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financial statements 2014

27. Reserves

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The breakdown of the balance under this heading in the accompanying consolidated balance sheets is as follows:

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Reserves. Breakdown by concepts Notes Millions of Euros
2014 2013 2012
Legal reserve 27.1 567 534 481
Restricted reserve for retired capital 27.2 268 296 387
Reserves for balance revaluations
23 26 27
Voluntary reserves
6,784 6,387 6,013
Total reserves holding company (*)
7,642 7,243 6,908
Consolidation reserves attributed to the Bank and dependents consolidated companies.
13,294 12,524 12,623
Total Reserves
20,936 19,767 19,531
(*)Total reserves of BBVA, S.A. (See Appendix IX).

27.1 Legal reserve

Under the amended Corporations Act, 10% of any profit made each year must be transferred to the legal reserve. These provisions must be made until the legal reserve reaches 20% of the share capital.

The legal reserve can be used to increase the common stock provided that the remaining reserve balance does not fall below 10% of the increased capital. While it does not exceed 20% of the common stock, it can only be allocated to offset losses exclusively in the case that there are not sufficient reserves available.

27.2 Restricted reserves

As of December 31, 2014, 2013 and 2012, the Bank’s restricted reserves are as follows:

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Millions of Euros
Restricted Reserves 2014 2013 2012
Restricted reserve for retired capital 88 88 88
Restricted reserve for Parent Company shares and loans for those shares 178 206 297
Restricted reserve for redenomination of capital in euros 2 2 2
Total 268 296 387

The restricted reserve for retired capital originated in the reduction of the nominal par value of the BBVA shares made in April 2000.

The most significant heading corresponds to restricted reserves related to the amount of shares issued by the Bank in its possession at each date, as well as the amount of customer loans outstanding at those dates that were granted for the purchase of, or are secured by, the Bank’s shares.

Finally, pursuant to Law 46/1998 on the Introduction of the Euro, a restricted reserve is recognized as a result of the rounding effect of the redenomination of the Bank’s common stock in euros.

27.3 Reserves (losses) by entity

The breakdown, by company or corporate group, under the heading “Reserves” in the accompanying consolidated balance sheets is as follows:

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Millions of Euros
Reserves Assigned to the Consolidation Process 2014 2013 2012
Accumulated reserves (losses)


Holding Company (*) 11,604 11,972 9,969
BBVA Bancomer Group 7,564 6,275 5,589
BBVA Seguros, S.A. 1,727 1,561 1,447
Corporacion General Financiera, S.A. 746 605 1,118
BBVA Banco Provincial Group 1,592 1,231 906
BBVA Chile Group 1,045 959 873
Compañía de Cartera e Inversiones, S.A. (15) (28) 438
Anida Grupo Inmobiliario, S.L. 339 381 375
BBVA Suiza, S.A. (17) 313 294
BBVA Continental Group 437 335 256
BBVA Luxinvest, S.A. 467 263 230
BBVA Colombia Group 492 315 79
BBVA Banco Francés Group 439 242 65
Banco Industrial De Bilbao, S.A. 43 (4) 35
Uno-E Bank, S.A. (64) 15 (84)
Gran Jorge Juan, S.A. (45) (4) (38)
BBVA Portugal Group (519) (357) (177)
Participaciones Arenal, S.L. (180) (180) (180)
BBVA Propiedad S.A. (342) (267) (233)
Anida Operaciones Singulares, S.L. (1,536) (1,224) (850)
Grupo BBVA USA Bancshares (1,811) (1,305) (1,652)
Unnim Real Estate (1,651) (1,675) 15
Bilbao Vizcaya Holding S.A 70 63 51
Finanzia Autorenting, S.A. (30) (36) (46)
Other (51) (134) 100
Subtotal 20,304 19,317 18,580
Reserves (losses) of entities accounted for using the equity method:


Citic International. Financial Holdings Limited (**) 197 124 859
Garanti Turkiye Bankasi Group 609 379 127
Metrovacesa (68) (30) -
Tubos Reunidos, S.A.(***) - 53 50
Occidental Hoteles Management, S.L.(**) (94) (93) (91)
Other (11) 18 6
Subtotal 633 450 951
Total Reserves 20,936 19,767 19,531
(*) Corresponds to the reserve of the Bank after adjustments made through the consolidation process. (**) Reclassified during 2014 to “Non-current assets available for sale” (Note 15). (***) Reclassified during 2014 to “Available for sale financial assets” (Note 16).

For the purpose of allocating the reserves and accumulated losses to the consolidated entities and to the parent company, the transfers of reserves arising from the dividends paid and transactions between these entities are taken into account in the period in which they took place.

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