55. Subsequent events

Subsequent to the year ended December 31, 2014, it is expected that on February 3, 2015, under the powers delegated by the Company’s AGM held on March 16, 2012, under point five of its agenda, the Board of Directors meeting submits for approval an agreement for the issue of debentures convertible into ordinary BBVA shares, excluding the pre-emptive subscription right.

In case such agreement is approved, and for the purposes set out in articles 414, 417 and 511 of the Spanish Corporations Act, the mandatory Directors report explaining the conversion conditions and types will be issued, justifying the proposal for the abolition of the pre-emptive subscription right, to be accompanied, as appropriate, by another report drafted by an auditor other than the company’s auditor, appointed for this purpose by the Companies Register to year end, it is expected that on February 3, 2015, there will be a resolution to issue bonds convertible into ordinary shares of BBVA excluding preferential subscription rights subject to approval by the Board of Directors, under the authority delegated by the General Meeting of Shareholders of the Company held on March 16, 2012, in its fifth item on the agenda,

From January 1, 2015 to the date of preparation of these consolidated financial statements, no other subsequent events not mentioned above in these financial statements have taken place that significantly affect the Group’s earnings or its equity position.