español | 5,700 | Indirect | ||||
Banco Santander | 7,540 | Indirect | ||||
Bankinter | 3,000 | Indirect | ||||
Fernández Rivero, José Antonio | — | — | — | |||
Ferrero Jordi, Ignacio | Banco Santander | 9,940 | Indirect | |||
Banco Popular Español | 2,490 | Indirect | ||||
Royal Bank of Scotland | 12,911 | Indirect | ||||
Goirigolzarri Tellaeche, José Ignacio | — | — | — | |||
González Rodríguez, Francisco | RBC Dexia Investors Services España, S.A. | 76,040 | Indirect | |||
Knörr Borrás, Román | — | — | — | |||
Loring Martínez de Irujo, Carlos | — | — | — | |||
Maldonado Ramos, José | — | — | — | |||
Medina Fernández, Enrique | Bankinter | 0.052 | Indirect | |||
KBC Groep NV | 0.466 | Indirect | ||||
Royal Bank | 3.080 | Indirect | ||||
Standard Chartered | 5.878 | Indirect | ||||
Unicredito Italiano | 0.027 | Indirect | ||||
Rodríguez Vidarte, Susana | — | — | — | |||
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• | Net income and Stockholders’ Equity reconciliation between EU-IFRS required to be applied under the bank of Spain’s circular 4/2004 and U.S. GAAP | A | ||
• | Consolidated Financial Statements | B | ||
• | Additional information required by U.S. GAAP | C |
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Increase (Decrease) Year | ||||||||||||||||
Ended December 31, | ||||||||||||||||
Item # | 2007 | 2006 | 2005 | |||||||||||||
(Millions of Euros, except per share data) | ||||||||||||||||
NET INCOME | ||||||||||||||||
Profit for the year under EU-IFRS required to be applied under the bank of Spain’s Circular 4/2004 | 6,415 | 4,971 | 4,070 | |||||||||||||
Income attributed to the minority interest under EU-IFRS required to be applied under the bank of Spain’s circular 4/2004 (*) | (289 | ) | (235 | ) | (264 | ) | ||||||||||
Income attributed to the Group under EU-IFRS required to be applied under the bank of Spain’s Circular 4/2004 | 6,126 | 4,736 | 3,806 | |||||||||||||
Adjustments to conform to U.S. GAAP: | ||||||||||||||||
Business combination with Argentaria | 1 | (31 | ) | (22 | ) | (34 | ) | |||||||||
Valuation of assets | 2 | 110 | (1 | ) | (3 | ) | ||||||||||
Valuation of financial instruments | 3 | (9 | ) | 74 | 27 | |||||||||||
Accounting of goodwill | 4 | (118 | ) | (346 | ) | (478 | ) | |||||||||
Impact of SFAS 133 | 6 | 29 | 17 | (99 | ) | |||||||||||
Loans adjustments | 7 | (924 | ) | 445 | (303 | ) | ||||||||||
Intangible assets | 8 | — | — | (148 | ) | |||||||||||
Tax effect of U.S. GAAP adjustments and deferred taxation under SFAS 109 | 9 | 226 | 69 | 988 | ||||||||||||
Pension plan cost | 10 | — | — | (893 | ) | |||||||||||
Net income in accordance with U.S. GAAP before changes in accounting principles | 5,409 | 4,972 | 2,863 | |||||||||||||
Changes in accounting principles | ||||||||||||||||
Pension plan cost | 10 | — | — | (1,271 | ) | |||||||||||
Tax effect of Pension plan cost adjustment | 9 | — | — | 426 | ||||||||||||
Net income in accordance with U.S. GAAP | 5,409 | 4,972 | 2,018 | |||||||||||||
Other comprehensive income, (loss) net of tax: | ||||||||||||||||
Foreign currency translation adjustments | (1,873 | ) | (708 | ) | 1,138 | |||||||||||
Unrealized gains on securities: | ||||||||||||||||
Unrealized holding gains (losses) arising during period, net of tax | 487 | 110 | 883 | |||||||||||||
Derivative instruments and hedging activities | 285 | 107 | (119 | ) | ||||||||||||
Comprehensive income (losses) in accordance with U.S. GAAP | 4,308 | 4,481 | 3,920 | |||||||||||||
Net income per share (Euros) | 1.50 | 1.46 | 0.59 |
(*) | Under EU-IFRS required to be applied under the Bank of Spain’s Circular 4/2004 stockholders’ equity and net income includes the equity and net income corresponding to the stockholders of both the Parent and the minority interests. Under U.S. GAAP, stockholders’ equity and net income is made up only of the equity portion attributed to equity holders of the Parent. Therefore, for reporting purposes, the minority interest portion is excluded of stockholders’ equity and net income. |
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Increase (Decrease) Year | ||||||||||||||||
Ended December 31, | ||||||||||||||||
Item # | 2007 | 2006 | 2005 | |||||||||||||
(Millions of Euros) | ||||||||||||||||
STOCKHOLDERS’ EQUITY | ||||||||||||||||
Total Stockholders’ equity under IFRS under EU-IFRS required to be applied under the bank of Spain’s Circular 4/2004 | 27,943 | 22,318 | 17,302 | |||||||||||||
Minority interests under IFRS (*) | (880 | ) | (768 | ) | (971 | ) | ||||||||||
Total stockholders’ equity without minority interest under IFRS | 27,063 | 21,550 | 16,331 | |||||||||||||
Adjustments to conform to U.S. GAAP: | ||||||||||||||||
Business combination with Argentaria | 1 | 5,505 | 5,537 | 5,559 | ||||||||||||
Valuation of assets | 2 | (41 | ) | (152 | ) | (151 | ) | |||||||||
Valuation of financial instruments | 3 | 57 | 110 | 67 | ||||||||||||
Accounting of goodwill | 4 | 2,877 | 2,842 | 3,418 | ||||||||||||
Translation of financial statements in high-inflation countries | 5 | (221 | ) | (239 | ) | (268 | ) | |||||||||
Impact of SFAS 133 | 6 | 160 | 116 | 143 | ||||||||||||
Loans adjustments | 7 | 1,188 | 2,115 | 1,669 | ||||||||||||
Tax effect of U.S. GAAP adjustments and deferred taxation under SFAS 109 | 9 | (1,203 | ) | (1,418 | ) | (1,393 | ) | |||||||||
Stockholders’ equity in accordance with U.S. GAAP | 35,384 | 30,461 | 25,375 |
(*) | Under EU-IFRS required to be applied under the Bank of Spain’s Circular 4/2004 stockholders’ equity and net income includes the equity and net income corresponding to the stockholders of both the Parent and the minority interests. Under U.S. GAAP, stockholders’ equity and net income is made up only of the equity portion attributed to equity holders of the Parent. Therefore, for reporting purposes, the minority interest portion is excluded of stockholders’ equity and net income. |
(Millions of euros) | ||||
Approximate Argentaria net worth as of January 28, 2000 under Spanish GAAP | 3,454 | |||
(i) Reversal of the net effect of the restatement of fixed assets and equity securities | (129 | ) | ||
(ii) Reduction for employees and third party loans issued to purchase shares of capital stock | (123 | ) | ||
(iii) Goodwill amortization adjustments | 101 | |||
(iv) Up-front premium reversal | 108 | |||
(v) Valuation of investment securities | 1,926 | |||
(vi) Effect of adjustments to conform to U.S. GAAP for investments in affiliated Companies | (87 | ) | ||
(vii) Tax effect of above mentioned adjustments | (608 | ) | ||
(viii) Other adjustments | 35 | |||
Subtotal | 1,223 | |||
Approximate Argentaria net worth as of January 28, 2000 under U.S. GAAP | 4,677 |
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Millions of | ||||
2000 | euros | |||
Net Lending | 611 | |||
Investment Securities-Held to Maturity | 306 | |||
Premises and Equipment | 129 | |||
Other assets and liabilities | (113 | ) | ||
Long Term Debt | (173 | ) | ||
Tax Effect | (220 | ) | ||
Goodwill | 5,776 | |||
6,316 | ||||
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• | Revaluation of property |
• | Valuation of property |
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Millions of euros | ||||||||||||||||||||||||
Stockholders’ equity | Net Income | |||||||||||||||||||||||
2007 | 2006 | 2005 | 2007 | 2006 | 2005 | |||||||||||||||||||
Goodwill charged to reserves in 1998 and 1999 | 65 | 65 | 65 | — | — | — | ||||||||||||||||||
Different period of amortization of goodwill reversed | 99 | 99 | 99 | — | — | — | ||||||||||||||||||
Amortization under Spanish GAAP not reversed under U.S. GAAP | (154 | ) | (154 | ) | (154 | ) | — | — | — | |||||||||||||||
Reversal of amortization | 970 | 970 | 970 | — | — | — | ||||||||||||||||||
Reversal of Step Acquisition | 2,648 | 2,930 | 3,204 | — | — | — | ||||||||||||||||||
Step Acquisition of BBVA Bancomer | (1,200 | ) | (1,105 | ) | (788 | ) | (100 | ) | (344 | ) | (458 | ) | ||||||||||||
Acquisition of Compass | 405 | — | — | — | — | — | ||||||||||||||||||
Others | 43 | 37 | 22 | (18 | ) | (2 | ) | (20 | ) | |||||||||||||||
Adjustment 4 in reconciliation to U.S. GAAP | 2,877 | 2,842 | 3,418 | (118 | ) | (346 | ) | (478 | ) | |||||||||||||||
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Millions of Euros | ||||||||||||
2007 | 2006 | 2005 | ||||||||||
Spain and Portugal | 4,353 | 4,081 | 3,968 | |||||||||
Global Businesses | 1,410 | 1,681 | 1,674 | |||||||||
Pensions in South America | 251 | 270 | 312 | |||||||||
México | 2,713 | 3,040 | 3,600 | |||||||||
Chile | 104 | 126 | 78 | |||||||||
United States and Puerto Rico | 6,698 | 1,724 | 572 | |||||||||
Colombia | 204 | 213 | 267 |
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Millions of | ||||
Euros | ||||
Net worth acquired | 1,207 | |||
Investment securities | (32 | ) | ||
Net loans and leases | 622 | |||
Premises and equipment | (28 | ) | ||
Intangible assets | 970 | |||
Other Assets | 189 | |||
Time Deposits | (124 | ) | ||
Long term debt | (50 | ) | ||
Other liabilities | (490 | ) | ||
Fair value under U.S. GAAP | 2,264 | |||
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• | Individually, for all significant loans and for those which, although not significant, cannot be classified in homogenous groups of instruments of similar characteristics, i.e. by instrument type, debtor’s industry and geographical location, type of guarantee, age of past-due amounts, etc. | ||
• | Collectively, in all other cases. |
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• | Exposure (EAD) is the amount of the risk assumed by default of the counterparty. | ||
• | Probability of Default (DP) is the probability that the counterpart defaults on its principal and/or interest payments. We also allocate the probability of default by using BBVA’s historical databases to ascertain how this probability varies in terms of the scores allocated by our tools and of other potentially relevant factors (e.g. the seasoning of the transaction).The default probability is linked to the rating/scoring of each customer/transaction. The measurement of DP uses a temporary ceiling of 1 year, meaning that it quantifies that the counterparty defaults within the following year. Default is defined as those amounts not paid within 90 days or more, as well as those outstanding amounts where there is doubt about the solvency of the counterparty (judgmental defaults). | ||
• | Loss given default (LGD) is the percentage of risk exposure that is not expected to be recovered in the event of default and constitutes one of the key factors in quantitative risk assessment. The method that we mainly use for the calculation of LGD is the “Workout LGD”. This method is based on discounting the cash flows of the defaulted exposure that have been collected at different times of the recovery process. In the case of portfolios with low default rates, which do not have enough data to obtain a reliable estimate by means of the Workout LGD method, other methods are used, such as external sources for obtaining market references on LGD rates suited to the internal portfolio. |
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2007 | 2006 | 2005 | ||||||||||
Millions of Euros | ||||||||||||
Income tax provision under IFRS | 2,079 | 2,059 | 1,521 | |||||||||
Tax effect of U.S. GAAP adjustments and deferred taxation under SFAS 109 | (283 | ) | (238 | ) | (1,668 | ) | ||||||
Of which: Adjustments of deferred tax liability/assets for enacted changes in tax laws of U.S. adjustments | — | (326 | ) | — | ||||||||
Income tax provision under U.S. GAAP | 1,796 | 1,822 | (147 | ) |
2007 | 2006 | 2005 | ||||||||||||||||||||||
Deferred tax | Deferred tax | Deferred tax | Deferred tax | Deferred tax | Deferred tax | |||||||||||||||||||
assets | liabilities | assets | liabilities | assets | liabilities | |||||||||||||||||||
Millions of Euros | ||||||||||||||||||||||||
As reported under the EU-IFRS required to be applied under the Bank of Spain’s Circular 4/2004 | 4,310 | (2,235 | ) | 4,703 | (1,747 | ) | 5,554 | (1,502 | ) | |||||||||||||||
Less- | ||||||||||||||||||||||||
Timing differences recorded under the EU-IFRS required to be applied under the Bank of Spain’s Circular 4/2004 and reversed in the reconciliation to U.S. GAAP | (1,070 | ) | — | (1,355 | ) | — | (1,333 | ) | — | |||||||||||||||
Tax effect of the EU-IFRS required to be applied under the Bank of Spain’s Circular 4/2004 to U.S. GAAP reconciliation adjustments | (3 | ) | — | (14 | ) | — | (16 | ) | — | |||||||||||||||
Plus- | ||||||||||||||||||||||||
Tax effect of the EU-IFRS required to be applied under the Bank of Spain’s Circular 4/2004 to U.S. GAAP reconciliation adjustments | 92 | (175 | ) | 101 | (238 | ) | 176 | (451 | ) | |||||||||||||||
As reported under SFAS 109 (gross) | 3,329 | (2,410 | ) | 3,435 | (1,985 | ) | 4,381 | (1,953 | ) | |||||||||||||||
Valuation reserve | (22 | ) | — | (45 | ) | — | (278 | ) | — | |||||||||||||||
As reported under SFAS 109 (net) | 3,307 | (2,410 | ) | 3,390 | (1,985 | ) | 4,103 | (1,953 | ) |
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December 31, | ||||||||||||
2007 | 2006 | 2005 | ||||||||||
(Millions of euros) | ||||||||||||
Deferred Tax assets | ||||||||||||
Loan loss reserves | 1,042 | 830 | 611 | |||||||||
Unrealized losses on securities pension liability | 1,522 | 1,645 | 1,645 | |||||||||
Fixed assets | 47 | 86 | 136 | |||||||||
Net operating loss carryforward | 121 | 330 | 664 | |||||||||
Investments and derivatives | — | 36 | 445 | |||||||||
Goodwill | (118 | ) | (74 | ) | 8 | |||||||
Other | 715 | 582 | 872 | |||||||||
Total deferred tax assets | 3,329 | 3,435 | 4,381 | |||||||||
Valuation reserve | (22 | ) | (45 | ) | (278 | ) | ||||||
Net tax asset | 3,307 | 3,390 | 4,103 | |||||||||
Deferred tax liabilities | ||||||||||||
Unrealized gains on securities pension liability | — | (1 | ) | — | ||||||||
Unrealized gains on investments | (1,471 | ) | (1,450 | ) | (1,274 | ) | ||||||
Gains on sales of investments | (107 | ) | (135 | ) | (67 | ) | ||||||
Fixed assets | (38 | ) | (99 | ) | (161 | ) | ||||||
Goodwill | (84 | ) | (148 | ) | (347 | ) | ||||||
Other | (710 | ) | (152 | ) | (104 | ) | ||||||
Total deferred tax liabilities | (2,410 | ) | (1,985 | ) | (1,953 | ) | ||||||
Valuation reserve | — | — | — | |||||||||
Net tax liabilities | (2,410 | ) | (1,985 | ) | (1,953 | ) |
2007 | 2006 | 2005 | ||||||||||
% percentages | ||||||||||||
Corporate income tax at the standard rate | 32.50 | 35.00 | 35.00 | |||||||||
Decrease arising from permanent differences | (7.86 | ) | (7.16 | ) | (6.25 | ) | ||||||
Adjustments to the provision for prior years’ corporate income tax and other taxes | (0.15 | ) | 1.45 | (1.54 | ) | |||||||
Income tax provision under the EU-IFRS required to be applied under the Bank of Spain’s Circular 4/2004 | 24.49 | 29.29 | 27.20 | |||||||||
Tax effect of U.S. GAAP adjustments and deferred taxation under SFAS 109 | 0.44 | (2.48 | ) | (30.86 | ) | |||||||
Income tax provision under U.S. GAAP | 24.93 | 26.81 | (3.66 | ) |
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• | charge to income statement related to First-time adoption of the EU-IFRS required to be applied under the Bank of Spain’s Circular 4/2004 at January 1, 2004 and effect for the year 2005: €1,271 million; | ||
