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financial statements 2015

26. Share premium

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The changes in the balances under this heading in the accompanying consolidated balance sheets are due to the common stock increases carried out in 2014 and 2013 (see Note 25), as set out below:

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Millions of euros
Capital Increase Share premium
As of January 1, 2013 20,968
Convertible bonds conversion - July 2013 1,143
As of December 31, 2013 22,111
Capital increase - November 2014 1,881
As of December 31, 2014 23,992
As of December 31, 2015 23,992

The amended Spanish Corporation Act expressly permits the use of the share premium balance to increase capital and establishes no specific restrictions as to its use.

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