28. Treasury stock

In the year ended December 31, 2014, 2013 and 2012 the Group entities performed the following transactions with shares issued by the Bank:

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	2014		2013		2012
Treasury Stock	Number of Shares	Millions of Euros	Number of Shares	Millions of Euros	Number of Shares	Millions of Euros
Balance at beginning	6,876,770	66	15,462,936	111	46,398,183	300
+ Purchases	425,390,265	3,770	488,985,513	3,614	819,289,736	4,831
- Sales and other changes	(390,756,337)	(3,484)	(497,571,679)	(3,658)	(850,224,983)	(5,021)
+/- Derivatives on BBVA shares	-	(3)	-	-	-	1
+/- Other changes	-	-	-	(1)	-	-
Balance at the end	41,510,698	350	6,876,770	66	15,462,936	111
Of which:
Held by BBVA, S.A.	5,001,897	46	1,357,669	20	4,508,380	41
Held by Corporación General Financiera, S.A.	36,480,861	304	5,491,697	46	10,870,987	70
Held by other subsidiaries	27,940	-	27,404	-	83,569	-
Average purchase price in Euros	8.86		7.39		5.90
Average selling price in Euros	8.94		7.44		6.04
Net gain or losses on transactions (Stockholders' funds-Reserves)		5		30		81

The percentages of treasury stock held by the Group in the year ended December 31, 2014, 2013 and 2012 are as follows:

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	2014		2013		2012
Treasury Stock	Min	Max	Min	Max	Min	Max
% treasury stock	0.000%	0.699%	0.000%	0.718%	0.240%	1.886%

The number of BBVA shares accepted by the Group in pledge of loans as of December 31, 2014, 2013 and 2012 is as follows:

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Shares of BBVA Accepted in Pledge	2014	2013	2012
Number of shares in pledge	97,795,984	111,627,466	132,675,070
Nominal value	0.49	0.49	0.49
% of share capital	1.58%	1.93%	2.43%

The number of BBVA shares owned by third parties but under management of a company within the Group as of December 31, 2014, 2013 and 2012 is as follows:

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Shares of BBVA Owned by Third Parties but Managed by the Group	2014	2013	2012
Number of shares owned by third parties	101,425,692	101,184,985	109,348,019
Nominal value	0.49	0.49	0.49
% of share capital	1.64%	1.75%	2.01%