• | credit to income statement related to tax effect related to prior adjustment: €426 million. | ||
• | There is no effect in reconciliation to stockholders’ equity for the year 2005, related to the fact that these two adjustments were recognized with counterparties a credit for and a charge to Retained earnings for €1,271 million and €426 million, respectively. |
• | charge to income statement related to first-time adoption of the EU-IFRS required to be applied under the Bank of Spain’s Circular 4/2004 at January 1, 2004 and effect for the year 2005: €893 million; | ||
• | credit to income statement related to tax effect related to prior adjustment: €294 million. |
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• | There is no effect in reconciliation to stockholders’ equity for the year 2005, related to the fact that these two adjustments were recognized with counterparties a credit for and a charge to Retained earnings for €893 million and €294 million, respectively. |
Foreign | ||||||||||||||||
currency | Unrealized | Gains on | Other | |||||||||||||
translation | gains on | Derivative | Comprehensive | |||||||||||||
adjustments | securities | Instruments | Income | |||||||||||||
Millions of Euros | ||||||||||||||||
Balance as of December 31, 2004 | (3,722 | ) | 2,247 | 28 | (1,447 | ) | ||||||||||
Changes in 2005 | 1,138 | 883 | (118 | ) | 1,903 | |||||||||||
Balance as of December 31, 2005 | (2,584 | ) | 3,130 | (90 | ) | 456 | ||||||||||
Changes in 2006 | (708 | ) | 110 | 107 | (491 | ) | ||||||||||
Balance as of December 31, 2006 | (3,292 | ) | 3,240 | 17 | (35 | ) | ||||||||||
Changes in 2007 | (1,873 | ) | 487 | 285 | (1,102 | ) | ||||||||||
Balance as of December 31, 2007 | (5,165 | ) | 3,727 | 302 | (1,137 | ) |
2007 | 2006 | 2005 | ||||||||||||||||||||||||||||||||||
Before | Tax | Tax | Tax | |||||||||||||||||||||||||||||||||
Tax | expense | Net of tax | Before Tax | expense | Net of tax | Before Tax | expense | Net of tax | ||||||||||||||||||||||||||||
Amount | or benefit | amount | Amount | or benefit | amount | Amount | or benefit | amount | ||||||||||||||||||||||||||||
Millions of Euros | ||||||||||||||||||||||||||||||||||||
Foreign currency translations adjustment | (1,873 | ) | — | (1,873 | ) | (709 | ) | — | (709 | ) | 1,139 | — | 1,138 | |||||||||||||||||||||||
Unrealized gains on securities: | ||||||||||||||||||||||||||||||||||||
Unrealized holding gains arising during the period | 633 | (146 | ) | 487 | 425 | (314 | ) | 111 | 1,219 | (337 | ) | 883 | ||||||||||||||||||||||||
Derivatives Instruments and Hedging Activities | 370 | (85 | ) | 285 | 139 | (32 | ) | 107 | (160 | ) | 41 | (118 | ) | |||||||||||||||||||||||
Other comprehensive income | (871 | ) | (231 | ) | (1,102 | ) | (145 | ) | (346 | ) | (491 | ) | 2,198 | (296 | ) | 1,903 | ||||||||||||||||||||
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2007 | 2006 | 2005 | ||||||||||
Millions of Euros, except per share data | ||||||||||||
Numerator for basic earnings per share: | ||||||||||||
Income available to common stockholders (EU-IFRS required to be applied under the Bank of Spain’s Circular 4/2004) | 6,126 | 4,736 | 3,806 | |||||||||
Income available to common stockholders (U.S. GAAP): | ||||||||||||
Before cumulative effect of changes in accounting principles | 5,409 | 4,972 | 2,863 | |||||||||
Cumulative effect of changes in accounting principles | — | — | (845 | ) | ||||||||
After cumulative effect of changes in accounting principles | 5,409 | 4,972 | 2,018 | |||||||||
Numerator for diluted earnings per share: | ||||||||||||
Income available to common stockholders (EU-IFRS required to be applied under the Bank of Spain’s Circular 4/2004) | 6,126 | 4,736 | 3,806 | |||||||||
Income available to common stockholders (U.S. GAAP): | ||||||||||||
Before cumulative effect of changes in accounting principles | 5,409 | 4,972 | 2,863 | |||||||||
Cumulative effect of changes in accounting principles | — | — | (845 | ) | ||||||||
After cumulative effect of changes in accounting principles | 5,409 | 4,972 | 2,018 | |||||||||
Denominator for basic earnings per share | 3,593,940,198 | 3,405,418,793 | 3,390,852,043 | |||||||||
Denominator for diluted earnings per share | 3,593,940,198 | 3,405,418,793 | 3,390,852,043 | |||||||||
EU-IFRS required to be applied under the Bank of Spain’s Circular 4/2004 | ||||||||||||
Basic earnings per share (Euros) | 1.70 | 1.39 | 1.12 | |||||||||
Diluted earnings per share (Euros) | 1.70 | 1.39 | 1.12 | |||||||||
U.S. GAAP | ||||||||||||
Before cumulative effect of changes in accounting principles: | ||||||||||||
Basic earnings per share (Euros) | 1.50 | 1.46 | 0.84 | |||||||||
Diluted earnings per share (Euros) | 1.50 | 1.46 | 0.84 | |||||||||
After cumulative effect of changes in accounting principles: | ||||||||||||
Basic earnings per share (Euros) | 1.50 | 1.46 | 0.59 | |||||||||
Diluted earnings per share (Euros) | 1.50 | 1.46 | 0.59 |
• | We are the sponsor in the issuance of certain debentures by special purpose vehicles (SPEs) (the issuer of preference shares) that we incorporated and for which we hold 100% of the common stock and voting rights. |
• | The SPEs lend both the proceeds raised from the preferred securities and the common stock back to us through intercompany loans with fixed maturities and fixed interest rate similar to that the dividend coupon on the preferred securities issued by the SPEs. Consequently, the SPEs use the cash received from interest payments on BBVA loans to pay dividends to the preferred securities holders. | ||
• | We guarantee the dividend payments on the preferred securities. |
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F-136
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1. | Recognizes and measures in its financial statements the identifiable assets acquired, the liabilities assumed, and any noncontrolling interest in the acquiree | ||
2. | Recognizes and measures the goodwill acquired in the business combination or a gain from a bargain purchase | ||
3. | Determines what information to disclose to enable users of the financial statements to evaluate the nature and financial effects of the business combination. |
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CONSOLIDATED BALANCE SHEETS AS OF DECEMBER 31, 2007, 2006 AND 2005
(Currency—Millions of Euros)
2007 | 2006 | 2005 | ||||||||||
Assets | ||||||||||||
Cash and due from banks | 4,982 | 4,779 | 4,114 | |||||||||
Interest-bearing deposits in other banks | 33,727 | 19,294 | 23,237 | |||||||||
Securities purchased under agreements to resell | 6,870 | 7,117 | 13,636 | |||||||||
Trading securities | 63,496 | 52,812 | 45,433 | |||||||||
Investments securities | 53,694 | 48,236 | 64,048 | |||||||||
Net Loans and leases: | ||||||||||||
Loans and leases, net of unearned income | 316,743 | 261,862 | 224,067 | |||||||||
Less: Allowance for loan losses | (5,931 | ) | (4,288 | ) | (3,917 | ) | ||||||
Hedging derivatives | 1,097 | 2,011 | 3,971 | |||||||||
Premises and equipment, net | 4,764 | 3,906 | 3,702 | |||||||||
Investments in affiliated companies | 1,535 | 889 | 1,435 | |||||||||
Intangible assets | 811 | 466 | 707 | |||||||||
Goodwill in consolidation | 15,741 | 11,142 | 10,345 | |||||||||
Accrual accounts | 604 | 674 | 557 | |||||||||
Others assets | 12,436 | 12,071 | 10,464 | |||||||||
Total assets | 510,569 | 420,971 | 401,799 | |||||||||
Liabilities and Stockholders’ Equity | ||||||||||||
Liabilities | ||||||||||||
Demand deposits | 66,381 | 68,632 | 57,973 | |||||||||
Savings deposits | 40,523 | 36,161 | 32,723 | |||||||||
Time deposits | 133,311 | 101,634 | 103,245 | |||||||||
Due to Bank of Spain | 8,210 | 4,689 | 6,822 | |||||||||
Trading account liabilities | 19,273 | 14,923 | 16,271 | |||||||||
Hedging derivatives | 1,807 | 2,280 | 2,870 | |||||||||
Short-term borrowings | 56,993 | 52,450 | 70,096 | |||||||||
Long-term debt | 118,128 | 78,848 | 55,605 | |||||||||
Taxes payable | 2,992 | 2,608 | 2,551 |
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2007 | 2006 | 2005 | ||||||||||
Accounts payable | 6,239 | 6,772 | 6,124 | |||||||||
Accrual accounts | 1,820 | 1,510 | 1,710 | |||||||||
Pension allowance | 5,967 | 6,358 | 6,240 | |||||||||
Provisions | 2,374 | 2,291 | 2,461 | |||||||||
Others liabilities | 10,476 | 10,791 | 10,995 | |||||||||
Total liabilities | 474,494 | 389,947 | 375,686 | |||||||||
Minority interest | 692 | 563 | 738 | |||||||||
Stockholders’ equity | ||||||||||||
Capital stock | 1,836 | 1,740 | 1,661 | |||||||||
Additional paid-in capital | 12,770 | 9,580 | 6,658 | |||||||||
Dividends | (1,661 | ) | (1,363 | ) | (1,167 | ) | ||||||
Other capital instruments | (389 | ) | (147 | ) | (96 | ) | ||||||
Retained earnings | 22,828 | 20,651 | 18,319 | |||||||||
Total stockholders’ equity | 35,384 | 30,461 | 25,375 | |||||||||
Total liabilities and stockholders’ equity | 510,569 | 420,971 | 401,799 |
CONSOLIDATED STATEMENTS OF INCOME FOR THE YEARS ENDED
DECEMBER 31, 2007, 2006 AND 2005
(Currency—Millions of Euros)
2007 | 2006 | 2005 | ||||||||||
Interest Income | ||||||||||||
Interest and fees on loans and leases | 19,191 | 13,744 | 9,893 | |||||||||
Interest on deposits in other banks | 1,684 | 1,110 | 971 | |||||||||
Interest on securities purchased under agreements to resell | 649 | 383 | 280 | |||||||||
Interest on investment securities | 4,176 | 4,353 | 4,510 | |||||||||
Total interest income | 25,700 | 19,590 | 15,654 | |||||||||
Interest Expense | ||||||||||||
Interest on deposits | (8,464 | ) | (5,975 | ) | (4,951 | ) | ||||||
Interest on Bank of Spain &Deposit Guarantee Fund | (359 | ) | (300 | ) | (141 | ) | ||||||
Interest on short-term borrowings | (2,078 | ) | (2,180 | ) | (2,411 | ) | ||||||
Interest on long term debt | (5,015 | ) | (2,757 | ) | (1,415 | ) | ||||||
Total interest expense | (15,917 | ) | (11,212 | ) | (8,918 | ) | ||||||
Net Interest Income | 9,783 | 8,378 | 6,736 | |||||||||
Provision for loan losses | (2,832 | ) | (1,031 | ) | (943 | ) | ||||||
Net Interest Income after provision for loan losses | 6,951 | 7,347 | 5,793 | |||||||||
Non-interest income | ||||||||||||
Contingent liabilities (collected) | 229 | 204 | 177 | |||||||||
Collection and payments services (collected) | 2,567 | 2,274 | 2,018 | |||||||||
Securities services (collected) | 2,089 | 2,017 | 1,948 | |||||||||
Other transactions (collected) | 707 | 624 | 526 | |||||||||
Ceded to other entities and correspondents (paid) | (570 | ) | (537 | ) | (532 | ) | ||||||
Other transactions (paid) | (299 | ) | (247 | ) | (197 | ) | ||||||
Gains (losses) from: | ||||||||||||
Affiliated companies’ securities | 252 | 1,293 | 150 | |||||||||
Investment securities | 1,751 | 2,729 | 1,200 | |||||||||
Foreign exchange, derivatives and other, net | 974 | (902 | ) | (109 | ) | |||||||
Other income | 2,237 | 1,625 | 1,445 | |||||||||
Total non-interest income | 9,937 | 9,080 | 6,626 | |||||||||
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2007 | 2006 | 2005 | ||||||||||
Non-interest expense | ||||||||||||
Salaries and employee benefits | (4,335 | ) | (3,989 | ) | (4,495 | ) | ||||||
Occupancy expense of premise, depreciation and maintenance, net | (986 | ) | (924 | ) | (844 | ) | ||||||
General and administrative expenses | (2,198 | ) | (1,891 | ) | (1,745 | ) | ||||||
Impairment of goodwill | — | (12 | ) | — | ||||||||
Net provision for specific allowances | (210 | ) | (1,338 | ) | (396 | ) | ||||||
Other expenses | (1,665 | ) | (1,239 | ) | (1,499 | ) | ||||||
Minority shareholder’s interest | (289 | ) | (240 | ) | (298 | ) | ||||||
Total non-interest expense | (9,683 | ) | (9,633 | ) | (9,277 | ) | ||||||
Income Before Income Taxes | 7,205 | 6,794 | 3,142 | |||||||||
Income tax expense | (1,796 | ) | (1,822 | ) | (279 | ) | ||||||
Income before change of accounting principles | 5,409 | 4,972 | 2,863 | |||||||||
Changes in accounting principles: pensions (Note 63.A.10) | — | — | (1,271 | ) | ||||||||
Tax effect of changes in accounting principles | — | — | 426 | |||||||||
Net Consolidated Income for the year | 5,409 | 4,972 | 2,018 | |||||||||
2007 | 2006 | 2005 | ||||||||||
Millions of Euros | ||||||||||||
Balance at the beginning of the year | 30,461 | 25,375 | 23,465 | |||||||||
Net income for the year | 5,409 | 4,972 | 2,018 | |||||||||
Dividends paid | (2,535 | ) | (1,995 | ) | (1,648 | ) | ||||||
Capital increase | 3,288 | 3,000 | — | |||||||||
Other comprehensive income | (1,101 | ) | (491 | ) | 1,902 | |||||||
Foreign Currency Translation Adjustment | (1,873 | ) | (708 | ) | 1,138 | |||||||
Unrealized Gains on Securities | 487 | 110 | 883 | |||||||||
Derivatives Instruments and Hedging Activities (SFAS 133) | 285 | 107 | (119 | ) | ||||||||
Other variations | (138 | ) | (400 | ) | (362 | ) | ||||||
Balance at the end of the year | 35,384 | 30,461 | 25,375 | |||||||||
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2007 | 2006 | 2005 | ||||||||||||||||||||||||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Amortized | Unrealized | Unrealized | Amortized | Unrealized | Unrealized | ||||||||||||||||||||||||||||||||||||||||
Cost | Fair Value | Gains | Losses | Cost | Fair Value | Gains | Losses | Cost | Fair Value | Gains | Losses | |||||||||||||||||||||||||||||||||||||
(Millions of euros) | ||||||||||||||||||||||||||||||||||||||||||||||||
DEBT SECURITIES - | ||||||||||||||||||||||||||||||||||||||||||||||||
AVAILABLE FOR SALE PORTFOLIO | ||||||||||||||||||||||||||||||||||||||||||||||||
Domestic- | 10,088 | 10,161 | 150 | (77 | ) | 9,233 | 9,506 | 291 | (18 | ) | 15,818 | 16,705 | 887 | — | ||||||||||||||||||||||||||||||||||
Spanish Government | 5,226 | 5,274 | 79 | (31 | ) | 6,596 | 6,859 | 279 | (16 | ) | 13,490 | 14,274 | 784 | — | ||||||||||||||||||||||||||||||||||
Other debt securities | 4,862 | 4,887 | 71 | (46 | ) | 2,637 | 2,647 | 12 | (2 | ) | 2,328 | 2,431 | 103 | — | ||||||||||||||||||||||||||||||||||
International | 26,725 | 27,175 | 737 | (287 | ) | 22,002 | 22,724 | 852 | (130 | ) | 33,296 | 34,267 | 1,023 | (52 | ) | |||||||||||||||||||||||||||||||||
United States - | 9,051 | 9,056 | 50 | (45 | ) | 5,514 | 5,506 | 13 | (21 | ) | 3,993 | 3,989 | 17 | (21 | ) | |||||||||||||||||||||||||||||||||
U.S. Treasury and other U.S. Government agencies | 60 | 61 | 1 | — | 342 | 343 | 3 | (2 | ) | 2,971 | 2,958 | 1 | (14 | ) | ||||||||||||||||||||||||||||||||||
States and political subdivisions | 515 | 518 | 5 | (2 | ) | 310 | 310 | — | — | 51 | 51 | — | — | |||||||||||||||||||||||||||||||||||
Other debt securities | 8,476 | 8,477 | 44 | (43 | ) | 4,862 | 4,853 | 10 | (19 | ) | 971 | 980 | 16 | (7 | ) | |||||||||||||||||||||||||||||||||
Other countries - | 17,674 | 18,119 | 687 | (242 | ) | 16,488 | 17,218 | 839 | (109 | ) | 29,303 | 30,278 | 1,006 | (31 | ) | |||||||||||||||||||||||||||||||||
Securities of other foreign Governments | 10,844 | 11,278 | 562 | (128 | ) | 9,858 | 10,386 | 588 | (60 | ) | 20,885 | 21,793 | 935 | (27 | ) | |||||||||||||||||||||||||||||||||
Other debt securities | 6,830 | 6,841 | 125 | (114 | ) | 6,630 | 6,832 | 251 | (49 | ) | 8,418 | 8,485 | 71 | (4 | ) | |||||||||||||||||||||||||||||||||
