55. Related-party transactions
As financial institutions, BBVA and other entities in the Group engage in transactions with related parties in the normal course of their business. All of these transactions are of little relevance and are carried out under normal market conditions.
55.1 Transactions with significant shareholders
As of December 31, 2013 there were no shareholders considered significant (see Note 27).
55.2 Transactions with BBVA Group entities
The balances of the main aggregates in the accompanying consolidated balance sheets arising from the transactions carried out by the BBVA Group with associates and joint venture entities accounted for using the equity method are as follows:
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| Balances arising from transactions with Entities of the Group | Millions of Euros | ||
|---|---|---|---|
| 2013 | 2012 | 2011 | |
| Assets: |
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|
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| Loans and advances to credit institutions | 318 | 212 | 523 |
| Loans and advances to customers | 792 | 820 | 372 |
| Liabilities: |
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|
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| Deposits from credit institutions | 5 | 28 | 24 |
| Customer deposits | 504 | 180 | 94 |
| Debt certificates | - | - | - |
| Memorandum accounts: |
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| Contingent risks | 691 | 102 | 68 |
| Contingent commitments | 46 | 114 | 236 |
The balances of the main aggregates in the accompanying consolidated income statements resulting from transactions with associated and joint venture entities that are consolidated by the equity method are as follows:
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| Balances of Income Statement arising from transactions with Entities of the Group | Millions of Euros | ||
|---|---|---|---|
| 2013 | 2012 | 2011 | |
| Income statement: |
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| Financial incomes | 53 | 26 | 14 |
| Financial costs | 4 | 1 | 2 |
There were no other material effects in the consolidated financial statements arising from dealings with these entities, other than the effects from using the equity method (see Note 2.1) and from the insurance policies to cover pension or similar commitments, as described in Note 26. As of December 31, 2013, the notional amount of the derivatives entered into by the BBVA Group with those entities amounted to €1,424 million (of which €989 million corresponded to futures transactions with the Garanti Group).
In addition, as part of its normal activity, the BBVA Group has entered into agreements and commitments of various types with shareholders of subsidiaries and associates, which have no material effects on the accompanying consolidated financial statements.
55.3 Transactions with members of the Board of Directors and the Management Committee
The information on the remuneration of the members of the BBVA Board of Directors and the Management Committee is included in Note 56.
As of December 31, 2013, the amount disposed of the loans granted by the Group’s entities to the members of the Board of Directors was €141 thousand. As of December 31, 2013, 2012 and 2011 there were no loans granted by the Group’s credit institutions to the members of the Bank’s Board of Directors. As of December 31, 2013, 2012 and 2011, the amount disposed of the loans granted by the Group’s entities to the members of the Management Committee (excluding the executive directors) amounted to €6,076 thousand, €7,401 thousand and €6,540 thousand, respectively.
As of December 31, 2013, 2012 and 2011 the amount disposed of the loans granted to parties related to the members of the Bank’s Board of Directors amounted to €6,939 thousand, €13,152 thousand and €20,593 thousand, respectively. As of these dates, there were no loans granted to parties linked to members of the Bank’s Management Committee.
As of December 31, 2013, 2012 and 2011 no guarantees had been granted to any member of the Board of Directors.
As of December 31, 2013 and 2012, no guarantees had been granted to any member of the Management Committee. Said balance as of December 31, 2011 was €9 thousand.
As of December 31, 2013, 2012 and 2011, the amount disposed for guarantee and commercial loan transactions arranged with parties related to the members of the Bank’s Board of Directors and Management Committee totaled €5,192 thousand, €3,327 thousand and €10,825 thousand, respectively.
55.4 Transactions with other related parties
In the year ended December 31, 2013, 2012 and 2011, the Group did not perform any transactions with other related parties that did not belong to the normal course of their business, that were not under market conditions or that were relevant for the consolidated equity, financial situation or earnings of the BBVA Group.