TOTAL AVAILABLE FOR SALE PORTFOLIO | 36,813 | 37,336 | 887 | (364 | ) | 31,235 | 32,230 | 1,143 | (148 | ) | 49,114 | 50,972 | 1,910 | (52 | ) | |||||||||||||||||||||||||||||||||
HELD TO MATURITY PORTFOLIO | ||||||||||||||||||||||||||||||||||||||||||||||||
Domestic- | 2,402 | 2,271 | — | (131 | ) | 2,404 | 2,337 | 2 | (69 | ) | 1,205 | 1,237 | 33 | (1 | ) | |||||||||||||||||||||||||||||||||
Spanish Government | 1,417 | 1,349 | — | (68 | ) | 1,417 | 1,378 | 1 | (40 | ) | 363 | 375 | 12 | — | ||||||||||||||||||||||||||||||||||
Other debt securities | 985 | 922 | — | (63 | ) | 987 | 959 | 1 | (29 | ) | 842 | 862 | 21 | (1 | ) | |||||||||||||||||||||||||||||||||
International- | 3,182 | 3,063 | — | (119 | ) | 3,502 | 3,421 | 5 | (86 | ) | 2,754 | 2,798 | 45 | (1 | ) | |||||||||||||||||||||||||||||||||
TOTAL HELD TO MATURITY PORTFOLIO | 5,584 | 5,334 | — | (250 | ) | 5,906 | 5,758 | 7 | (155 | ) | 3,959 | 4,035 | 78 | (2 | ) | |||||||||||||||||||||||||||||||||
TOTAL DEBT SECURITIES | 42,397 | 42,670 | 887 | (614 | ) | 37,141 | 37,989 | 1,150 | (303 | ) | 53,073 | 55,007 | 1,988 | (54 | ) | |||||||||||||||||||||||||||||||||
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2007 | 2006 | 2005 | ||||||||||||||||||||||||||||||||||||||||||||||
Amortized | Fair Value | Unrealized | Unrealized | Amortized | Fair Value | Unrealized | Unrealized | Amortized | Fair Value | Unrealized | Unrealized | |||||||||||||||||||||||||||||||||||||
Cost | (1) | Gains | Losses | Cost | (1) | Gains | Losses | Cost | (1) | Gains | Losses | |||||||||||||||||||||||||||||||||||||
(Millions of euros) | ||||||||||||||||||||||||||||||||||||||||||||||||
EQUITY SECURITIES - | ||||||||||||||||||||||||||||||||||||||||||||||||
AVAILABLE FOR SALE PORTFOLIO | ||||||||||||||||||||||||||||||||||||||||||||||||
Domestic- | 3,783 | 7,164 | 3,386 | (5 | ) | 4,564 | 7,381 | 2,817 | — | 5,103 | 7,396 | 2,293 | — | |||||||||||||||||||||||||||||||||||
Equity listed | 3,710 | 7,032 | 3,322 | — | 4,525 | 7,342 | 2,817 | — | 5,094 | 7,324 | 2,230 | — | ||||||||||||||||||||||||||||||||||||
Equity Unlisted | 73 | 132 | 64 | (5 | ) | 39 | 39 | — | — | 9 | 72 | 63 | — | |||||||||||||||||||||||||||||||||||
International- | 2,841 | 3,932 | 1,115 | (24 | ) | 1,860 | 2,656 | 811 | (15 | ) | 936 | 1,666 | 750 | (20 | ) | |||||||||||||||||||||||||||||||||
United States- | 490 | 489 | — | (1 | ) | 53 | 54 | 1 | — | 52 | 50 | 2 | (4 | ) | ||||||||||||||||||||||||||||||||||
Equity listed | 420 | 419 | — | (1 | ) | 27 | 28 | 1 | — | 42 | 40 | 2 | (4 | ) | ||||||||||||||||||||||||||||||||||
Equity Unlisted | 70 | 70 | — | — | 26 | 26 | — | — | 10 | 10 | — | — | ||||||||||||||||||||||||||||||||||||
Other countries- | 2,351 | 3,443 | 1,115 | (23 | ) | 1,807 | 2,602 | 810 | (15 | ) | 884 | 1,616 | 748 | (16 | ) | |||||||||||||||||||||||||||||||||
Equity listed | 2,242 | 3,346 | 1,127 | (23 | ) | 1,702 | 2,497 | 810 | (15 | ) | 839 | 1,571 | 748 | (16 | ) | |||||||||||||||||||||||||||||||||
Equity Unlisted | 109 | 97 | (12 | ) | — | 105 | 105 | — | — | 45 | 45 | — | — | |||||||||||||||||||||||||||||||||||
TOTAL AVAILABLE FOR SALE PORTFOLIO | 6,624 | 11,096 | 4,501 | (29 | ) | 6,424 | 10,037 | 3,628 | (15 | ) | 6,039 | 9,062 | 3,043 | (20 | ) | |||||||||||||||||||||||||||||||||
TOTAL EQUITY SECURITIES | 6,624 | 11,096 | 4,501 | (29 | ) | 6,424 | 10,037 | 3,628 | (15 | ) | 6,039 | 9,062 | 3,043 | (20 | ) | |||||||||||||||||||||||||||||||||
TOTAL INVESTMENT SECURITIES | 49,021 | 53,766 | 5,388 | (643 | ) | 43,565 | 48,026 | 4,778 | (318 | ) | 59,112 | 64,069 | 5,031 | (74 | ) | |||||||||||||||||||||||||||||||||
(1) | The Fair Values are determined based on year-end quoted market process for listed securities and on management’s estimate for unlisted securities. |
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Millions of euros | ||||||||||||
2007 | 2006 | 2005 | ||||||||||
Equity securities | (25 | ) | (50 | ) | (74 | ) | ||||||
Debt securities | (34 | ) | (36 | ) | (69 | ) | ||||||
(1) Total impairments other-than-temporary (charged to income under both GAAP) | (59 | ) | (86 | ) | (143 | ) | ||||||
Equity securities | (29 | ) | (15 | ) | (20 | ) | ||||||
Debt securities | (614 | ) | (303 | ) | (54 | ) | ||||||
(2) Total temporary unrealized losses | (643 | ) | (318 | ) | (74 | ) | ||||||
(1)+(2) Total losses | (702 | ) | (404 | ) | (217 | ) | ||||||
• | They have mainly arisen in a period shorter than one year; | ||
• | The decline is attributable solely to adverse interest rate movements; | ||
• | The principal and interest payments have been made as scheduled, and there is no evidence that the debtor will not continue to do so; | ||
• | The future principal payments will be sufficient to recover the current amortized cost of the security; | ||
• | We have the intent to hold the security until maturity or at least until the fair value of the security recovers to a level that exceeds the security’s amortized cost. |
December 31, 2007 | ||||||||||||||||||||
Book Value | ||||||||||||||||||||
Due after one | Due after five | |||||||||||||||||||
Due in one | year to five | years to ten | Due after ten | |||||||||||||||||
year or less | years | years | years | Total | ||||||||||||||||
(Millions of euros) | ||||||||||||||||||||
AVAILABLE-FOR-SALE PORTFOLIO(*) | ||||||||||||||||||||
Domestic | ||||||||||||||||||||
Spanish government | 437 | 796 | 1,062 | 2,980 | 5,274 | |||||||||||||||
Other debt securities | 453 | 2,935 | 326 | 1,173 | 4,887 | |||||||||||||||
Total Domestic | 890 | 3,731 | 1,388 | 4,153 | 10,161 | |||||||||||||||
�� | ||||||||||||||||||||
International | ||||||||||||||||||||
United States | 1,006 | 3,818 | 2,169 | 2,062 | 9,055 | |||||||||||||||
U.S. Treasury and other U.S. government agencies | 14 | 43 | 3 | — | 61 | |||||||||||||||
States and political subdivisions | 54 | 114 | 181 | 169 | 518 | |||||||||||||||
Other U.S. securities | 938 | 3,661 | 1,985 | 1,893 | 8,477 | |||||||||||||||
Other countries | 1,792 | 4,812 | 5,532 | 5,983 | 18,119 | |||||||||||||||
Securities of other foreign governments | 498 | 2,408 | 4,199 | 4,173 | 11,278 | |||||||||||||||
Other debt securities of other countries | 1,294 | 2,404 | 1,333 | 1,810 | 6,841 | |||||||||||||||
Total International | 2,798 | 8,630 | 7,701 | 8,045 | 27,175 | |||||||||||||||
TOTAL AVAILABLE-FOR-SALE | 3,688 | 12,361 | 9,089 | 12,198 | 37,336 | |||||||||||||||
HELD-TO-MATURITY PORTFOLIO | ||||||||||||||||||||
Domestic | ||||||||||||||||||||
Spanish government | 5 | 292 | 1,066 | 54 | 1,417 | |||||||||||||||
Other debt securities | 4 | 193 | 661 | 127 | 985 | |||||||||||||||
Total Domestic | 9 | 485 | 1,727 | 181 | 2,402 | |||||||||||||||
Total International | 282 | 936 | 1,738 | 227 | 3,182 | |||||||||||||||
TOTAL HELD-TO-MATURITY | 291 | 1,421 | 3,465 | 408 | 5,584 | |||||||||||||||
TOTAL DEBT SECURITIES | 3,979 | 13,782 | 12,554 | 12,606 | 42,921 | |||||||||||||||
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December 31, 2007 | ||||||||||||||||||||
Market Value | ||||||||||||||||||||
Due after one | Due after five | |||||||||||||||||||
Due in one | year to five | years to ten | Due after ten | |||||||||||||||||
year or less | years | years | years | Total | ||||||||||||||||
(Millions of euros) | ||||||||||||||||||||
HELD-TO-MATURITY PORTFOLIO | ||||||||||||||||||||
Domestic | ||||||||||||||||||||
Spanish government | 5 | 278 | 1,015 | 52 | 1,349 | |||||||||||||||
Other debt securities | 3 | 180 | 619 | 119 | 922 | |||||||||||||||
Total Domestic | 8 | 458 | 1,634 | 171 | 2,271 | |||||||||||||||
Total International | 271 | 901 | 1,673 | 218 | 3,063 | |||||||||||||||
TOTAL HELD-TO-MATURITY | 279 | 1,359 | 3,307 | 389 | 5,334 | |||||||||||||||
December 31, 2006 | ||||||||||||||||||||
Book Value | ||||||||||||||||||||
Due after one | Due after five | |||||||||||||||||||
Due in one | year to five | years to ten | Due after ten | |||||||||||||||||
year or less | years | years | years | Total | ||||||||||||||||
(Millions of euros) | ||||||||||||||||||||
AVAILABLE-FOR-SALE PORTFOLIO(*) | ||||||||||||||||||||
Domestic | ||||||||||||||||||||
Spanish government | 312 | 1,524 | 1,684 | 3,339 | 6,858 | |||||||||||||||
Other debt securities | 525 | 709 | 540 | 873 | 2,647 | |||||||||||||||
Total Domestic | 837 | 2,233 | 2,224 | 4,212 | 9,505 | |||||||||||||||
International | ||||||||||||||||||||
United States | 716 | 1,356 | 673 | 2,760 | 5,506 | |||||||||||||||
U.S. Treasury and other U.S. government agencies | 31 | 8 | 305 | — | 344 | |||||||||||||||
States and political subdivisions | 21 | 52 | 32 | 204 | 309 | |||||||||||||||
Other U.S. securities | 664 | 1,296 | 336 | 2,556 | 4,853 | |||||||||||||||
Other countries | 1,349 | 5,024 | 5,273 | 5,572 | 17,218 | |||||||||||||||
Securities of other foreign governments | 662 | 2,998 | 3,648 | 3,077 | 10,385 | |||||||||||||||
Other debt securities of other countries | 687 | 2,026 | 1,625 | 2,495 | 6,833 | |||||||||||||||
Total International | 2,065 | 6,380 | 5,946 | 8,332 | 22,724 | |||||||||||||||
TOTAL AVAILABLE-FOR-SALE | 2,902 | 8,613 | 8,170 | 12,544 | 32,229 | |||||||||||||||
HELD-TO-MATURITY PORTFOLIO | ||||||||||||||||||||
Domestic | ||||||||||||||||||||
Spanish government | — | 261 | 1,100 | 55 | 1,417 | |||||||||||||||
Other debt securities | — | 129 | 707 | 152 | 987 | |||||||||||||||
Total Domestic | — | 390 | 1,807 | 207 | 2,404 | |||||||||||||||
Total International | 307 | 1,147 | 1,760 | 287 | 3,502 | |||||||||||||||
TOTAL HELD-TO-MATURITY | 307 | 1,537 | 3,567 | 494 | 5,906 | |||||||||||||||
TOTAL DEBT SECURITIES | 3,209 | 10,150 | 11,737 | 13,038 | 38,135 | |||||||||||||||
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December 31, 2006 | ||||||||||||||||||||
Market Value | ||||||||||||||||||||
Due after one | Due after five | |||||||||||||||||||
Due in one | year to five | years to ten | Due after ten | |||||||||||||||||
year or less | years | years | years | Total | ||||||||||||||||
(Millions of euros) | ||||||||||||||||||||
HELD-TO-MATURITY PORTFOLIO | ||||||||||||||||||||
Domestic | ||||||||||||||||||||
Spanish government | — | 260 | 1,065 | �� | 52 | 1,378 | ||||||||||||||
Other debt securities | — | 126 | 691 | 142 | 958 | |||||||||||||||
Total Domestic | — | 386 | 1,756 | 194 | 2,336 | |||||||||||||||
Total International | 306 | 1,129 | 1,713 | 273 | 3,421 | |||||||||||||||
TOTAL HELD-TO-MATURITY | 306 | 1,515 | 3,469 | 467 | 5,757 | |||||||||||||||
December 31, 2005 | ||||||||||||||||||||
Book Value | ||||||||||||||||||||
Due after one | Due after | |||||||||||||||||||
Due in one | year to five | five years to | Due after ten | |||||||||||||||||
year or less | years | ten years | years | Total | ||||||||||||||||
(Millions of euros) | ||||||||||||||||||||
AVAILABLE-FOR-SALE PORTFOLIO(*) | ||||||||||||||||||||
Domestic | ||||||||||||||||||||
Spanish government | 5,467 | 3,632 | 1,114 | 4,060 | 14,274 | |||||||||||||||
Other debt securities | 281 | 417 | 388 | 1,346 | 2,431 | |||||||||||||||
Total Domestic | 5,748 | 4,049 | 1,502 | 5,406 | 16,705 | |||||||||||||||
International | ||||||||||||||||||||
United States | 533 | 1,082 | 536 | 1,838 | 3,990 | |||||||||||||||
U.S. Treasury and other U.S. government agencies | 264 | 861 | 457 | 1,376 | 2,958 | |||||||||||||||
States and political subdivisions | 3 | 13 | 2 | 33 | 52 | |||||||||||||||
Other U.S. securities | 266 | 208 | 77 | 429 | 980 | |||||||||||||||
Other countries | 6,898 | 10,481 | 6,859 | 6,039 | 30,277 | |||||||||||||||
Securities of other foreign governments | 5,654 | 8,481 | 4,451 | 3,207 | 21,793 | |||||||||||||||
Other debt securities of other countries | 1,244 | 2,000 | 2,408 | 2,832 | 8,484 | |||||||||||||||
Total International | 7,431 | 11,563 | 7,395 | 7,877 | 34,267 | |||||||||||||||
TOTAL AVAILABLE-FOR-SALE | 13,179 | 15,612 | 8,897 | 13,283 | 50,972 | |||||||||||||||
HELD-TO-MATURITY PORTFOLIO | ||||||||||||||||||||
Domestic | ||||||||||||||||||||
Spanish government | — | 182 | 180 | — | 363 | |||||||||||||||
Other debt securities | — | 91 | 686 | 66 | 842 | |||||||||||||||
Total Domestic | — | 273 | 866 | 66 | 1,205 | |||||||||||||||
Total International | 283 | 853 | 1,546 | 72 | 2,754 | |||||||||||||||
TOTAL HELD-TO-MATURITY | 283 | 1,126 | 2,412 | 138 | 3,959 | |||||||||||||||
TOTAL DEBT SECURITIES | 13,462 | 16,738 | 11,309 | 13,421 | 54,931 | |||||||||||||||
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December 31, 2005 | ||||||||||||||||||||
Market Value | ||||||||||||||||||||
Due after one | Due after five | |||||||||||||||||||
Due in one | year to five | years to ten | Due after ten | |||||||||||||||||
year or less | years | years | years | Total | ||||||||||||||||
(Millions of euros) | ||||||||||||||||||||
HELD-TO-MATURITY PORTFOLIO | ||||||||||||||||||||
Domestic | ||||||||||||||||||||
Spanish government | — | 185 | 190 | — | 374 | |||||||||||||||
Other debt securities | — | 91 | 703 | 68 | 863 | |||||||||||||||
Total Domestic | — | 276 | 893 | 68 | 1,237 | |||||||||||||||
Total International | 283 | 859 | 1,579 | 77 | 2,798 | |||||||||||||||
TOTAL HELD-TO-MATURITY | 283 | 1,135 | 2,472 | 145 | 4,035 | |||||||||||||||
* | As we describe in Note 2.2.2 the book value and market value are the same for “Trading portfolio” and “Available for sale portfolio” |
• | Debt securities: fair value is considered to be the present value of the cash flows, using market interest rates (discounted cash flows). | ||
• | Equity securities: in the cases of equity instruments whose fair value cannot be determined in a sufficiently objective manner are measured at acquitision cost. In some cases in which trigger events indicate that a specific investment could be impaired, a specific valuation of fair value is used and all available factors are considered by management to determine the fair value under both GAAP. If it is available a valuation of the company, it is used as a better measure of fair value under both GAAP. |
2007 | ||||
Millions of | ||||
euros | ||||
Impaired loans requiring no reserve | 207 | |||
Impaired loans requiring valuation allowance | 3,151 | |||
Total impaired loans | 3,358 | |||
Valuation allowance on impaired loans | 1,334 | |||
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2007 | ||||
Millions of | ||||
euros | ||||
Interest revenue that would have been recorded if accruing | 880 | |||
Net interest revenue recorded | 158 |
As of December 31, | ||||||||||||||||||||||||
2007 | 2006 | 2005 | ||||||||||||||||||||||
Amount | Average rate | Amount | Average rate | Amount | Average rate | |||||||||||||||||||
(in millions of euro, except percentages) | ||||||||||||||||||||||||
Securities sold under agreements to repurchase (principally Spanish Treasury bills): | ||||||||||||||||||||||||
At December 31 | 39,902 | 5.20 | % | 37,098 | 4.27 | % | 48,254 | 3.54 | % | |||||||||||||||
Average during year | 42,461 | 5.13 | % | 38,721 | 3.61 | % | 38,467 | 3.52 | % | |||||||||||||||
Maximum quarter-end balance | 44,155 | — | 46,449 | — | 48,254 | — | ||||||||||||||||||
Bank promissory notes: | ||||||||||||||||||||||||
At December 31 | 5,810 | 3.69 | % | 7,596 | 3.75 | % | 7,569 | 2.58 | % | |||||||||||||||
Average during year | 6,975 | 3.96 | % | 8,212 | 3.16 | % | 6,894 | 2.34 | % | |||||||||||||||
Maximum quarter-end balance | 7,133 | — | 9,036 | — | 7,569 | — | ||||||||||||||||||
Bonds and Subordinated debt : | ||||||||||||||||||||||||
At December 31 | 11,281 | 4.49 | % | 7,756 | 4.01 | % | 14,273 | 3.54 | % | |||||||||||||||
Average during year | 12,147 | 5.21 | % | 8,076 | 3.74 | % | 10,324 | 3.61 | % | |||||||||||||||
Maximum quarter-end balance | 15,761 | — | 10,872 | — | 14,273 | — | ||||||||||||||||||
Total short-term borrowings at December 31 | 56,993 | 4.91 | % | 52,450 | 4.16 | % | 70,096 | 3.44 | % |
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1. | Available for sale fixed rate debt securities: this risk is hedged using interest-rate derivatives (interest-rate swaps through which the fixed-coupon of the bond is exchanged for a variable return). | ||
2. | Long term fixed rate debt issued: this risk is hedged using interest-rate derivatives (interest-rate swaps which replicate, on the collection leg, the payment resulting from the issue and transform it into a variable cost for the Bank). | ||
3. | Foreign currency of a net investment in a foreign subsidiary: the risk of a net investment in a foreign operation is exchanged for the currency in which the investment is denominated. | ||
4. | Available for sale equity securities: this risk is hedged using equity swaps through which the risk of variation in the price per books of the portfolio is transferred to the counterparty. | ||
5. | Fixed rate loans: this risk is hedged using interest-rate derivatives (interest-rate swaps through which the fixed-coupon of the loans is exchanged for a variable return). | ||
6. | Floating interest rate loans in foreign currencies: this risk is hedged using currency swaps. |
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In millions | ||||
of euros | ||||
Total unrecognized tax benefits as of January 1, 2007 | 882 | |||
Net amount of increases for current year’s tax positions | 1 | |||
Gross amount of increases for prior years’ tax positions | 129 | |||
Gross amount of decreases for prior years’ tax positions | (17 | ) | ||
Foreign exchange and acquisitions | 11 | |||
Total unrecognized tax benefits as of December 31, 2007 | 1,006 |
Jurisdiction | Tax year | |||
Spain | 2001-2007 | |||
United State | 2003-2007 | |||
Puerto Rico | 2003-2007 | |||
Peru | 2004-2007 | |||
Colombia | 2003-2007 | |||
Argentina | 2002-2007 | |||
Venezuela | 2003-2007 | |||
Mexico | 2006-2007 |
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% of Voting Rights | Thousands of Euros ( * ) | |||||||||||||||||||||||||||||||||
Controlled by the Bank | Investee Data | |||||||||||||||||||||||||||||||||
Profit | ||||||||||||||||||||||||||||||||||
(Loss) | ||||||||||||||||||||||||||||||||||
for the | ||||||||||||||||||||||||||||||||||
Net | Assets as | Liabilities | Period | |||||||||||||||||||||||||||||||
Carrying | of | as of | Equity | ended | ||||||||||||||||||||||||||||||
Company | Location | Activity | Direct | Indirect | Total | Amount | 31.12.07 | 31.12.07 | 31.12.07 | 31.12.07 | ||||||||||||||||||||||||
AAI HOLDINGS, INC. | UNITED STATES | NO ACTIVITY | — | 100.00 | 100.00 | 1 | 1 | — | 1 | — | ||||||||||||||||||||||||
ADMINISTRAD. DE FONDOS PARA EL RETIRO-BANCOMER,S.A DE C.V. | MEXICO | PENSIONS | 17.50 | 82.50 | 100.00 | 332,125 | 170,243 | 34,134 | 102,166 | 33,943 | ||||||||||||||||||||||||
ADMINISTRADORA DE FONDOS DE PENSIONES PROVIDA(AFP PROVIDA) | CHILE | PENSIONS | 12.70 | 51.62 | 64.32 | 222,505 | 422,738 | 98,353 | 261,210 | 63,175 | ||||||||||||||||||||||||
AFP GENESIS ADMINISTRADORA DE FONDOS, S.A. | ECUADOR | PENSIONS | — | 100.00 | 100.00 | 2,105 | 4,268 | 2,162 | 617 | 1,489 | ||||||||||||||||||||||||
AFP HORIZONTE, S.A. | PERU | PENSIONS | 24.85 | 75.15 | 100.00 | 34,833 | 54,088 | 16,870 | 27,285 | 9,933 | ||||||||||||||||||||||||
AFP PREVISION BBV-ADM.DE FONDOS DE PENSIONES S.A. | BOLIVIA | PENSIONS | 75.00 | 5.00 | 80.00 | 2,063 | 7,301 | 3,623 | 2,589 | 1,089 | ||||||||||||||||||||||||
ALMACENADORA FINANCIERA PROVINCIAL. S.A. | VENEZUELA | SERVICES | — | 100.00 | 100.00 | 210 | 371 | 161 | 46 | 164 | ||||||||||||||||||||||||
ALMACENES GENERALES DE DEPOSITO, S.A.E. DE | SPAIN | PORTFOLIO | 83.90 | 16.10 | 100.00 | 12,649 | 106,971 | 4,073 | 97,340 | 5,558 | ||||||||||||||||||||||||
ALTITUDE INVESTMENTS LIMITED | UNITED KINGDOM | FINANCIAL SERV. | 51.00 | — | 51.00 | 225 | 2,750 | 1,615 | 691 | 444 | ||||||||||||||||||||||||
ALTURA MARKETS, A.V., S.A. | SPAIN | SECURITIES | 50.00 | — | 50.00 | 5,000 | 740,241 | 712,117 | 12,041 | 16,083 | ||||||||||||||||||||||||
ANIDA DESARROLLOS INMOBILIARIOS, S.L. | SPAIN | REAL ESTATE | — | 100.00 | 100.00 | 112,477 | 318,156 | 73,541 | 178,041 | 66,574 | ||||||||||||||||||||||||
ANIDA GERMANIA IMMOBILIEN ONE, GMBH | ALEMANIA | REAL EST.INSTR. | — | 100.00 | 100.00 | (127 | ) | 23,568 | 23,695 | 25 | (152 | ) | ||||||||||||||||||||||
ANIDA GERMANIA IMMOBILIEN THREE, GMBH | ALEMANIA | REAL EST.INSTR. | — | 100.00 | 100.00 | 25 | 23 | 11 | 25 | (13 | ) | |||||||||||||||||||||||
ANIDA GERMANIA IMMOBILIEN TWO, GMBH | ALEMANIA | REAL EST.INSTR. | — | 100.00 | 100.00 | 25 | 23 | 11 | 25 | (13 | ) | |||||||||||||||||||||||
ANIDA GRUPO INMOBILIARIO, S.L. | SPAIN | PORTFOLIO | 100.00 | — | 100.00 | 198,357 | 576,146 | 75,912 | 447,547 | 52,687 | ||||||||||||||||||||||||
ANIDA INMOBILIARIA, S.A. DE C.V. | MEXICO | PORTFOLIO | — | 100.00 | 100.00 | 71,944 | 69,026 | 461 | 67,286 | 1,279 | ||||||||||||||||||||||||
ANIDA PROYECTOS INMOBILIARIOS, S.A. DE C.V. | MEXICO | REAL EST.INSTR. | — | 100.00 | 100.00 | 68,013 | 77,999 | 9,985 | 66,735 | 1,279 | ||||||||||||||||||||||||
ANIDA SERVICIOS INMOBILIARIOS, S.A. DE C.V. | MEXICO | REAL EST.INSTR. | — | 100.00 | 100.00 | 404 | 1,152 | 769 | 393 | (10 | ) | |||||||||||||||||||||||
APLICA SOLUCIONES ARGENTINAS, S.A. | ARGENTINA | SERVICES | — | 100.00 | 100.00 | 1,445 | 4,923 | 3,365 | 993 | 565 | ||||||||||||||||||||||||
APLICA SOLUCIONES GLOBALES, S.L. | SPAIN | SERVICES | 94.98 | 5.02 | 100.00 | 57 | 42,673 | 42,494 | 60 | 119 | ||||||||||||||||||||||||
APLICA TECNOLOGIA AVANZADA, S.A. DE C.V. | MEXICO | SERVICES | 100.00 | — | 100.00 | 4 | 45,780 | 42,640 | 713 | 2,427 | ||||||||||||||||||||||||
APOYO MERCANTIL S.A. DE C.V. | MEXICO | SERVICES | — | 100.00 | 100.00 | 3,228 | 72,942 | 69,714 | 1,822 | 1,406 | ||||||||||||||||||||||||
ARAGON CAPITAL, S.L. | SPAIN | PORTFOLIO | 99.90 | 0.10 | 100.00 | 37,925 | 31,855 | 18 | 30,947 | 890 | ||||||||||||||||||||||||
ARGENTARIA SERVICIOS, S.A. | CHILE | SERVICES | 100.00 | — | 100.00 | 676 | 1,277 | 5 | 1,400 | (128 | ) | |||||||||||||||||||||||
ARIZONA FINANCIAL PRODUCTS, INC | UNITED STATES | FINANCIAL SERV. | — | 100.00 | 100.00 | 598,695 | 605,573 | 3,669 | 595,071 | 6,833 | ||||||||||||||||||||||||
ARIZONA KACHINA HOLDINGS, INC. | UNITED STATES | NO ACTIVITY | — | 100.00 | 100.00 | 1 | 1 | — | 1 | — | ||||||||||||||||||||||||
ASSUREX, S.A. | ARGENTINA | INSURANCE | 87.50 | 12.50 | 100.00 | 67 | 372 | 262 | 54 | 56 | ||||||||||||||||||||||||
ATREA HOMES IN SPAIN LTD | UNITED KINGDOM | NO ACTIVITY | — | 100.00 | 100.00 | — | 31 | 371 | (166 | ) | (174 | ) | ||||||||||||||||||||||
ATREA INICIATIVAS RESIDENCIALES EN INTERNET, S. A. | SPAIN | SERVICES | — | 100.00 | 100.00 | 735 | 1,719 | 940 | 1,735 | (956 | ) | |||||||||||||||||||||||
ATUEL FIDEICOMISOS, S.A. | ARGENTINA | SERVICES | — | 100.00 | 100.00 | 5,938 | 6,079 | 140 | 4,184 | 1,755 | ||||||||||||||||||||||||
AUTOMERCANTIL-COMERCIO E ALUGER DE VEICULOS AUTOM., LDA. | PORTUGAL | SERVICES | — | 100.00 | 100.00 | 7,209 | 58,502 | 49,053 | 9,914 | (465 | ) |
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% of Voting Rights | Thousands of Euros ( * ) | |||||||||||||||||||||||||||||||||
Controlled by the Bank | Investee Data | |||||||||||||||||||||||||||||||||
Profit | ||||||||||||||||||||||||||||||||||
(Loss) | ||||||||||||||||||||||||||||||||||
for the | ||||||||||||||||||||||||||||||||||
Net | Assets as | Liabilities | Period | |||||||||||||||||||||||||||||||
Carrying | of | as of | Equity | ended | ||||||||||||||||||||||||||||||
Company | Location | Activity | Direct | Indirect | Total | Amount | 31.12.07 | 31.12.07 | 31.12.07 | 31.12.07 | ||||||||||||||||||||||||
BAHIA SUR RESORT, S.C. | SPAIN | NO ACTIVITY | 99.95 | — | 99.95 | 1,436 | 1,438 | 15 | 1,423 | — | ||||||||||||||||||||||||
BANCO BILBAO VIZCAYA ARGENTARIA (PANAMA), S.A. | PANAMA | BANKING | 54.11 | 44.81 | 98.92 | 19,464 | 964,245 | 844,211 | 97,967 | 22,067 | ||||||||||||||||||||||||
BANCO BILBAO VIZCAYA ARGENTARIA (PORTUGAL), S.A. | PORTUGAL | BANKING | 9.52 | 90.48 | 100.00 | 278,916 | 6,189,940 | 5,950,880 | 218,251 | 20,809 | ||||||||||||||||||||||||
BANCO BILBAO VIZCAYA ARGENTARIA CHILE, S.A. | CHILE | BANKING | 58.36 | 9.81 | 68.17 | 289,697 | 7,963,538 | 7,460,901 | 458,131 | 44,506 | ||||||||||||||||||||||||
BANCO BILBAO VIZCAYA ARGENTARIA PUERTO RICO | PUERTO RICO | BANKING | — | 100.00 | 100.00 | 94,248 | 4,465,911 | 4,108,457 | 333,800 | 23,654 | ||||||||||||||||||||||||
BANCO BILBAO VIZCAYA ARGENTARIA URUGUAY, S.A. | URUGUAY | BANKING | 100.00 | — | 100.00 | 17,049 | 340,515 | 307,906 | 27,037 | 5,572 | ||||||||||||||||||||||||
BANCO CONTINENTAL, S.A. | PERU | BANKING | — | 92.08 | 92.08 | 415,213 | 5,623,724 | 5,172,811 | 312,486 | 138,427 | ||||||||||||||||||||||||
BANCO DE CREDITO LOCAL, S.A. | SPAIN | BANKING | 100.00 | — | 100.00 | 509,595 | 13,087,488 | 12,798,671 | 239,141 | 49,676 | ||||||||||||||||||||||||
BANCO DE PROMOCION DE NEGOCIOS, S.A. | SPAIN | BANKING | — | 99.82 | 99.82 | 15,128 | 33,455 | 267 | 32,360 | 828 | ||||||||||||||||||||||||
BANCO DEPOSITARIO BBVA, S.A. | SPAIN | BANKING | — | 100.00 | 100.00 | 1,595 | 1,986,276 | 1,894,994 | 43,758 | 47,524 | ||||||||||||||||||||||||
BANCO INDUSTRIAL DE BILBAO, S.A. | SPAIN | BANKING | — | 99.93 | 99.93 | 97,219 | 327,169 | 38,652 | 271,811 | 16,706 | ||||||||||||||||||||||||
BANCO OCCIDENTAL, S.A. | SPAIN | BANKING | 49.43 | 50.57 | 100.00 | 15,812 | 17,004 | 572 | 15,880 | 552 | ||||||||||||||||||||||||
BANCO PROVINCIAL OVERSEAS N.V. | NETHERLANDS ANTILLES | BANKING | — | 100.00 | 100.00 | 25,030 | 353,545 | 328,518 | 20,142 | 4,885 | ||||||||||||||||||||||||
BANCO PROVINCIAL S.A. — BANCO UNIVERSAL | VENEZUELA | BANKING | 1.85 | 53.75 | 55.60 | 145,846 | 6,935,275 | 6,316,583 | 342,895 | 275,797 | ||||||||||||||||||||||||
BANCOMER FINANCIAL SERVICES INC. | UNITED STATES | FINANCIAL SERV. | — | 100.00 | 100.00 | 3,508 | 3,721 | 212 | 3,404 | 105 | ||||||||||||||||||||||||
BANCOMER FOREIGN EXCHANGE INC. | UNITED STATES | FINANCIAL SERV. | — | 100.00 | 100.00 | 3,730 | 4,707 | 977 | 2,790 | 940 | ||||||||||||||||||||||||
BANCOMER PAYMENT SERVICES INC. | UNITED STATES | FINANCIAL SERV. | — | 100.00 | 100.00 | 39 | 48 | 8 | 44 | (4 | ) | |||||||||||||||||||||||
BANCOMER TRANSFER SERVICES, INC | UNITED STATES | FINANCIAL SERV. | — | 100.00 | 100.00 | 30,507 | 86,507 | 55,835 | 18,913 | 11,759 |
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ADDITIONAL INFORMATION ON CONSOLIDATED SUBSIDIARIES
COMPOSING THE BANCO BILBAO VIZCAYA ARGENTARIA GROUP
% of Voting Rights | Thousands of Euros ( * ) | |||||||||||||||||||||||||||||||||
Controlled by the Bank | Investee Data | |||||||||||||||||||||||||||||||||
Net | Assets as | Liabilities | Profit (Loss) | |||||||||||||||||||||||||||||||
Carrying | of | as of | Equity | for the Period | ||||||||||||||||||||||||||||||
Company | Location | Activity | Direct | Indirect | Total | Amount | 31.12.07 | 31.12.07 | 31.12.07 | ended 31.12.07 | ||||||||||||||||||||||||
BBV AMERICA, S.L. | SPAIN | PORTFOLIO | 100.00 | — | 100.00 | 479,328 | 508,546 | — | 472,589 | 35,957 | ||||||||||||||||||||||||
BBV SECURITIES HOLDINGS, S.A. | SPAIN | PORTFOLIO | 99.86 | 0.14 | 100.00 | 15,230 | 48,809 | 32,815 | 20,933 | (4,939 | ) | |||||||||||||||||||||||
BBVA & PARTNERS ALTERNATIVE INVESTMENT A.V., S.A. | SPAIN | SECURITIES | 70.00 | — | 70.00 | 1,331 | 8,168 | 4,002 | 3,142 | 1,024 | ||||||||||||||||||||||||
BBVA ADMINISTRADORA GENERAL DE FONDOS S.A. | CHILE | FINANCIAL SERV. | — | 100.00 | 100.00 | 18,881 | 31,452 | 12,611 | 17,120 | 1,721 | ||||||||||||||||||||||||
BBVA AMERICA FINANCE, S.A. | SPAIN | FINANCIAL SERV. | 100.00 | — | 100.00 | 100 | 50,030 | 49,985 | 92 | (47 | ) | |||||||||||||||||||||||
BBVA ASESORIAS FINANCIERAS, S.A. | CHILE | FINANCIAL SERV. | — | 98.60 | 98.60 | 14,954 | 15,908 | 772 | 13,109 | 2,027 | ||||||||||||||||||||||||
BBVA BANCO DE FINANCIACION S.A. | SPAIN | BANKING | — | 100.00 | 100.00 | 64,200 | 5,630,789 | 5,559,981 | 69,410 | 1,398 | ||||||||||||||||||||||||
BBVA BANCO FRANCES, S.A. | ARGENTINA | BANKING | 45.65 | 30.41 | 76.06 | 42,268 | 4,129,684 | 3,689,099 | 386,063 | 54,522 | ||||||||||||||||||||||||
BBVA BANCOMER ASSET MANAGEMENT INC. | UNITED STATES | FINANCIAL SERV. | — | 100.00 | 100.00 | 1 | 1 | — | 1 | — | ||||||||||||||||||||||||
BBVA BANCOMER FINANCIAL HOLDINGS, INC. | UNITED STATES | PORTFOLIO | — | 100.00 | 100.00 | 41,261 | 58,411 | 17,192 | 37,844 | 3,375 | ||||||||||||||||||||||||
BBVA BANCOMER GESTION, S.A. DE C.V. | MEXICO | FINANCIAL SERV. | — | 99.99 | 99.99 | 20,089 | 38,744 | 18,653 | 5,930 | 14,161 | ||||||||||||||||||||||||
BBVA BANCOMER HOLDINGS CORPORATION | UNITED STATES | PORTFOLIO | — | 100.00 | 100.00 | 6,955 | 6,955 | — | 4,171 | 2,784 | ||||||||||||||||||||||||
BBVA BANCOMER OPERADORA, S.A. DE C.V. | MEXICO | SERVICES | — | 100.00 | 100.00 | 10,134 | 241,076 | 230,941 | 82,791 | (72,656 | ) | |||||||||||||||||||||||
BBVA BANCOMER SERVICIOS ADMINISTRATIVOS, S.A. DE C.V. | MEXICO | FINANCIAL SERV. | — | 100.00 | 100.00 | 696 | 718 | 22 | 652 | 44 | ||||||||||||||||||||||||
BBVA BANCOMER SERVICIOS, S.A. | MEXICO | BANKING | — | 100.00 | 100.00 | 438,405 | 454,780 | 16,377 | 367,504 | 70,899 | ||||||||||||||||||||||||
BBVA BANCOMER USA | UNITED STATES | BANKING | — | 100.00 | 100.00 | 14,213 | 85,894 | 71,789 | 23,025 | (8,920 | ) | |||||||||||||||||||||||
BBVA BANCOMER, S.A. DE C.V. | MEXICO | BANKING | — | 100.00 | 100.00 | 4,878,589 | 62,313,768 | 57,435,158 | 3,569,607 | 1,309,003 | ||||||||||||||||||||||||
BBVA BROKER, CORREDURIA DE SEGUROS Y REASEGUROS, S.A. | SPAIN | SERVICES | 99.94 | 0.06 | 100.00 | 297 | 26,179 | 11,073 | 10,526 | 4,580 | ||||||||||||||||||||||||
BBVA CAPITAL FINANCE, S.A. | SPAIN | FINANCIAL SERV. | 100.00 | — | 100.00 | 60 | 1,999,018 | 1,998,817 | 172 | 29 | ||||||||||||||||||||||||
BBVA CAPITAL FUNDING, LTD. | CAYMAN ISLANDS | FINANCIAL SERV. | 100.00 | — | 100.00 | 0 | 1,155,982 | 1,154,288 | 1,614 | 80 | ||||||||||||||||||||||||
BBVA CARTERA DE INVERSIONES,SICAV, S.A. | SPAIN | VARIABLE CAPITAL | 100.00 | — | 100.00 | 118,445 | 113,320 | 137 | 109,903 | 3,280 | ||||||||||||||||||||||||
BBVA COLOMBIA, S.A. | COLOMBIA | BANKING | 76.20 | 19.23 | 95.43 | 262,058 | 5,897,729 | 5,390,318 | 394,944 | 112,467 | ||||||||||||||||||||||||
BBVA COMERCIALIZADORA LTDA. | CHILE | SERVICES | — | 100.00 | 100.00 | 7 | 149 | 142 | 150 | (143 | ) | |||||||||||||||||||||||
BBVA CONSOLIDAR SALUD S.A. | ARGENTINA | INSURANCE | 15.35 | 84.65 | 100.00 | 14,179 | 40,029 | 25,537 | 11,561 | 2,931 | ||||||||||||||||||||||||
BBVA CONSOLIDAR SEGUROS, S.A. | ARGENTINA | INSURANCE | 87.78 | 12.22 | 100.00 | 5,954 | 22,919 | 10,900 | 10,283 | 1,736 | ||||||||||||||||||||||||
BBVA CORREDORA TECNICA DE SEGUROS BHIF LTDA. | CHILE | SERVICES | — | 100.00 | 100.00 | 20,550 | 22,356 | 1,846 | 15,921 | 4,589 | ||||||||||||||||||||||||
BBVA CORREDORES DE BOLSA, S.A. | CHILE | SECURITIES | — | 100.00 | 100.00 | 23,411 | 300,841 | 277,329 | 21,370 | 2,142 | ||||||||||||||||||||||||
BBVA DINERO EXPRESS, S.A.U | SPAIN | FINANCIAL SERV. | 100.00 | — | 100.00 | 2,186 | 9,658 | 6,213 | 2,832 | 613 | ||||||||||||||||||||||||
BBVA E-COMMERCE, S.A. | SPAIN | SERVICES | 100.00 | — | 100.00 | 30,879 | 33,015 | 14 | 33,916 | (915 | ) | |||||||||||||||||||||||
BBVA FACTORING E.F.C., S.A. | SPAIN | FINANCIAL SERV. | — | 100.00 | 100.00 | 126,447 | 6,748,544 | 6,518,236 | 205,470 | 24,838 | ||||||||||||||||||||||||
BBVA FACTORING LIMITADA | CHILE | FINANCIAL SERV. | — | 100.00 | 100.00 | 3,519 | 3,864 | 350 | 3,903 | (389 | ) |
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ADDITIONAL INFORMATION ON CONSOLIDATED SUBSIDIARIES
COMPOSING THE BANCO BILBAO VIZCAYA ARGENTARIA GROUP
% of Voting Rights | Thousands of Euros ( * ) | |||||||||||||||||||||||||||||||||
Controlled by the Bank | Investee Data | |||||||||||||||||||||||||||||||||
Net | Assets as | Liabilities | Profit (Loss) | |||||||||||||||||||||||||||||||
Carrying | of | as of | Equity | for the Period | ||||||||||||||||||||||||||||||
Company | Location | Activity | Direct | Indirect | Total | Amount | 31.12.07 | 31.12.07 | 31.12.07 | ended 31.12.07 | ||||||||||||||||||||||||
BBVA FIDUCIARIA , S.A. | COLOMBIA | FINANCIAL SERV. | — | 99.99 | 99.99 | 8,284 | 9,304 | 877 | 6,588 | 1,839 | ||||||||||||||||||||||||
BBVA FINANCE (UK), LTD. | UNITED KINGDOM | FINANCIAL SERV. | — | 100.00 | 100.00 | 3,324 | 25,104 | 12,434 | 12,093 | 577 | ||||||||||||||||||||||||
BBVA FINANCE SPA. | ITALY | FINANCIAL SERV. | 100.00 | — | 100.00 | 4,648 | 5,805 | 800 | 4,958 | 47 | ||||||||||||||||||||||||
BBVA FINANCIAMIENTO AUTOMOTRIZ, S.A. | CHILE | PORTFOLIO | — | 100.00 | 100.00 | 86,170 | 86,171 | — | 77,906 | 8,265 | ||||||||||||||||||||||||
BBVA FINANZIA, S.P.A | ITALY | FINANCIAL SERV. | 50.00 | 50.00 | 100.00 | 36,465 | 371,712 | 344,827 | 32,155 | (5,270 | ) | |||||||||||||||||||||||
BBVA FUNDOS, S.G. DE FUNDOS DE PENSOES, S.A. | PORTUGAL | FINANCIAL SERV. | — | 100.00 | 100.00 | 998 | 3,851 | 558 | 1,738 | 1,555 | ||||||||||||||||||||||||
BBVA GEST, S.G. DE FUNDOS DE INVESTIMENTO MOBILIARIO, S.A. | PORTUGAL | FINANCIAL SERV. | — | 100.00 | 100.00 | 998 | 6,107 | 1,130 | 2,443 | 2,534 | ||||||||||||||||||||||||
BBVA GESTION,SOCIEDAD ANONIMA, SGIIC | SPAIN | FINANCIAL SERV. | 17.00 | 83.00 | 100.00 | 11,436 | 222,714 | 133,331 | 3,659 | 85,724 | ||||||||||||||||||||||||
BBVA GLOBAL FINANCE LTD. | CAYMAN ISLANDS | FINANCIAL SERV. | 100.00 | — | 100.00 | — | 1,391,951 | 1,388,503 | 3,225 | 223 | ||||||||||||||||||||||||
BBVA HORIZONTE PENSIONES Y CESANTIAS, S.A. | COLOMBIA | PENSIONS | 78.52 | 21.43 | 99.95 | 36,406 | 63,495 | 10,003 | 40,738 | 12,754 | ||||||||||||||||||||||||
BBVA INMOBILIARIA E INVERSIONES S.A. | CHILE | REAL EST.INSTR. | — | 68.11 | 68.11 | 4,893 | 25,668 | 18,486 | 7,968 | (786 | ) | |||||||||||||||||||||||
BBVA INSERVEX, S.A. | SPAIN | SERVICES | 100.00 | — | 100.00 | 1,205 | 3,574 | 53 | 3,166 | 355 | ||||||||||||||||||||||||
BBVA INSTITUIÇAO FINANCEI.CREDITO, S.A. | PORTUGAL | FINANCIAL SERV. | — | 100.00 | 100.00 | 43,626 | 345,313 | 310,757 | 31,608 | 2,948 | ||||||||||||||||||||||||
BBVA INTERNATIONAL INVESTMENT CORPORATION | PUERTO RICO | FINANCIAL SERV. | 100.00 | — | 100.00 | 2,769,952 | 2,026,747 | 32 | 1,478,608 | 548,107 |
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ADDITIONAL INFORMATION ON CONSOLIDATED SUBSIDIARIES
COMPOSING THE BANCO BILBAO VIZCAYA ARGENTARIA GROUP
% of Voting Rights | Thousands of Euros ( * ) | |||||||||||||||||||||||||||||||||
Controlled by the Bank | Investee Data | |||||||||||||||||||||||||||||||||
Profit | ||||||||||||||||||||||||||||||||||
(Loss) | ||||||||||||||||||||||||||||||||||
for the | ||||||||||||||||||||||||||||||||||
Net | Assets as | Liabilities | Period | |||||||||||||||||||||||||||||||
Carrying | of | as of | Equity | ended | ||||||||||||||||||||||||||||||
Company | Location | Activity | Direct | Indirect | Total | Amount | 31.12.07 | 31.12.07 | 31.12.07 | 31.12.07 | ||||||||||||||||||||||||
BBVA INTERNATIONAL LIMITED | CAYMAN ISLANDS | FINANCIAL SERV. | 100.00 | — | 100.00 | 1 | 509,592 | 506,635 | 2,529 | 428 | ||||||||||||||||||||||||
BBVA INTERNATIONAL PREFERRED, S.A.U. | SPAIN | FINANCIAL SERV. | 100.00 | — | 100.00 | 60 | 2,034,784 | 2,034,658 | 71 | 55 | ||||||||||||||||||||||||
BBVA INVERSIONES CHILE, S.A. | CHILE | PENSIONS | 33.31 | 66.69 | 100.00 | 287,107 | 396,010 | 6,357 | 357,431 | 32,222 | ||||||||||||||||||||||||
BBVA INVESTMENTS, INC. | UNITED STATES | FINANCIAL SERV. | — | 100.00 | 100.00 | 7,721 | 10,236 | 2,515 | 4,627 | 3,094 | ||||||||||||||||||||||||
BBVA IRELAND PUBLIC LIMITED COMPANY | IRELAND | FINANCIAL SERV. | 100.00 | — | 100.00 | 180,381 | 3,633,062 | 3,332,288 | 284,900 | 15,874 | ||||||||||||||||||||||||
BBVA LEASIMO — SOCIEDADE DE LOCACAO FINANCEIRA, S.A. | PORTUGAL | FINANCIAL SERV. | — | 100.00 | 100.00 | 11,576 | 55,374 | 45,152 | 9,427 | 795 | ||||||||||||||||||||||||
BBVA LUXINVEST, S.A. | LUXEMBOURG | PORTFOLIO | 36.00 | 64.00 | 100.00 | 255,843 | 1,565,479 | 67,703 | 1,379,235 | 118,541 | ||||||||||||||||||||||||
BBVA NOMINEES LIMITED | UNITED KINGDOM | SERVICES | 100.00 | — | 100.00 | — | 1 | — | 1 | — | ||||||||||||||||||||||||
BBVA PARAGUAY, S.A. | PARAGUAY | BANKING | 99.99 | — | 99.99 | 22,598 | 461,538 | 416,917 | 28,835 | 15,786 | ||||||||||||||||||||||||
BBVA PARTICIPACIONES INTERNACIONAL, S.L. | SPAIN | PORTFOLIO | 92.69 | 7.31 | 100.00 | 273,365 | 333,220 | 1,431 | 325,493 | 6,296 | ||||||||||||||||||||||||
BBVA PATRIMONIOS GESTORA SGIIC, S.A. | SPAIN | FINANCIAL SERV. | 99.98 | 0.02 | 100.00 | 3,907 | 51,232 | 2,502 | 40,142 | 8,588 | ||||||||||||||||||||||||
BBVA PENSIONES, SA, ENTIDAD GESTORA DE FONDOS DE PENSIONES | SPAIN | PENSIONS | 100.00 | — | 100.00 | 12,922 | 73,153 | 33,156 | 25,938 | 14,059 | ||||||||||||||||||||||||
BBVA PLANIFICACION PATRIMONIAL, S.L. | SPAIN | FINANCIAL SERV. | 80.00 | 20.00 | 100.00 | 1 | 491 | 5 | 472 | 14 | ||||||||||||||||||||||||
BBVA PRIVANZA (JERSEY), LTD. | CHANNEL ISLANDS | NO ACTIVITY | — | 100.00 | 100.00 | 20,610 | 23,815 | 34 | 19,261 | 4,520 | ||||||||||||||||||||||||
BBVA PUERTO RICO HOLDING CORPORATION | PUERTO RICO | PORTFOLIO | 100.00 | — | 100.00 | 255,804 | 94,749 | 4 | 94,799 | (54 | ) | |||||||||||||||||||||||
BBVA RE LIMITED | IRELAND | INSURANCE | — | 100.00 | 100.00 | 656 | 43,237 | 30,190 | 10,163 | 2,884 | ||||||||||||||||||||||||
BBVA RENTING, S.A. | SPAIN | FINANCIAL SERV. | — | 100.00 | 100.00 | 20,976 | 760,048 | 669,250 | 81,980 | 8,818 | ||||||||||||||||||||||||
BBVA RENTING, SPA | ITALY | SERVICES | — | 100.00 | 100.00 | 9,745 | 68,417 | 64,370 | 11,266 | (7,219 | ) | |||||||||||||||||||||||
BBVA RESEARCH, S.A. | SPAIN | FINANCIAL SERV. | 99.99 | 0.01 | 100.00 | 501 | 4,240 | 3,314 | 816 | 110 | ||||||||||||||||||||||||
BBVA SECURITIES HOLDINGS (UK) LIMITED | UNITED KINGDOM | NO ACTIVITY | — | 100.00 | 100.00 | — | 5,339 | 5,604 | 64 | (329 | ) | |||||||||||||||||||||||
BBVA SECURITIES INC. | UNITED STATES | FINANCIAL SERV. | — | 100.00 | 100.00 | 30,102 | 24,062 | 4,321 | 22,895 | (3,154 | ) | |||||||||||||||||||||||
BBVA SECURITIES LTD. | UNITED KINGDOM | NO ACTIVITY | — | 100.00 | 100.00 | 2,966 | 8,651 | 2,710 | 6,101 | (160 | ) | |||||||||||||||||||||||
BBVA SECURITIES OF PUERTO RICO, INC. | PUERTO RICO | FINANCIAL SERV. | 100.00 | — | 100.00 | 4,726 | 6,269 | 1,737 | 3,926 | 606 | ||||||||||||||||||||||||
BBVA SEGUROS COLOMBIA , S.A. | COLOMBIA | INSURANCE | 94.00 | 6.00 | 100.00 | 9,259 | 35,361 | 23,674 | 10,783 | 904 | ||||||||||||||||||||||||
BBVA SEGUROS DE VIDA COLOMBIA, S.A. | COLOMBIA | INSURANCE | 94.00 | 6.00 | 100.00 | 13,242 | 116,141 | 86,469 | 26,652 | 3,020 | ||||||||||||||||||||||||
BBVA SEGUROS DE VIDA, S.A. | CHILE | INSURANCE | — | 100.00 | 100.00 | 27,781 | 240,267 | 212,486 | 25,709 | 2,072 | ||||||||||||||||||||||||
BBVA SEGUROS INC. | PUERTO RICO | SERVICES | — | 100.00 | 100.00 | 170 | 3,273 | 576 | 1,629 | 1,068 | ||||||||||||||||||||||||
BBVA SEGUROS, S.A. | SPAIN | INSURANCE | 94.30 | 5.64 | 99.94 | 414,520 | 11,620,427 | 10,670,871 | 717,214 | 232,342 | ||||||||||||||||||||||||
BBVA SENIOR FINANCE, S.A.U. | SPAIN | FINANCIAL SERV. | 100.00 | — | 100.00 | 60 | 17,575,744 | 17,575,365 | 341 | 38 | ||||||||||||||||||||||||
BBVA SERVICIOS, S.A. | SPAIN | SERVICES | — | 100.00 | 100.00 | 354 | 8,765 | 1,985 | 1,184 | 5,596 | ||||||||||||||||||||||||
BBVA SOCIEDAD LEASING HABITACIONAL BHIF | CHILE | FINANCIAL SERV. | — | 97.48 | 97.48 | 9,779 | 34,819 | 24,835 | 9,437 | 547 |
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ADDITIONAL INFORMATION ON CONSOLIDATED SUBSIDIARIES
COMPOSING THE BANCO BILBAO VIZCAYA ARGENTARIA GROUP
% of Voting Rights | Thousands of Euros ( * ) | |||||||||||||||||||||||||||||||||
Controlled by the Bank | Investee Data | |||||||||||||||||||||||||||||||||
Profit | ||||||||||||||||||||||||||||||||||
(Loss) | ||||||||||||||||||||||||||||||||||
for the | ||||||||||||||||||||||||||||||||||
Net | Assets as | Liabilities | Period | |||||||||||||||||||||||||||||||
Carrying | of | as of | Equity | ended | ||||||||||||||||||||||||||||||
Company | Location | Activity | Direct | Indirect | Total | Amount | 31.12.07 | 31.12.07 | 31.12.07 | 31.12.07 | ||||||||||||||||||||||||
BBVA SUBORDINATED CAPITAL S.A.U. | SPAIN | FINANCIAL SERV. | 100.00 | — | 100.00 | 130 | 4,093,376 | 4,093,051 | 200 | 125 | ||||||||||||||||||||||||
BBVA SUIZA, S.A. (BBVA SWITZERLAND) | SUIZA | BANKING | 39.72 | 60.28 | 100.00 | 53,121 | 530,336 | 266,107 | 239,059 | 25,170 | ||||||||||||||||||||||||
BBVA TRADE, S.A. | SPAIN | SERVICES | — | 100.00 | 100.00 | 4,910 | 24,726 | 19,822 | 2,513 | 2,391 | ||||||||||||||||||||||||
BBVA U.S.SENIOR S.A.U. | SPAIN | FINANCIAL SERV. | 100.00 | — | 100.00 | 132 | 5,649,735 | 5,649,551 | 40 | 144 | ||||||||||||||||||||||||
BBVA USA BANCSHARES, INC | UNITED STATES | PORTFOLIO | 100.00 | — | 100.00 | 9,428,287 | 9,126,996 | 1,544 | 8,958,711 | 166,741 | ||||||||||||||||||||||||
BBVA USA, INC. | UNITED STATES | SERVICES | — | 100.00 | 100.00 | 10,483 | 13,004 | 2,520 | 18,143 | (7,659 | ) | |||||||||||||||||||||||
BBVA VALORES COLOMBIA, S.A. COMISIONISTA DE BOLSA | COLOMBIA | SECURITIES | — | 100.00 | 100.00 | 3,386 | 4,119 | 593 | 2,742 | 784 | ||||||||||||||||||||||||
BCL INTERNATIONAL FINANCE, LTD. | CAYMAN ISLANDS | FINANCIAL SERV. | — | 100.00 | 100.00 | — | 127,447 | 127,432 | 24 | (9 | ) | |||||||||||||||||||||||
BEX AMERICA FINANCE INCORPORATED | UNITED STATES | NO ACTIVITY | 100.00 | — | 100.00 | — | 1 | 1 | — | — | ||||||||||||||||||||||||
BEXCARTERA, SICAV S.A. | SPAIN | NO ACTIVITY | — | 80.78 | 80.78 | 9,352 | 13,526 | 72 | 13,454 | — | ||||||||||||||||||||||||
BIBJ MANAGEMENT, LTD. | CHANNEL ISLANDS | NO ACTIVITY | — | 100.00 | 100.00 | — | — | — | — | — | ||||||||||||||||||||||||
BIBJ NOMINEES, LTD. | CHANNEL ISLANDS | NO ACTIVITY | — | 100.00 | 100.00 | — | — | — | — | — | ||||||||||||||||||||||||
BILBAO VIZCAYA AMERICA B.V. | NETHERLANDS | PORTFOLIO | — | 100.00 | 100.00 | 380,203 | 380,227 | 850 | 327,130 | 52,247 | ||||||||||||||||||||||||
BILBAO VIZCAYA HOLDING, S.A. | SPAIN | PORTFOLIO | 89.00 | 11.00 | 100.00 | 34,771 | 172,212 | 528 | 123,208 | 48,476 |
F-157
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ADDITIONAL INFORMATION ON CONSOLIDATED SUBSIDIARIES
COMPOSING THE BANCO BILBAO VIZCAYA ARGENTARIA GROUP
% of Voting Rights | Thousands of Euros ( * ) | |||||||||||||||||||||||||||||||||
Controlled by the Bank | Investee Data | |||||||||||||||||||||||||||||||||
Profit | ||||||||||||||||||||||||||||||||||
(Loss) | ||||||||||||||||||||||||||||||||||
for the | ||||||||||||||||||||||||||||||||||
Net | Assets as | Liabilities | Period | |||||||||||||||||||||||||||||||
Carrying | of | as of | Equity | ended | ||||||||||||||||||||||||||||||
Company | Location | Activity | Direct | Indirect | Total | Amount | 31.12.07 | 31.12.07 | 31.12.07 | 31.12.07 | ||||||||||||||||||||||||
BLUE INDICO INVESTMENTS, S.L. | SPAIN | PORTFOLIO | 99.99 | 0.01 | 100.00 | 18,214 | 56,266 | 6,400 | 2,116 | 47,750 | ||||||||||||||||||||||||
BLUE VISTA PLATAFORMA DE EMISION DE NUEVOS MEDIOS, S.L. | SPAIN | SERVICES | — | 70.00 | 70.00 | 161 | 289 | 73 | 230 | (14 | ) | |||||||||||||||||||||||
BROOKLINE INVESTMENTS,S.L. | SPAIN | PORTFOLIO | 100.00 | — | 100.00 | 33,969 | 32,395 | 497 | 31,919 | (21 | ) | |||||||||||||||||||||||
C B TRANSPORT, INC. | UNITED STATES | SERVICES | — | 100.00 | 100.00 | 11,573 | 14,232 | 2,658 | 11,965 | (391 | ) | |||||||||||||||||||||||
CANAL COMPANY, LTD. | CHANNEL ISLANDS | NO ACTIVITY | — | 100.00 | 100.00 | 34 | 1,005 | 10 | 960 | 35 | ||||||||||||||||||||||||
CANAL INTERNATIONAL HOLDING (NETHERLANDS) BV. | NETHERLANDS | NO ACTIVITY | — | 100.00 | 100.00 | 494 | 54 | 1 | 65 | (12 | ) | |||||||||||||||||||||||
CAPITAL INVESTMENT COUNSEL, INC. | UNITED STATES | FINANCIAL SERV. | — | 100.00 | 100.00 | 15,434 | 18,031 | 2,596 | 15,031 | 404 | ||||||||||||||||||||||||
CARTERA E INVERSIONES S.A., CIA DE | SPAIN | PORTFOLIO | 100.00 | — | 100.00 | 60,541 | 108,835 | 44,342 | 63,500 | 993 | ||||||||||||||||||||||||
CASA DE BOLSA BBVA BANCOMER, S.A. DE C.V. | MEXICO | FINANCIAL SERV. | — | 100.00 | 100.00 | 53,529 | 62,907 | 9,376 | 22,354 | 31,177 | ||||||||||||||||||||||||
CASA DE CAMBIO MULTIDIVISAS, S.A DE C.V. | MEXICO | NO ACTIVITY | — | 100.00 | 100.00 | 172 | 172 | — | 170 | 2 | ||||||||||||||||||||||||
CENTRAL BANK OF THE SOUTH | UNITED STATES | BANKING | — | 100.00 | 100.00 | 1,079 | 3,484 | 2,405 | 1,053 | 26 | ||||||||||||||||||||||||
CIA. GLOBAL DE MANDATOS Y REPRESENTACIONES, S.A. | URUGUAY | NO ACTIVITY | — | 100.00 | 100.00 | 108 | 170 | 2 | 168 | 0 | ||||||||||||||||||||||||
CIDESSA DOS, S.L. | SPAIN | PORTFOLIO | — | 100.00 | 100.00 | 11,554 | 11,716 | 114 | 11,243 | 359 | ||||||||||||||||||||||||
CIDESSA UNO, S.L. | SPAIN | PORTFOLIO | — | 100.00 | 100.00 | 4,754 | 397,056 | 108 | 197,077 | 199,871 | ||||||||||||||||||||||||
CIERVANA, S.L. | SPAIN | PORTFOLIO | 100.00 | — | 100.00 | 53,164 | 56,826 | 189 | 54,797 | 1,840 | ||||||||||||||||||||||||
COMERCIALIZADORA CORPORATIVA SAC | PERU | FINANCIAL SERV. | — | 99.99 | 99.99 | 8 | 44 | 37 | 115 | (108 | ) | |||||||||||||||||||||||
COMPASS ARIZONA ACQUISITION, CORP. | UNITED STATES | NO ACTIVITY | — | 100.00 | 100.00 | 1 | 1 | — | 1 | — | ||||||||||||||||||||||||
COMPASS ASSET ACCEPTANCE COMPANY, LLC | UNITED STATES | FINANCIAL SERV. | — | 100.00 | 100.00 | 308,448 | 308,801 | 128 | 311,748 | (3,075 | ) | |||||||||||||||||||||||
COMPASS AUTO RECEIVABLES CORPORATION | UNITED STATES | FINANCIAL SERV. | — | 100.00 | 100.00 | 2,841 | 2,942 | 101 | 2,842 | (1 | ) | |||||||||||||||||||||||
COMPASS BANCSHARES, INC. | UNITED STATES | PORTFOLIO | — | 100.00 | 100.00 | 9,094,107 | 9,407,985 | 303,916 | 8,931,451 | 172,618 | ||||||||||||||||||||||||
COMPASS BANK | UNITED STATES | BANKING | — | 100.00 | 100.00 | 6,567,403 | 30,907,692 | 24,325,856 | 6,511,757 | 70,079 | ||||||||||||||||||||||||
COMPASS BROKERAGE, INC. | UNITED STATES | FINANCIAL SERV. | — | 100.00 | 100.00 | 17,199 | 19,235 | 2,036 | 15,809 | 1,390 | ||||||||||||||||||||||||
COMPASS CAPITAL MARKETS, INC. | UNITED STATES | FINANCIAL SERV. | — | 100.00 | 100.00 | 4,774,478 | 4,774,479 | — | 4,715,514 | 58,965 | ||||||||||||||||||||||||
COMPASS CONSULTING & BENEFITS, INC | UNITED STATES | SERVICES | — | 100.00 | 100.00 | 10,899 | 11,212 | 312 | 10,599 | 301 | ||||||||||||||||||||||||
COMPASS CUSTODIAL SERVICES, INC. | UNITED STATES | NO ACTIVITY | — | 100.00 | 100.00 | 1 | 1 | — | 1 | — | ||||||||||||||||||||||||
COMPASS FIDUCIARY SERVICES, LTD., INC. | UNITED STATES | NO ACTIVITY | — | 100.00 | 100.00 | 9 | 11 | 2 | 9 | — | ||||||||||||||||||||||||
COMPASS FINANCIAL CORPORATION | UNITED STATES | FINANCIAL SERV. | — | 100.00 | 100.00 | 8,412 | 49,424 | 41,013 | 8,891 | (480 | ) | |||||||||||||||||||||||
COMPASS GP,INC. | UNITED STATES | PORTFOLIO | — | 100.00 | 100.00 | 30,083 | 38,234 | 8,152 | 29,793 | 289 | ||||||||||||||||||||||||
COMPASS INDEMNITY CORPORATION | UNITED STATES | SERVICES | — | 100.00 | 100.00 | 61,940 | 62,574 | 544 | 61,372 | 658 | ||||||||||||||||||||||||
COMPASS INSURANCE AGENCY, INC | UNITED STATES | SERVICES | — | 100.00 | 100.00 | 102,831 | 120,547 | 17,716 | 101,078 | 1,753 | ||||||||||||||||||||||||
COMPASS INVESTMENTS, INC. | UNITED STATES | NO ACTIVITY | — | 100.00 | 100.00 | 1 | 1 | — | 1 | — |
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ADDITIONAL INFORMATION ON CONSOLIDATED SUBSIDIARIES
COMPOSING THE BANCO BILBAO VIZCAYA ARGENTARIA GROUP
% of Voting Rights | Thousands of Euros ( * ) | |||||||||||||||||||||||||||||||||
Controlled by the Bank | Investee Data | |||||||||||||||||||||||||||||||||
Profit | ||||||||||||||||||||||||||||||||||
(Loss) | ||||||||||||||||||||||||||||||||||
for the | ||||||||||||||||||||||||||||||||||
Net | Assets as | Liabilities | Period | |||||||||||||||||||||||||||||||
Carrying | of | as of | Equity | ended | ||||||||||||||||||||||||||||||
Company | Location | Activity | Direct | Indirect | Total | Amount | 31.12.07 | 31.12.07 | 31.12.07 | 31.12.07 | ||||||||||||||||||||||||
COMPASS LIMITED PARTNER, INC. | UNITED STATES | PORTFOLIO | — | 100.00 | 100.00 | 4,145,699 | 4,145,777 | 77 | 4,093,857 | 51,843 | ||||||||||||||||||||||||
COMPASS LOAN HOLDINGS TRS, INC. | UNITED STATES | FINANCIAL SERV. | — | 100.00 | 100.00 | 52,215 | 53,941 | 1,727 | 51,824 | 390 | ||||||||||||||||||||||||
COMPASS MORTAGE CORPORATION | UNITED STATES | FINANCIAL SERV. | — | 100.00 | 100.00 | 1,682,285 | 1,683,514 | 1,229 | 1,659,817 | 22,468 | ||||||||||||||||||||||||
COMPASS MORTGAGE FINANCING, INC. | UNITED STATES | FINANCIAL SERV. | — | 100.00 | 100.00 | 24 | 24 | — | 24 | — | ||||||||||||||||||||||||
COMPASS MULTISTATE SERVICES CORPORATION | UNITED STATES | SERVICES | — | 100.00 | 100.00 | 2,548 | 2,856 | 309 | 2,547 | — | ||||||||||||||||||||||||
COMPASS SECURITIES, INC. | UNITED STATES | NO ACTIVITY | — | 100.00 | 100.00 | 1 | 1 | — | 1 | — | ||||||||||||||||||||||||
COMPASS SOUTHWEST, LP | UNITED STATES | BANKING | — | 100.00 | 100.00 | 3,390,171 | 3,421,433 | 24,532 | 3,354,708 | 42,193 | ||||||||||||||||||||||||
COMPASS TEXAS ACQUISITION CORPORATION | UNITED STATES | PORTFOLIO | — | 100.00 | 100.00 | 1,538 | 1,555 | 17 | 1,538 | — | ||||||||||||||||||||||||
COMPASS TEXAS MORTGAGE FINANCING, INC | UNITED STATES | FINANCIAL SERV. | — | 100.00 | 100.00 | 24 | 24 | — | 24 | — | ||||||||||||||||||||||||
COMPASS TRUST I | UNITED STATES | NO ACTIVITY | — | 100.00 | 100.00 | — | — | — | 32 | (32 | ) | |||||||||||||||||||||||
COMPASS TRUST III | UNITED STATES | NO ACTIVITY | — | 100.00 | 100.00 | — | — | — | 91 | (91 | ) | |||||||||||||||||||||||
COMPASS UNDERWRITERS, INC. | UNITED STATES | INSURANCE | — | 100.00 | 100.00 | 134 | 137 | 3 | 133 | 1 | ||||||||||||||||||||||||
COMPASS WEALTH MANAGERS COMPANY | UNITED STATES | NO ACTIVITY | — | 100.00 | 100.00 | 1 | 1 | — | 1 | — | ||||||||||||||||||||||||
COMPAÑIA CHILENA DE INVERSIONES, S.L. | SPAIN | PORTFOLIO | 100.00 | — | 100.00 | 232,977 | 173,294 | 2,180 | 171,206 | (92 | ) |
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ADDITIONAL INFORMATION ON CONSOLIDATED SUBSIDIARIES
COMPOSING THE BANCO BILBAO VIZCAYA ARGENTARIA GROUP
% of Voting Rights | Thousands of Euros ( * ) | |||||||||||||||||||||||||||||||||||
Controlled by the Bank | Investee Data | |||||||||||||||||||||||||||||||||||
Profit | ||||||||||||||||||||||||||||||||||||
(Loss) | ||||||||||||||||||||||||||||||||||||
for the | ||||||||||||||||||||||||||||||||||||
Net | Assets | Liabilities | Period | |||||||||||||||||||||||||||||||||
Carrying | as of | as of | Equity | ended | ||||||||||||||||||||||||||||||||
Company | Location | Activity | Direct | Indirect | Total | Amount | 31.12.07 | 31.12.07 | 31.12.07 | 31.12.07 | ||||||||||||||||||||||||||
CONSOLIDAR A.F.J.P., S.A. | ARGENTINA | PENSIONS | 46.11 | 53.89 | 100.00 | 58,524 | 81,540 | 22,257 | 56,503 | 2,780 | ||||||||||||||||||||||||||
CONSOLIDAR ASEGURADORA DE RIESGOS DEL TRABAJO, S.A. | ARGENTINA | INSURANCE | 87.50 | 12.50 | 100.00 | 33,253 | 148,289 | 107,295 | 36,741 | 4,253 | ||||||||||||||||||||||||||
CONSOLIDAR CIA. DE SEGUROS DE RETIRO, S.A. | ARGENTINA | INSURANCE | 33.33 | 66.67 | 100.00 | 12,639 | 478,538 | 459,584 | 13,498 | 5,456 | ||||||||||||||||||||||||||
CONSOLIDAR CIA. DE SEGUROS DE VIDA, S.A. | ARGENTINA | INSURANCE | 34.04 | 65.96 | 100.00 | 27,285 | 71,785 | 29,109 | 27,311 | 15,365 | ||||||||||||||||||||||||||
CONSOLIDAR COMERCIALIZADORA, S.A. | ARGENTINA | SERVICES | — | 100.00 | 100.00 | 112 | 2,483 | 2,372 | 271 | (160 | ) | |||||||||||||||||||||||||
CONSULTORES DE PENSIONES BBV, S.A. | SPAIN | PENSIONS | — | 100.00 | 100.00 | 175 | 811 | — | 781 | 30 | ||||||||||||||||||||||||||
CONTINENTAL BOLSA, SDAD. AGENTE DE BOLSA S.A. | PERU | SECURITIES | — | 100.00 | 100.00 | 3,058 | 5,972 | 2,913 | 1,973 | 1,086 | ||||||||||||||||||||||||||
CONTINENTAL S.A. SOCIEDAD ADMINISTRADORA DE FONDOS | PERU | FINANCIAL SERV. | — | 100.00 | 100.00 | 5,140 | 5,719 | 577 | 4,554 | 588 | ||||||||||||||||||||||||||
CONTINENTAL SOCIEDAD TITULIZADORA, S.A. | PERU | SERVICES | — | 100.00 | 100.00 | 705 | 728 | 22 | 685 | 21 | ||||||||||||||||||||||||||
CONTRATACION DE PERSONAL, S.A. DE C.V. | MEXICO | SERVICES | — | 100.00 | 100.00 | 587 | 7,810 | 7,224 | 82 | 504 | ||||||||||||||||||||||||||
CORPORACION DE ALIMENTACION Y BEBIDAS, S.A. | SPAIN | PORTFOLIO | — | 100.00 | 100.00 | 138,508 | 159,075 | 1,588 | 153,370 | 4,117 | ||||||||||||||||||||||||||
CORPORACION GENERAL FINANCIERA, S.A. | SPAIN | PORTFOLIO | 100.00 | — | 100.00 | 452,432 | 1,310,595 | 30,193 | 1,076,009 | 204,393 | ||||||||||||||||||||||||||
CORPORACION INDUSTRIAL Y DE SERVICIOS, S.L. | SPAIN | PORTFOLIO | — | 100.00 | 100.00 | 1,251 | 5,436 | 566 | 4,746 | 124 | ||||||||||||||||||||||||||
DESARROLLADORA Y VENDEDORA DE CASAS, S.A. DE C.V. | MEXICO | REAL EST.INSTR. | — | 100.00 | 100.00 | 26 | 30 | 4 | 33 | (7 | ) | |||||||||||||||||||||||||
DESARROLLO URBANISTICO DE CHAMARTIN, S.A. | SPAIN | REAL ESTATE | — | 72.50 | 72.50 | 29,673 | 60,060 | 17,893 | 42,151 | 16 | ||||||||||||||||||||||||||
DESITEL TECNOLOGIA Y SISTEMAS, S.A. DE C.V. | MEXICO | SERVICES | — | 100.00 | 100.00 | 1,401 | 1,481 | 80 | 1,368 | 33 | ||||||||||||||||||||||||||
DEUSTO, S.A. DE INVERSION MOBILIARIA | SPAIN | PORTFOLIO | — | 100.00 | 100.00 | 11,491 | 11,492 | — | 11,005 | 487 | ||||||||||||||||||||||||||
DINERO EXPRESS SERVICIOS GLOBALES, S.A. | SPAIN | FINANCIAL SERV. | 100.00 | — | 100.00 | 10,421 | 20,925 | 14,519 | 13,228 | (6,822 | ) | |||||||||||||||||||||||||
EL ENCINAR METROPOLITANO, S.A. | SPAIN | REAL ESTATE | — | 98.90 | 98.90 | 5,525 | 9,264 | 3,526 | 5,181 | 557 | ||||||||||||||||||||||||||
EL OASIS DE LAS RAMBLAS, S.L. | SPAIN | REAL ESTATE | — | 70.00 | 70.00 | 167 | 691 | 553 | 128 | 10 | ||||||||||||||||||||||||||
ELANCHOVE, S.A. | SPAIN | PORTFOLIO | 100.00 | — | 100.00 | 1,500 | 3,878 | 1,464 | 2,450 | (36 | ) | |||||||||||||||||||||||||
EMPRESA INSTANT CREDIT, C.A. | VENEZUELA | NO ACTIVITY | — | 100.00 | 100.00 | — | — | — | — | — | ||||||||||||||||||||||||||
ESPANHOLA COMERCIAL E SERVIÇOS, LTDA. | BRAZIL | FINANCIAL SERV. | 100.00 | — | 100.00 | — | 881 | 1,639 | 3,651 | (4,409 | ) | |||||||||||||||||||||||||
ESTACION DE AUTOBUSES CHAMARTIN, S.A. | SPAIN | SERVICES | — | 51.00 | 51.00 | 31 | 31 | — | 31 | — | ||||||||||||||||||||||||||
EUROPEA DE TITULIZACION, S.A., SDAD.GEST.DE FDOS.DE TITUL. | SPAIN | FINANCIAL SERV. | 82.97 | 0.00 | 82.97 | 1,506 | 6,941 | 779 | 3,096 | 3,066 | ||||||||||||||||||||||||||
EURORISK, S.A. | SPAIN | FINANCIAL SERV. | — | 100.00 | 100.00 | 60 | 82,948 | 76,972 | 1,459 | 4,517 | ||||||||||||||||||||||||||
EXPLOTACIONES AGROPECUARIAS VALDELAYEGUA, S.A. | SPAIN | REAL ESTATE | — | 100.00 | 100.00 | 9,383 | 9,357 | (4 | ) | 9,995 | (634 | ) | ||||||||||||||||||||||||
FIDEICOMISO 29764-8 SOCIO LIQUIDADOR POSICION DE TERCEROS | MEXICO | FINANCIAL SERV. | — | 100.00 | 100.00 | 18,501 | 18,691 | 190 | 17,035 | 1,466 | ||||||||||||||||||||||||||
FIDEICOMISO 474031 MANEJO DE GARANTIAS | MEXICO | SERVICES | — | 100.00 | 100.00 | 2 | 2 | — | 2 | — | ||||||||||||||||||||||||||
FIDEICOMISO BBVA BANCOMER SERVICIOS Nº F/47433-8, S.A. | MEXICO | SERVICES | — | 100.00 | 100.00 | 29,583 | 50,478 | 20,895 | 19,372 | 10,211 | ||||||||||||||||||||||||||
FIDEICOMISO INVEX 1a EMISION | MEXICO | FINANCIAL SERV. | — | 100.00 | 100.00 | — | 165,724 | 167,963 | 161 | (2,400 | ) |
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ADDITIONAL INFORMATION ON CONSOLIDATED SUBSIDIARIES
COMPOSING THE BANCO BILBAO VIZCAYA ARGENTARIA GROUP
% of Voting Rights | Thousands of Euros ( * ) | |||||||||||||||||||||||||||||||||||
Controlled by the Bank | Investee Data | |||||||||||||||||||||||||||||||||||
Profit | ||||||||||||||||||||||||||||||||||||
(Loss) | ||||||||||||||||||||||||||||||||||||
for the | ||||||||||||||||||||||||||||||||||||
Net | Assets | Liabilities | Period | |||||||||||||||||||||||||||||||||
Carrying | as of | as of | Equity | ended | ||||||||||||||||||||||||||||||||
Company | Location | Activity | Direct | Indirect | Total | Amount | 31.12.07 | 31.12.07 | 31.12.07 | 31.12.07 | ||||||||||||||||||||||||||
FIDEICOMISO INVEX 228 | MEXICO | FINANCIAL SERV. | — | 100.00 | 100.00 | — | 20,200 | 20,199 | 1 | — | ||||||||||||||||||||||||||
FIDEICOMISO INVEX 367 | MEXICO | FINANCIAL SERV. | — | 100.00 | 100.00 | — | 35,245 | 35,245 | — | — | ||||||||||||||||||||||||||
FIDEICOMISO INVEX 393 | MEXICO | FINANCIAL SERV. | — | 100.00 | 100.00 | — | 32,117 | 32,118 | (1 | ) | — | |||||||||||||||||||||||||
FIDEICOMISO INVEX 411 | MEXICO | FINANCIAL SERV. | — | 100.00 | 100.00 | — | 20,912 | 20,912 | — | — | ||||||||||||||||||||||||||
FIDEICOMISO Nº.402900-5 ADMINISTRACION DE INMUEBLES | MEXICO | SERVICES | — | 100.00 | 100.00 | 689 | — | — | — | — | ||||||||||||||||||||||||||
FIDEICOMISO SOCIO LIQUIDADOR DE OP.FINANC.DERIVADAS | MEXICO | FINANCIAL SERV. | — | 100.00 | 100.00 | 12,187 | 12,306 | 121 | 10,903 | 1,282 | ||||||||||||||||||||||||||
FINANCEIRA DO COMERCIO EXTERIOR S.A.R. | PORTUGAL | NO ACTIVITY | 100.00 | — | 100.00 | 51 | 44 | — | 45 | (1 | ) | |||||||||||||||||||||||||
FINANCIERA AYUDAMOS S.A. DE C.V., SOFOMER | MEXICO | FINANCIAL SERV. | — | 100.00 | 100.00 | 2,900 | 3,181 | 281 | 3,218 | (318 | ) | |||||||||||||||||||||||||
FINANCIERA ESPAÑOLA, S.A. | SPAIN | PORTFOLIO | 85.85 | 14.15 | 100.00 | 4,522 | 6,613 | — | 4,879 | 1,734 | ||||||||||||||||||||||||||
FINANZIA AUTORENTING, S.A. | SPAIN | SERVICES | — | 88.32 | 88.32 | 22,561 | 670,226 | 640,224 | 37,032 | (7,030 | ) | |||||||||||||||||||||||||
FINANZIA, BANCO DE CREDITO, S.A. | SPAIN | BANKING | — | 100.00 | 100.00 | 56,203 | 6,356,261 | 6,190,607 | 160,470 | 5,184 | ||||||||||||||||||||||||||
FIRS TIER CORPORATION | UNITED STATES | NO ACTIVITY | — | 100.00 | 100.00 | 1 | 1 | — | 1 | — | ||||||||||||||||||||||||||
FRANCES ADMINISTRADORA DE INVERSIONES, S.A. G.F.C.INVERS. | ARGENTINA | FINANCIAL SERV. | — | 100.00 | 100.00 | 5,534 | 9,237 | 3,701 | 3,762 | 1,774 | ||||||||||||||||||||||||||
FRANCES VALORES SOCIEDAD DE BOLSA, S.A. | ARGENTINA | FINANCIAL SERV. | — | 100.00 | 100.00 | 2,002 | 2,769 | 767 | 1,228 | 774 | ||||||||||||||||||||||||||
FUTURO FAMILIAR, S.A. DE C.V. | MEXICO | SERVICES | — | 100.00 | 100.00 | 178 | 406 | 229 | 137 | 40 | ||||||||||||||||||||||||||
FW CAPITAL I | UNITED STATES | NO ACTIVITY | — | 100.00 | 100.00 | 1 | 1 | — | 1 | — |
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ADDITIONAL INFORMATION ON CONSOLIDATED SUBSIDIARIES
COMPOSING THE BANCO BILBAO VIZCAYA ARGENTARIA GROUP
% of Voting Rights | Thousands of Euros ( * ) | |||||||||||||||||||||||||||||||||||
Controlled by the Bank | Investee Data | |||||||||||||||||||||||||||||||||||
Profit (Loss) for | ||||||||||||||||||||||||||||||||||||
Net | Assets as | Liabilities as | the | |||||||||||||||||||||||||||||||||
Carrying | of | of | Equity | Period ended | ||||||||||||||||||||||||||||||||
Company | Location | Activity | Direct | Indirect | Total | Amount | 31.12.07 | 31.12.07 | 31.12.07 | 31.12.07 | ||||||||||||||||||||||||||
GENTE BBVA, S.A. | CHILE | FINANCIAL SERV. | — | 100.00 | 100.00 | 15 | 6,544 | 6,529 | 148 | (133 | ) | |||||||||||||||||||||||||
GESTION DE PREVISION Y PENSIONES, S.A. | SPAIN | PENSIONS | 60.00 | — | 60.00 | 8,830 | 27,692 | 2,043 | 20,861 | 4,788 | ||||||||||||||||||||||||||
GESTION Y ADMINISTRACION DE RECIBOS, S.A. | SPAIN | SERVICES | — | 100.00 | 100.00 | 150 | 1,711 | 529 | 715 | 467 | ||||||||||||||||||||||||||
GOBERNALIA GLOBAL NET, S.A. | SPAIN | SERVICES | 99.94 | 0.06 | 100.00 | 1,250 | 2,471 | 1,074 | 1,345 | 52 | ||||||||||||||||||||||||||
GRAN JORGE JUAN, S.A. | SPAIN | REAL ESTATE | 100.00 | — | 100.00 | 110,115 | 511,514 | 409,598 | 110,119 | (8,203 | ) | |||||||||||||||||||||||||
GRANFIDUCIARIA | COLOMBIA | FINANCIAL SERV. | — | 90.00 | 90.00 | — | 289 | 124 | 208 | (43 | ) | |||||||||||||||||||||||||
GRELAR GALICIA, S.A. | SPAIN | PORTFOLIO | — | 100.00 | 100.00 | 4,500 | 4,499 | — | 4,330 | 169 | ||||||||||||||||||||||||||
GRUPO FINANCIERO BBVA BANCOMER, S.A. DE C.V. | MEXICO | FINANCIAL SERV. | 48.97 | 51.00 | 99.97 | 5,934,377 | 6,298,856 | 324 | 4,714,467 | 1,584,065 | ||||||||||||||||||||||||||
HIPOTECARIA NACIONAL MEXICANA INCORPORATED | UNITED STATES | REAL EST.INSTR. | — | 100.00 | 100.00 | 95 | 112 | 17 | 143 | (48 | ) | |||||||||||||||||||||||||
HIPOTECARIA NACIONAL, S.A. DE C.V. | MEXICO | FINANCIAL SERV. | — | 100.00 | 100.00 | 279,123 | 511,609 | 232,486 | 137,229 | 141,894 | ||||||||||||||||||||||||||
HOLDING CONTINENTAL, S.A. | PERU | PORTFOLIO | 50.00 | — | 50.00 | 122,985 | 447,310 | 6 | 314,640 | 132,664 | ||||||||||||||||||||||||||
HOLDING DE PARTICIPACIONES INDUSTRIALES 2000, S.A. | SPAIN | PORTFOLIO | — | 100.00 | 100.00 | 3,618 | 4,322 | — | 4,178 | 144 | ||||||||||||||||||||||||||
HOMEOWNERS LOAN CORPORATION | UNITED STATES | FINANCIAL SERV. | — | 100.00 | 100.00 | 5,530 | 5,694 | 148 | 4,966 | 580 | ||||||||||||||||||||||||||
HUMAN RESOURCES PROVIDER | UNITED STATES | SERVICES | — | 100.00 | 100.00 | 1,325,439 | 1,325,524 | 85 | 1,304,784 | 20,655 | ||||||||||||||||||||||||||
HUMAN RESOURCES SUPPORT, INC | UNITED STATES | SERVICES | — | 100.00 | 100.00 | 1,324,307 | 1,334,459 | 10,151 | 1,303,712 | 20,596 | ||||||||||||||||||||||||||
HYDROX HOLDINGS, INC. | UNITED STATES | NO ACTIVITY | — | 100.00 | 100.00 | — | — | — | — | — | ||||||||||||||||||||||||||
IBERDROLA SERVICIOS FINANCIEROS, E.F.C, S.A. | SPAIN | FINANCIAL SERV. | — | 84.00 | 84.00 | 7,290 | 9,449 | 115 | 9,117 | 217 | ||||||||||||||||||||||||||
IBERNEGOCIO DE TRADE, S.L. | SPAIN | SERVICES | — | 100.00 | 100.00 | 615 | 24,599 | 12,390 | 11,058 | 1,151 | ||||||||||||||||||||||||||
INENSUR BRUNETE, S.L. | SPAIN | REAL ESTATE | — | 100.00 | 100.00 | 23,745 | 139,844 | 143,115 | (2,951 | ) | (320 | ) | ||||||||||||||||||||||||
INGENIERIA EMPRESARIAL MULTIBA, S.A. DE C.V. | MEXICO | SERVICES | — | 99.99 | 99.99 | — | — | — | — | — | ||||||||||||||||||||||||||
INMOBILIARIA ASUDI, S.A. | SPAIN | REAL EST.INSTR. | — | 100.00 | 100.00 | 2,886 | 3,106 | 15 | 2,955 | 136 | ||||||||||||||||||||||||||
INMOBILIARIA BILBAO, S.A. | SPAIN | REAL EST.INSTR. | — | 100.00 | 100.00 | 3,646 | 3,659 | — | 3,515 | 144 | ||||||||||||||||||||||||||
INMUEBLES Y RECUPERACIONES CONTINENTAL, S.A. | PERU | REAL EST.INSTR. | — | 100.00 | 100.00 | 9,563 | 9,824 | 261 | 4,613 | 4,950 | ||||||||||||||||||||||||||
INVERAHORRO, S.L. | SPAIN | PORTFOLIO | 100.00 | — | 100.00 | 474 | 504 | 2 | 489 | 13 | ||||||||||||||||||||||||||
INVERSIONES ALDAMA, C.A. | VENEZUELA | NO ACTIVITY | — | 100.00 | 100.00 | — | — | — | — | — | ||||||||||||||||||||||||||
INVERSIONES BANPRO INTERNATIONAL INC. N.V. | NETHERLANDS ANTILLES | PORTFOLIO | 48.00 | — | 48.00 | 11,390 | 28,111 | 844 | 22,280 | 4,987 | ||||||||||||||||||||||||||
INVERSIONES BAPROBA, C.A. | VENEZUELA | SERVICES | 100.00 | — | 100.00 | 1,307 | 683 | 28 | 558 | 97 | ||||||||||||||||||||||||||
INVERSIONES MOBILIARIAS, S.L. | SPAIN | PORTFOLIO | 100.00 | — | 100.00 | 660 | 4,471 | 4,346 | 693 | (568 | ) | |||||||||||||||||||||||||
INVERSIONES P.H.R.4, C.A. | VENEZUELA | NO ACTIVITY | — | 60.46 | 60.46 | — | 47 | — | 47 | — | ||||||||||||||||||||||||||
INVERSIONES T, C.A. | VENEZUELA | NO ACTIVITY | — | 100.00 | 100.00 | — | — | — | — | — | ||||||||||||||||||||||||||
INVERSORA OTAR, S.A. | ARGENTINA | PORTFOLIO | — | 99.96 | 99.96 | 3,769 | 42,833 | 28 | 39,101 | 3,704 | ||||||||||||||||||||||||||
INVESCO MANAGEMENT Nº 1, S.A. | LUXEMBOURG | FINANCIAL SERV. | — | 99.99 | 99.99 | 10,975 | 16,070 | 392 | 15,809 | (131 | ) | |||||||||||||||||||||||||
INVESCO MANAGEMENT Nº 2, S.A. | LUXEMBOURG | FINANCIAL SERV. | — | 96.88 | 96.88 | 31 | 12,138 | 23,865 | (11,177 | ) | (550 | ) | ||||||||||||||||||||||||
JARDINES DE SARRIENA, S.L. | SPAIN | REAL ESTATE | — | 85.00 | 85.00 | 255 | 517 | 148 | 354 | 15 | ||||||||||||||||||||||||||
LIQUIDITY ADVISORS, L.P | UNITED STATES | FINANCIAL SERV. | — | 100.00 | 100.00 | 787,584 | 787,715 | 131 | 777,544 | 10,040 | ||||||||||||||||||||||||||
MAGGIORE FLEET, S.P.A. | ITALY | SERVICES | — | 100.00 | 100.00 | 67,785 | 148,300 | 113,109 | 34,359 | 832 | ||||||||||||||||||||||||||
MARQUES DE CUBAS 21, S.L. | SPAIN | REAL ESTATE | 100.00 | — | 100.00 | 2,869 | 7,546 | 5,441 | 2,329 | (224 | ) | |||||||||||||||||||||||||
MB CAPITAL I | UNITED STATES | NO ACTIVITY | — | 100.00 | 100.00 | 1 | 1 | — | 1 | — |
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% of Voting Rights | Thousands of Euros ( * ) | |||||||||||||||||||||||||||||||||||
Controlled by the Bank | Investee Data | |||||||||||||||||||||||||||||||||||
Profit (Loss) for | ||||||||||||||||||||||||||||||||||||
Net | Assets as | Liabilities as | the | |||||||||||||||||||||||||||||||||
Carrying | of | of | Equity | Period ended | ||||||||||||||||||||||||||||||||
Company | Location | Activity | Direct | Indirect | Total | Amount | 31.12.07 | 31.12.07 | 31.12.07 | 31.12.07 | ||||||||||||||||||||||||||
MEDITERRANIA DE PROMOCIONS I GESTIONS INMOBILIARIES, S.A. | SPAIN | NO ACTIVITY | — | 100.00 | 100.00 | 775 | 2,662 | 1,882 | 727 | 53 | ||||||||||||||||||||||||||
MEGABANK FINANCIAL CORPORATION | UNITED STATES | NO ACTIVITY | — | 100.00 | 100.00 | 1 | 1 | — | 1 | — | ||||||||||||||||||||||||||
MERCURY TRUST LIMITED | CAYMAN ISLANDS | FINANCIAL SERV. | — | 100.00 | 100.00 | 3,655 | 3,745 | 93 | 3,616 | 36 | ||||||||||||||||||||||||||
MILANO GESTIONI, SRL. | ITALY | REAL EST.INSTR. | — | 100.00 | 100.00 | 46 | 4,177 | 3,827 | 371 | (21 | ) | |||||||||||||||||||||||||
MIRADOR DE LA CARRASCOSA, S.L. | SPAIN | REAL ESTATE | — | 55.90 | 55.90 | 9,344 | 26,243 | 9,181 | 17,068 | (6 | ) | |||||||||||||||||||||||||
MISAPRE, S.A. DE C.V. | MEXICO | FINANCIAL SERV. | — | 100.00 | 100.00 | 7,735 | 18,788 | 11,723 | 7,982 | (917 | ) | |||||||||||||||||||||||||
MONESTERIO DESARROLLOS, S.L. | SPAIN | REAL ESTATE | — | 100.00 | 100.00 | 18,663 | 54,869 | 35,219 | 19,822 | (172 | ) | |||||||||||||||||||||||||
MONTEALIAGA,S.A. | SPAIN | REAL ESTATE | — | 100.00 | 100.00 | 21,154 | 100,912 | 78,144 | 14,038 | 8,730 | ||||||||||||||||||||||||||
MULTIASISTENCIA, S.A. DE C.V. | MEXICO | SERVICES | — | 100.00 | 100.00 | 7,218 | 13,499 | 5,036 | 7,769 | 694 | ||||||||||||||||||||||||||
MULTIVAL, S.A. | SPAIN | PORTFOLIO | — | 100.00 | 100.00 | 67 | 179 | 112 | 71 | (4 | ) | |||||||||||||||||||||||||
OCCIVAL, S.A. | SPAIN | NO ACTIVITY | 100.00 | — | 100.00 | 8,211 | 9,523 | 28 | 9,163 | 332 |
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ADDITIONAL INFORMATION ON CONSOLIDATED SUBSIDIARIES
COMPOSING THE BANCO BILBAO VIZCAYA ARGENTARIA GROUP
% of Voting Rights | Thousands of Euros ( * ) | |||||||||||||||||||||||||||||||||||
Controlled by the Bank | Investee Data | |||||||||||||||||||||||||||||||||||
Profit | ||||||||||||||||||||||||||||||||||||
(Loss) | ||||||||||||||||||||||||||||||||||||
for the | ||||||||||||||||||||||||||||||||||||
Net | Assets as | Liabilities as | Period | |||||||||||||||||||||||||||||||||
Carrying | of | of | Equity | ended | ||||||||||||||||||||||||||||||||
Company | Location | Activity | Direct | Indirect | Total | Amount | 31.12.07 | 31.12.07 | 31.12.07 | 31.12.07 | ||||||||||||||||||||||||||
OPCION VOLCAN, S.A. | MEXICO | REAL EST.INSTR. | — | 100.00 | 100.00 | 55,430 | 60,815 | 5,383 | 53,243 | 2,189 | ||||||||||||||||||||||||||
OPPLUS OPERACIONES Y SERVICIOS, S.A. | SPAIN | SERVICES | 100.00 | — | 100.00 | 1,067 | 4,161 | 3,187 | 1,066 | (92 | ) | |||||||||||||||||||||||||
PALADIN BROKERAGE SOLUTIONS, INC | UNITED STATES | SERVICES | — | 100.00 | 100.00 | 7,915 | 8,535 | 621 | 7,881 | 33 | ||||||||||||||||||||||||||
PARTICIPACIONES ARENAL, S.L. | SPAIN | NO ACTIVITY | — | 100.00 | 100.00 | 6,456 | 7,670 | 1,212 | 6,271 | 187 | ||||||||||||||||||||||||||
PENSIONES BANCOMER, S.A. DE C.V. | MEXICO | INSURANCE | — | 100.00 | 100.00 | 94,760 | 1,344,099 | 1,249,334 | 79,450 | 15,315 | ||||||||||||||||||||||||||
PERI 5.1 SOCIEDAD LIMITADA | SPAIN | REAL ESTATE | — | 54.99 | 54.99 | 1 | — | — | 1 | (1 | ) | |||||||||||||||||||||||||
PHOENIX LOAN HOLDINGS, INC. | UNITED STATES | FINANCIAL SERV. | — | 100.00 | 100.00 | 704,425 | 722,841 | 18,415 | 686,766 | 17,660 | ||||||||||||||||||||||||||
PI HOLDINGS NO. 3 , INC. | UNITED STATES | FINANCIAL SERV. | — | 100.00 | 100.00 | 50 | 70 | 20 | 50 | — | ||||||||||||||||||||||||||
PI HOLDINGS NO. 4, INC. | UNITED STATES | FINANCIAL SERV. | — | 100.00 | 100.00 | 1 | 1 | — | 1 | — | ||||||||||||||||||||||||||
PI HOLDINGS NO.1 , INC. | UNITED STATES | FINANCIAL SERV. | — | 100.00 | 100.00 | 1,637 | 2,023 | 386 | 1,637 | — | ||||||||||||||||||||||||||
PORT ARTHUR ABSTRACT & TITLE COMPANY | UNITED STATES | FINANCIAL SERV. | — | 100.00 | 100.00 | 2,149 | 2,354 | 205 | 1,597 | 552 | ||||||||||||||||||||||||||
PREMEXSA, S.A. DE C.V. | MEXICO | FINANCIAL SERV. | — | 100.00 | 100.00 | 375 | 399 | 20 | 464 | (85 | ) | |||||||||||||||||||||||||
PREVENTIS, S.A. | MEXICO | INSURANCE | — | 75.01 | 75.01 | 2,049 | 11,318 | 8,585 | 4,385 | (1,652 | ) | |||||||||||||||||||||||||
PRO-SALUD, C.A. | VENEZUELA | SERVICES | — | 58.86 | 58.86 | — | — | — | — | �� | ||||||||||||||||||||||||||
PROMOCION EMPRESARIAL XX, S.A. | SPAIN | FINANCIAL SERV. | 100.00 | — | 100.00 | 1,522 | 2,132 | 32 | 2,045 | 55 | ||||||||||||||||||||||||||
PROMOTORA DE RECURSOS AGRARIOS, S.A. | SPAIN | SERVICES | 100.00 | — | 100.00 | 139 | 126 | 0 | 146 | (20 | ) | |||||||||||||||||||||||||
PROMOTORA RESIDENCIAL GRAN EUROPA, S.L. | SPAIN | REAL ESTATE | — | 58.50 | 58.50 | 318 | 978 | 415 | 543 | 20 | ||||||||||||||||||||||||||
PROVIDA INTERNACIONAL, S.A. | CHILE | PENSIONS | — | 100.00 | 100.00 | 50,924 | 52,292 | 1,363 | 42,681 | 8,248 | ||||||||||||||||||||||||||
PROVINCIAL DE VALORES CASA DE BOLSA, C.A. | VENEZUELA | FINANCIAL SERV. | — | 90.00 | 90.00 | 6,423 | 13,282 | 4,901 | 5,438 | 2,943 | ||||||||||||||||||||||||||
PROVINCIAL SDAD.ADMIN.DE ENTIDADES DE INV.COLECTIVA, C.A. | VENEZUELA | FINANCIAL SERV. | — | 100.00 | 100.00 | 2,319 | 2,527 | 276 | 1,587 | 664 | ||||||||||||||||||||||||||
PROVIVIENDA, ENTIDAD RECAUDADORA Y ADMIN.DE APORTES, S.A. | BOLIVIA | PENSIONS | — | 100.00 | 100.00 | 319 | 1,760 | 1,421 | 269 | 70 | ||||||||||||||||||||||||||
PROXIMA ALFA INVESTMENTS (IRELAND) LIMITED | IRELAND | FINANCIAL SERV. | — | 100.00 | 100.00 | 125 | 125 | — | 125 | — | ||||||||||||||||||||||||||
PROXIMA ALFA INVESTMENTS (UK) LLP | UNITED KINGDOM | FINANCIAL SERV. | — | 51.00 | 51.00 | 0 | 1,899 | 1,842 | (4 | ) | 61 | |||||||||||||||||||||||||
PROXIMA ALFA INVESTMENTS, SGIIC S.A. | SPAIN | FINANCIAL SERV. | 51.00 | — | 51.00 | 5,100 | 22,410 | 9,126 | 10,866 | 2,418 | ||||||||||||||||||||||||||
PROXIMA ALFA SERVICES LTD. | UNITED KINGDOM | FINANCIAL SERV. | — | 100.00 | 100.00 | 2,292 | 2,422 | 271 | 2,142 | 9 | ||||||||||||||||||||||||||
PROYECTO MUNDO AGUILON, S.L | SPAIN | REAL ESTATE | — | 100.00 | 100.00 | 9,317 | 35,186 | 6,747 | 22,612 | 5,827 | ||||||||||||||||||||||||||
PROYECTOS EMPRESARIALES CAPITAL RIESGO I,S.C.R.SIMP., S.A. | SPAIN | VENTURE CAPITAL | 100.00 | — | 100.00 | 155,700 | 153,678 | 1,004 | 155,670 | (2,996 | ) | |||||||||||||||||||||||||
PROYECTOS INDUSTRIALES CONJUNTOS, S.A. DE | SPAIN | PORTFOLIO | — | 100.00 | 100.00 | 3,148 | 5,561 | 2,154 | 3,485 | (78 | ) | |||||||||||||||||||||||||
RESIDENCIAL CUMBRES DE SANTA FE, S.A. DE C.V. | MEXICO | REAL ESTATE | — | 100.00 | 100.00 | 10,904 | 14,841 | 4,418 | 9,080 | 1,343 | ||||||||||||||||||||||||||
RIVER OAKS BANK BUILDING, INC. | UNITED STATES | REAL EST.INSTR. | — | 100.00 | 100.00 | 13,735 | 14,649 | 914 | 13,590 | 145 | ||||||||||||||||||||||||||
RIVER OAKS TRUST CORPORATION | UNITED STATES | NO ACTIVITY | — | 100.00 | 100.00 | 1 | 1 | — | 1 | — | ||||||||||||||||||||||||||
RIVERWAY HOLDINGS CAPITAL TRUST I | UNITED STATES | FINANCIAL SERV. | — | 100.00 | 100.00 | 211 | 7,047 | 6,836 | 188 | 23 |
F-164
Table of Contents
ADDITIONAL INFORMATION ON CONSOLIDATED SUBSIDIARIES
COMPOSING THE BANCO BILBAO VIZCAYA ARGENTARIA GROUP
% of Voting Rights | Thousands of Euros ( * ) | |||||||||||||||||||||||||||||||||||
Controlled by the Bank | Investee Data | |||||||||||||||||||||||||||||||||||
Profit | ||||||||||||||||||||||||||||||||||||
(Loss) | ||||||||||||||||||||||||||||||||||||
for the | ||||||||||||||||||||||||||||||||||||
Net | Assets as | Liabilities as | Period | |||||||||||||||||||||||||||||||||
Carrying | of | of | Equity | ended | ||||||||||||||||||||||||||||||||
Company | Location | Activity | Direct | Indirect | Total | Amount | 31.12.07 | 31.12.07 | 31.12.07 | 31.12.07 | ||||||||||||||||||||||||||
S.GESTORA FONDO PUBL.REGUL.MERCADO HIPOTECARIO, S.A. | SPAIN | FINANCIAL SERV. | 77.20 | — | 77.20 | 138 | 215 | 67 | 150 | (2 | ) | |||||||||||||||||||||||||
SCALDIS FINANCE, S.A. | BELGIUM | PORTFOLIO | — | 100.00 | 100.00 | 3,416 | 3,653 | 140 | 3,490 | 23 | ||||||||||||||||||||||||||
SEGUROS BANCOMER, S.A. DE C.V. | MEXICO | INSURANCE | 24.99 | 75.01 | 100.00 | 279,858 | 1,212,417 | 1,040,455 | 75,692 | 96,270 | ||||||||||||||||||||||||||
SEGUROS PROVINCIAL, C.A. | VENEZUELA | INSURANCE | — | 100.00 | 100.00 | 11,986 | 26,002 | 13,990 | 4,777 | 7,235 | ||||||||||||||||||||||||||
SERVICIOS CORPORATIVOS BANCOMER, S.A. DE C.V. | MEXICO | SERVICES | — | 100.00 | 100.00 | 3 | 7,883 | 7,880 | 124 | (121 | ) | |||||||||||||||||||||||||
SERVICIOS CORPORATIVOS DE SEGUROS, S.A. DE C.V. | MEXICO | SERVICES | — | 100.00 | 100.00 | 204 | 4,115 | 3,921 | 96 | 98 | ||||||||||||||||||||||||||
SERVICIOS EXTERNOS DE APOYO EMPRESARIAL, S.A DE C.V. | MEXICO | SERVICES | — | 100.00 | 100.00 | 2,122 | 5,570 | 3,448 | 1,576 | 546 | ||||||||||||||||||||||||||
SERVICIOS TECNOLOGICOS SINGULARES, S.A. | SPAIN | SERVICES | 99.99 | 0.01 | 100.00 | 60 | 6,946 | 6,843 | 100 | 3 | ||||||||||||||||||||||||||
SNB-WP, LP | UNITED STATES | FINANCIAL SERV. | — | 51.00 | 51.00 | 736 | 5,392 | 3,950 | 1,568 | (126 | ) | |||||||||||||||||||||||||
SOCIEDAD DE ESTUDIOS Y ANALISIS FINANC.,S.A. | SPAIN | COMERCIAL | 100.00 | — | 100.00 | 114,518 | 192,253 | 714 | 187,950 | 3,589 | ||||||||||||||||||||||||||
SOCIETE INMOBILIERE BBV D’ILBARRIZ | FRANCIA | REAL ESTATE | — | 100.00 | 100.00 | 1,589 | 1,621 | 31 | 80 | 1,510 | ||||||||||||||||||||||||||
SOPORTE OPERATIVO PERU, S.A.C. | PERU | SERVICES | — | 100.00 | 100.00 | 160 | 609 | 456 | 195 | (42 | ) | |||||||||||||||||||||||||
SOUTHEAST TEXAS INSURANCE SERVICES HOLDINGS, L.L.C. | UNITED STATES | NO ACTIVITY | — | 100.00 | 100.00 | — | — | — | — | — | ||||||||||||||||||||||||||
SOUTHEAST TEXAS INSURANCE SERVICES, L.P. | UNITED STATES | FINANCIAL SERV. | — | 100.00 | 100.00 | 393 | 491 | 98 | 320 | 73 | ||||||||||||||||||||||||||
SOUTHEAST TEXAS TITLE COMPANY | UNITED STATES | FINANCIAL SERV. | — | 100.00 | 100.00 | 821 | 1,450 | 632 | 603 | 215 | ||||||||||||||||||||||||||
SPORT CLUB 18, S.A. | SPAIN | PORTFOLIO | 100.00 | — | 100.00 | 21,923 | 40,552 | 18,753 | 23,270 | (1,471 | ) |
F-165
Table of Contents
ADDITIONAL INFORMATION ON CONSOLIDATED SUBSIDIARIES
COMPOSING THE BANCO BILBAO VIZCAYA ARGENTARIA GROUP
% of Voting Rights | Thousands of Euros ( * ) | |||||||||||||||||||||||||||||||||||
Controlled by the Bank | Investee Data | |||||||||||||||||||||||||||||||||||
Profit | ||||||||||||||||||||||||||||||||||||
(Loss) for | ||||||||||||||||||||||||||||||||||||
Net | Assets as | Liabilities as | the Period | |||||||||||||||||||||||||||||||||
Carrying | of | of | Equity | ended | ||||||||||||||||||||||||||||||||
Company | Location | Activity | Direct | Indirect | Total | Amount | 31.12.07 | 31.12.07 | 31.12.07 | 31.12.07 | ||||||||||||||||||||||||||
ST. JOHNS INVESTMENTS MANAGMENT CO. | UNITED STATES | FINANCIAL SERV. | — | 100.00 | 100.00 | 3,365 | 3,612 | 247 | 3,334 | 31 | ||||||||||||||||||||||||||
STATE NATIONAL BANK (SNB) | UNITED STATES | BANKING | — | 100.00 | 100.00 | 358,135 | 1,330,594 | 972,458 | 340,371 | 17,765 | ||||||||||||||||||||||||||
STATE NATIONAL CAPITAL TRUST I | UNITED STATES | FINANCIAL SERV. | — | 100.00 | 100.00 | 319 | 10,509 | 10,190 | 290 | 29 | ||||||||||||||||||||||||||
STATE NATIONAL PROPERTIES LLC | UNITED STATES | FINANCIAL SERV. | — | 100.00 | 100.00 | 15 | 16 | — | 17 | (1 | ) | |||||||||||||||||||||||||
STATE NATIONAL STATUTORY TRUST II | UNITED STATES | FINANCIAL SERV. | — | 100.00 | 100.00 | 211 | 7,026 | 6,816 | 192 | 18 | ||||||||||||||||||||||||||
STAVIS MARGOLIS ADVISORY SERVICES, INC. | UNITED STATES | FINANCIAL SERV. | — | 100.00 | 100.00 | 18,283 | 19,088 | 805 | 17,649 | 634 | ||||||||||||||||||||||||||
TARUS, INC. | UNITED STATES | NO ACTIVITY | — | 100.00 | 100.00 | 1 | 1 | — | 1 | — | ||||||||||||||||||||||||||
TEXAS INTERNATIONAL INSURANCE GROUP, INC. | UNITED STATES | FINANCIAL SERV. | — | 100.00 | 100.00 | 361 | 368 | 7 | 333 | 28 | ||||||||||||||||||||||||||
TEXAS LOAN SERVICES, LP. | UNITED STATES | FINANCIAL SERV. | — | 100.00 | 100.00 | 781,001 | 781,251 | 250 | 771,028 | 9,973 | ||||||||||||||||||||||||||
TEXAS REGIONAL STATUTORY TRUST I | UNITED STATES | FINANCIAL SERV. | — | 100.00 | 100.00 | 1,054 | 35,130 | 34,077 | 959 | 94 | ||||||||||||||||||||||||||
TEXAS STATE BANK | UNITED STATES | BANKING | — | 100.00 | 100.00 | 1,541,553 | 5,782,484 | 4,240,929 | 1,478,818 | 62,737 | ||||||||||||||||||||||||||
TEXASBANC CAPITAL TRUST I | UNITED STATES | FINANCIAL SERV. | — | 100.00 | 100.00 | 533 | 17,772 | 17,239 | 531 | 2 | ||||||||||||||||||||||||||
THE LAREDO NATIONAL BANK | UNITED STATES | BANKING | — | 100.00 | 100.00 | 628,966 | 3,298,592 | 2,669,630 | 598,229 | 30,733 | ||||||||||||||||||||||||||
TRANSITORY CO | PANAMA | REAL EST.INSTR. | — | 100.00 | 100.00 | 147 | 2,777 | 2,630 | 197 | (50 | ) | |||||||||||||||||||||||||
TSB PROPERTIES, INC. | UNITED STATES | REAL EST.INSTR. | — | 100.00 | 100.00 | (1,342 | ) | 720 | 2,062 | (1,342 | ) | — | ||||||||||||||||||||||||
TSB SECURITIES, INC. | UNITED STATES | FINANCIAL SERV. | — | 100.00 | 100.00 | 286 | 308 | 22 | 284 | 2 | ||||||||||||||||||||||||||
TUCSON LOAN HOLDINGS, INC. | UNITED STATES | FINANCIAL SERV. | — | 100.00 | 100.00 | 599,124 | 599,893 | 770 | 585,354 | 13,769 | ||||||||||||||||||||||||||
TWOENC, INC | UNITED STATES | FINANCIAL SERV. | — | 100.00 | 100.00 | (338 | ) | 265 | 603 | (244 | ) | (94 | ) | |||||||||||||||||||||||
UNICOM TELECOMUNICACIONES S.DE R.L. DE C.V. | MEXICO | SERVICES | — | 99.98 | 99.98 | (12 | ) | 10 | 21 | (11 | ) | — | ||||||||||||||||||||||||
UNIDAD DE AVALUOS MEXICO S.A. DE C.V. | MEXICO | FINANCIAL SERV. | — | 90.00 | 90.00 | 734 | 1,420 | 607 | 680 | 133 | ||||||||||||||||||||||||||
UNITARIA GESTION DE PATRIMONIOS INMOBILIARIOS, S.A. | SPAIN | SERVICES | — | 100.00 | 100.00 | 2,410 | 2,536 | 11 | 2,463 | 62 | ||||||||||||||||||||||||||
UNIVERSALIDAD “E5” | COLOMBIA | FINANCIAL SERV. | — | 100.00 | 100.00 | — | 5,143 | 5,141 | 2 | — | ||||||||||||||||||||||||||
UNIVERSALIDAD — BANCO GRANAHORRAR | COLOMBIA | FINANCIAL SERV. | — | 100.00 | 100.00 | — | 10,606 | 12,829 | (2,446 | ) | 223 | |||||||||||||||||||||||||
UNO-E BANK, S.A. | SPAIN | BANKING | 67.35 | 32.65 | 100.00 | 174,751 | 1,684,958 | 1,532,927 | 134,745 | 17,286 | ||||||||||||||||||||||||||
UNO-E BRASIL BANCO DE INVESTIMENTOS, S.A. | BRAZIL | BANKING | 100.00 | — | 100.00 | 16,166 | 35,363 | 4,685 | 29,132 | 1,546 | ||||||||||||||||||||||||||
URBANIZADORA SANT LLORENC, S.A. | SPAIN | NO ACTIVITY | 60.60 | — | 60.60 | — | 108 | — | 108 | — | ||||||||||||||||||||||||||
VALANZA CAPITAL RIESGO S.G.E.C.R. S.A. UNIPERSONAL | SPAIN | VENTURE CAPITAL | 100.00 | — | 100.00 | 1,200 | 5,988 | 1,787 | 1,305 | 2,896 | ||||||||||||||||||||||||||
VALLEY MORTGAGE COMPANY, INC. | UNITED STATES | FINANCIAL SERV. | — | 100.00 | 100.00 | 1 | 1 | — | 1 | — | ||||||||||||||||||||||||||
VISACOM, S.A. DE C.V. | MEXICO | SERVICES | — | 100.00 | 100.00 | 450 | 451 | 1 | 407 | 43 | ||||||||||||||||||||||||||
WESTERN BANCSHARES OF ALBUQUERQUE, INC. | UNITED STATES | NO ACTIVITY | — | 100.00 | 100.00 | 1 | 1 | — | 1 | — | ||||||||||||||||||||||||||
WESTERN MANAGEMENT CORPORATION | UNITED STATES | NO ACTIVITY | — | 100.00 | 100.00 | 1 | 1 | — | 1 | — | ||||||||||||||||||||||||||
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ADDITIONAL INFORMATION ON JOINTLY CONTROLLED COMPANIES PROPORTIONATELY
% of voting rights | Thousand of Euros ( * ) | |||||||||||||||||||||||||||||||||||
Controlled by the bank | Investee Data | |||||||||||||||||||||||||||||||||||
Profit | ||||||||||||||||||||||||||||||||||||
Net | (loss) for | |||||||||||||||||||||||||||||||||||
carrying | Assets | Liabilities | Equity | the Period | ||||||||||||||||||||||||||||||||
COMPANY | LOCATION | ACTIVITY | Direct | Indirect | Total | amount | 31.12.07 | 31.12.07 | 31.12.07 | 2007 | ||||||||||||||||||||||||||
DARBY-BBVA LATIN AMERICAN INVESTORS, LTD | CAYMAN ISLAND | FINANCIAL SERV | 50.00 | — | 50.00 | 40 | 2,070 | 914 | 935 | 221 | ||||||||||||||||||||||||||
ECASA, S.A. | CHILE | FINANCIAL SERV | — | 100.00 | 100.00 | 4,111 | 5,166 | 1,055 | (395 | ) | 4,506 | |||||||||||||||||||||||||
FORUM DISTRIBUIDORA, S.A. | CHILE | FINANCIAL SERV | — | 51.04 | 51.04 | 5,694 | 20,309 | 13,569 | 5,451 | 1,289 | ||||||||||||||||||||||||||
FORUM SERVICIOS FINANCIEROS, S.A. | CHILE | FINANCIAL SERV | — | 51.00 | 51.00 | 48,008 | 463,190 | 396,657 | 45,176 | 21,357 | ||||||||||||||||||||||||||
INVERSIONES PLATCO, C.A. | VENEZUELA | FINANCIAL SERV | — | 50.00 | 50.00 | 948 | 1,897 | — | 1,897 | — | ||||||||||||||||||||||||||
PSA FINANCE ARGENTINA COMPAÑIA FINANCIERA, S.A. | ARGENTINA | FINANCIAL SERV | — | 50.00 | 50.00 | 3,167 | 56,836 | 50,500 | 5,764 | 572 | ||||||||||||||||||||||||||
F-167
Table of Contents
ADDITIONAL INFORMATION ON INVESTMENTS AND JOINTLY CONTROLLED
COMPANIES ACCOUNTED FOR USING THE EQUITY MEHOD IN THE BANCO BILBAO VIZCAYA ARGENTARIA GROUP
(Includes the most significant companies which, taken as a whole, represent 97% of the total investment in this respect)
% of voting rights | Thousand of Euros ( * ) | |||||||||||||||||||||||||||||||||||||||
Controlled by the bank | Investee Data | |||||||||||||||||||||||||||||||||||||||
Profit | ||||||||||||||||||||||||||||||||||||||||
Net | (loss) | |||||||||||||||||||||||||||||||||||||||
Carrying | for the | |||||||||||||||||||||||||||||||||||||||
COMPANY | LOCATION | ACTIVITY | Direct | Indirect | Total | amount | Assets | Liabilities | Equity | period | ||||||||||||||||||||||||||||||
ADQUIRA ESPAÑA, S.A. | SPAIN | SERVICES | — | 40.00 | 40.00 | 3,248 | 21,889 | 15,215 | 5,781 | 893 | ||||||||||||||||||||||||||||||
ALMAGRARIO, S.A. | COLOMBIA | SERVICES | — | 35.38 | 35.38 | 6,694 | 21,991 | 5,530 | 16,101 | 359 | ||||||||||||||||||||||||||||||
AUREA, S.A. (CUBA) | CUBA | REAL ESTATE | — | 49.00 | 49.00 | 3,933 | 10,062 | 1,261 | 7,692 | 1,109 | ||||||||||||||||||||||||||||||
BBVA ELCANO EMPRESARIAL II, S.C.R., S.A. | SPAIN | SERV.FINANCIER | 45.00 | — | 45.00 | 57,166 | 33,439 | 184 | 32,656 | 599 | ||||||||||||||||||||||||||||||
BBVA ELCANO EMPRESARIAL, S.C.R., S.A. | SPAIN | SERV.FINANCIER | 45.00 | — | 45.00 | 57,167 | 33,441 | 184 | 32,656 | 601 | ||||||||||||||||||||||||||||||
CAMARATE GOLF, S.A.(*) | SPAIN | REAL ESTATE | — | 26.00 | 26.00 | 4,623 | 68,873 | 50,992 | 17,927 | (46 | ) | |||||||||||||||||||||||||||||
CITIC INTERNATIONAL FINANCIAL HOLDINGS LIMITED CIFH | HONG-KONG | BANKING | 14.53 | — | 14.53 | 432,379 | 9,974 | 7,998 | 1,860 | 116 | ||||||||||||||||||||||||||||||
COMPAÑIA ESPAÑOLA DE FINANCIACION DEL DESARROLLO S.A. | SPAIN | SERVICES | 21.82 | — | 21.82 | 10,926 | 59,982 | 11,733 | 47,119 | 1,129 | ||||||||||||||||||||||||||||||
COMPAÑIA MEXICANA DE PROCESAMIENTO, S.A. DE C.V. | MEXICO | SERVICES | — | 50.00 | 50.00 | 3,325 | 7,983 | 1,832 | 8,913 | (2,762 | ) | |||||||||||||||||||||||||||||
CORPORACION IBV PARTICIPACIONES EMPRESARIALES, S.A.(*) | SPAIN | PORTFOLIO | — | 50.00 | 50.00 | 573,588 | 1,533,561 | 375,735 | 630,641 | 527,185 | (1 | ) | ||||||||||||||||||||||||||||
FERROMOVIL 3000, S.L.(*) | SPAIN | SERVICES | — | 20.00 | 20.00 | 6,236 | 348,157 | 318,179 | 31,806 | (1,828 | ) | |||||||||||||||||||||||||||||
FERROMOVIL 9000, S.L.(*) | SPAIN | SERVICES | — | 20.00 | 20.00 | 3,951 | 280,371 | 261,599 | 20,773 | (2,001 | ) | |||||||||||||||||||||||||||||
FIDEICOMISO HARES BBVA BANCOMER F/47997-2 (*) | MEXICO | REAL ESTATE | — | 50.00 | 50.00 | 10,834 | 11,899 | 798 | 10,767 | 334 | ||||||||||||||||||||||||||||||
FIDEICOMISO 70191-2 PUEBLA(*) | MEXICO | REAL ESTATE | — | 25.00 | 25.00 | 10,310 | 49,890 | 2,417 | 48,205 | (732 | ) | |||||||||||||||||||||||||||||
GRUPO PROFESIONAL PLANEACION Y PROYECTOS, S.A. DE C.V.(*) | MEXICO | SERVICES | — | 44.39 | 44.39 | 6,851 | 21,241 | 11,904 | 9,160 | 177 | (1 | ) | ||||||||||||||||||||||||||||
HESTENAR, S.L.(*) | SPAIN | REAL ESTATE | — | 43.34 | 43.34 | 7,816 | 27,835 | 21,969 | 5,909 | (43 | ) | |||||||||||||||||||||||||||||
IMOBILIARIA DAS AVENIDAS NOVAS, S.A. | PORTUGAL | REAL ESTATE | — | 49.97 | 49.97 | 2,612 | 5,647 | 411 | 5,317 | (81 | ) | |||||||||||||||||||||||||||||
IMOBILIARIA DUQUE DE AVILA, S.A.(*) | PORTUGAL | REAL ESTATE | — | 50.00 | 50.00 | 4,993 | 26,138 | 16,504 | 9,848 | (214 | ) | |||||||||||||||||||||||||||||
INMUEBLES MADARIAGA PROMOCIONES, S.L.(*) | SPAIN | REAL ESTATE | 50.00 | — | 50.00 | 7,127 | 7,196 | 884 | 6,327 | (15 | ) | |||||||||||||||||||||||||||||
JARDINES DEL RUBIN, S.A.(*) | SPAIN | REAL ESTATE | — | 50.00 | 50.00 | 4,828 | 44,451 | 38,551 | 4,103 | 1,797 | ||||||||||||||||||||||||||||||
LA ESMERALDA DESARROLLOS, S.L.(*) | SPAIN | REAL ESTATE | — | 25.00 | 25.00 | 4,997 | 56,571 | 36,571 | 20,000 | 0 | ||||||||||||||||||||||||||||||
LAS PEDRAZAS GOLF, S.L.(*) | SPAIN | REAL ESTATE | — | 50.00 | 50.00 | 15,813 | 75,014 | 43,177 | 31,910 | (73 | ) | |||||||||||||||||||||||||||||
METROPOLITAN PARTICIPACIONS, S.L. | SPAIN | PORTFOLIO | — | 40.67 | 40.67 | 131,114 | 861,387 | 536,098 | 336,135 | (10,846 | ) (2 | ) | ||||||||||||||||||||||||||||
MONTEALMENARA GOLF, S.L.(*) | SPAIN | REAL ESTATE | — | 50.00 | 50.00 | 2,934 | 86,561 | 51,518 | 15,606 | 19,437 | ||||||||||||||||||||||||||||||
PARQUE REFORMA SANTA FE, S.A. DE C.V. | MEXICO | REAL ESTATE | — | 30.00 | 30.00 | 5,589 | 51,784 | 30,946 | 18,038 | 2,800 | ||||||||||||||||||||||||||||||
ROMBO COMPAÑIA FINANCIERA, S.A. | ARGENTINA | SERV.FINANCIER | — | 40.00 | 40.00 | 7,006 | 66,702 | 58,491 | 7,397 | 815 | ||||||||||||||||||||||||||||||
SERVICIOS ELECTRONICOS GLOBALES, S.A. DE C.V. | MEXICO | SERVICES | — | 46.14 | 46.14 | 4,436 | 20,613 | 10,216 | 9,930 | 466 | ||||||||||||||||||||||||||||||
SERVIRED SOCIEDAD ESPAÑOLA DE MEDIOS DE PAGO, S.A. | SPAIN | SERV.FINANCIER | 20.50 | 0.93 | 21.43 | 10,638 | 52,992 | 3,598 | 49,371 | 23 | ||||||||||||||||||||||||||||||
TELEFONICA FACTORING, S.A. | SPAIN | SERV.FINANCIER | 30.00 | — | 30.00 | 2,942 | 115,918 | 106,503 | 6,905 | 2,510 | ||||||||||||||||||||||||||||||
TUBOS REUNIDOS, S.A. | SPAIN | INDUSTRIAL | — | 24.26 | 24.26 | 84,754 | 634,707 | 339,202 | 235,098 | 60,407 | (1 | ) | ||||||||||||||||||||||||||||
VITAMEDICA S.A DE C.V.(*) | MEXICO | INSURANCE | — | 50.99 | 50.99 | 2,666 | 9,244 | 3,307 | 5,760 | 177 | ||||||||||||||||||||||||||||||
OTHERS COMPANIES | 50,462 | |||||||||||||||||||||||||||||||||||||||
TOTAL | 1,541,958 | 4,655,513 | 2,363,508 | 1,689,712 | 602,293 | |||||||||||||||||||||||||||||||||||
Data relating to the lastest financial statements (generally for 2004) approved at the date of preparation of these notes to the consolidated financial statements. | ||
For the companies abroad the exchange rates ruling at the reference date are applied, | ||
(1) | Consolidated data | |
(2) | Company incorporated in 2007 | |
(*) | Jointly controlled entities accounted for using the equity method |
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NOTIFICATIONS OF ACQUISITIONS/DISPOSALS OF INTEREST OWNERSHIP IN INVESTEES OF THE GROUP
% of Ownership | ||||||||||||
Net% | ||||||||||||
Acquired | ||||||||||||
(Sold) in the | % at Year- | Date of Notification | ||||||||||
COMPANY | ACTIVITY | Year | End | to Investee | ||||||||
Acquisitions made until December 31, 2006 | ||||||||||||
BBVA CARTERA DE INVERSIONES SICAV, S.A. | PORTFOLIO | 17.40 | 92.25 | January 9, 2007 | ||||||||
HESTENAR, S.L. | REAL ESTATE | 3.34 | 43.34 | January 18, 2007 | ||||||||
INENSUR BRUNETE, S.L. | REAL ESTATE | 50.00 | 100.00 | October 20, 2006 | ||||||||
TECNICAS REUNIDAS, S.A. | SERVICES | (15.23 | ) | 10.16 | June 26, 2006 | |||||||
UNO-E BANK, S.A. | BANKING | 33.00 | 100.00 | August 10, 2006 | ||||||||
Acquisitions made until December 31, 2007 | ||||||||||||
FORO LOCAL, S.L. | SERVICES | 39.87 | 100.00 | July 13, 2007 | ||||||||
HOLDING DE PARTICIPACIONES INDUSTRIALES 2000, S.A. | PORTFOLIO | 50.00 | 100.00 | June 13, 2007 | ||||||||
ECONTA GESTION INTEGRAL, S.L. | SERVICES | 60.00 | 60.00 | August 9, 2007 | ||||||||
METROPOLITAN PARTICIPATIONS, S.L. | PORTFOLIO | 40.67 | 40.67 | October 11, 2007 | ||||||||
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% of voting rights | ||||||||||||||
Controlled by the bank | ||||||||||||||
Company | Activity | Direct | Indirect | Total | ||||||||||
ALTITUDE INVESTMENTS LIMITED | FINANCIAL SERV. | 51.00 | — | 51.00 | ||||||||||
ALTURA MARKETS, A.V., S.A. | SECURITIES | 50.00 | — | 50.00 | ||||||||||
BANCO BILBAO VIZCAYA ARGENTARIA CHILE, S.A. | BANKING | 58.36 | 9.81 | 68.17 | ||||||||||
BANCO PROVINCIAL S.A. — BANCO UNIVERSAL | BANKING | 1.85 | 53.75 | 55.60 | ||||||||||
BBVA & PARTNERS ALTERNATIVE INVESTMENT A.V., S.A. | SECURITIES | 70.00 | — | 70.00 | ||||||||||
BBVA INMOBILIARIA E INVERSIONES S.A. | REAL ESTATE | — | 68.11 | 68.11 | ||||||||||
BLUE VISTA PLATAFORMA DE EMISIÓN EN NUEVOS MEDIOS, S.L. | SERVICES | — | 70.00 | 70.00 | ||||||||||
DESARROLLO URBANISTICO DE CHAMARTÍN, S.A. | REAL ESTATE | — | 72.50 | 72.50 | ||||||||||
EL OASIS DE LAS RAMBLAS, S.L. | REAL ESTATE | — | 70.00 | 70.00 | ||||||||||
ESTACIÓN DE AUTOBUSES CHAMARTÍN, S.A. | SERVICES | — | 51.00 | 51.00 | ||||||||||
FINANZIA AUTORENTING, S.A. | SERVICES | — | 88.32 | 88.32 | ||||||||||
GESTIÓN DE PREVISIÓN Y PENSIONES, S.A. | PENSIONS | 60.00 | — | 60.00 | ||||||||||
HOLDING CONTINENTAL, S.A. | PORTFOLIO | 50.00 | — | 50.00 | ||||||||||
IBERDROLA SERVICIOS FINANCIEROS, E.F.C, S.A. | FINANCIAL SERV. | — | 84.00 | 84.00 | ||||||||||
INVERSIONES BANPRO INTERNATIONAL INC. N.V. | PORTFOLIO | 48.00 | — | 48.00 | ||||||||||
JARDINES DE SARRIENA, S.L. | REAL ESTATE | — | 85.00 | 85.00 | ||||||||||
MIRADOR DE LA CARRASCOSA, S.L. | REAL ESTATE | — | 55.90 | 55.90 | ||||||||||
PERI 5.1 SOCIEDAD LIMITADA | REAL ESTATE | — | 54.99 | 54.99 | ||||||||||
PREVENTIS, S.A. | INSURANCES | — | 75.01 | 75.01 | ||||||||||
PROMOTORA RESIDENCIAL GRAN EUROPA, S.L. | REAL ESTATE | — | 58.50 | 58.50 | ||||||||||
PRO-SALUD, C.A. | SERVICES | — | 58.86 | 58.86 | ||||||||||
PROVINCIAL DE VALORES CASA DE BOLSA, C.A. | FINANCIAL SERV. | — | 90.00 | 90.00 | ||||||||||
PROXIMA ALFA INVESTMENTS (UK) LLP | FINANCIAL SERV. | — | 51.00 | 51.00 | ||||||||||
PROXIMA ALFA INVESTMENTS, SGIIC, S.A. | FINANCIAL SERV. | 51.00 | — | 51.00 | ||||||||||
SNB-WP, LP | FINANCIAL SERV. | — | 51.00 | 51.00 | ||||||||||
UNIDAD DE AVALUOS MEXICO S.A. DE C.V. | FINANCIAL SERV. | — | 90.00 | 90.00 | ||||||||||
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