27. Reserves
The breakdown of the balance under this heading in the accompanying consolidated balance sheets is as follows:
Download Excel
|
|
|
Millions of euros | ||
|---|---|---|---|---|
| Reserves. Breakdown by concepts | Notes | 2015 | 2014 | 2013 |
| Legal reserve | 27.1 | 605 | 567 | 534 |
| Restricted reserve for retired capital | 27.2 | 213 | 268 | 296 |
| Reserves for balance revaluations |
|
22 | 23 | 26 |
| Voluntary reserves |
|
6,971 | 6,784 | 6,387 |
| Total reserves holding company (*) |
|
7,811 | 7,642 | 7,243 |
| Consolidation reserves attributed to the Bank and dependents consolidated companies. |
|
14,701 | 13,294 | 12,524 |
| Total Reserves |
|
22,512 | 20,936 | 19,767 |
27.1 Legal reserve
Under the amended Corporations Act, 10% of any profit made each year must be transferred to the legal reserve. The transfer 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, 2015, 2014 and 2013, the Bank’s restricted reserves are as follows:
Download Excel
|
|
Millions of euros | ||
|---|---|---|---|
| Restricted Reserves | 2015 | 2014 | 2013 |
| Restricted reserve for retired capital | 88 | 88 | 88 |
| Restricted reserve for Parent Company shares and loans for those shares | 123 | 178 | 206 |
| Restricted reserve for redenomination of capital in euros | 2 | 2 | 2 |
| Total | 213 | 268 | 296 |
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:
Download Excel
|
|
Millions of euros | ||
|---|---|---|---|
| Reserves Assigned to the Consolidation Process | 2015 | 2014 | 2013 |
| Accumulated reserves (losses) |
|
|
|
| Holding Company (*) | 14,600 | 11,604 | 11,972 |
| BBVA Bancomer Group | 8,261 | 7,564 | 6,275 |
| BBVA Seguros, S.A. | 1,634 | 1,727 | 1,561 |
| Corporacion General Financiera, S.A. | 931 | 746 | 605 |
| BBVA Banco Provincial Group | 1,751 | 1,592 | 1,231 |
| BBVA Chile Group | 1,113 | 1,045 | 959 |
| Compañía de Cartera e Inversiones, S.A. | (22) | (15) | (28) |
| Anida Grupo Inmobiliario, S.L. | 277 | 339 | 381 |
| BBVA Suiza, S.A. | (4) | (17) | 313 |
| BBVA Continental Group | 506 | 437 | 335 |
| BBVA Luxinvest, S.A. | 346 | 467 | 263 |
| BBVA Colombia Group | 656 | 492 | 315 |
| BBVA Banco Francés Group | 621 | 439 | 242 |
| Banco Industrial De Bilbao, S.A. | 33 | 43 | (4) |
| Uno-E Bank, S.A. | (61) | (64) | 15 |
| Gran Jorge Juan, S.A. | (40) | (45) | (4) |
| BBVA Portugal Group | (511) | (519) | (357) |
| Participaciones Arenal, S.L. | (180) | (180) | (180) |
| BBVA Propiedad S.A. | (412) | (342) | (267) |
| Anida Operaciones Singulares, S.L. | (3,710) | (1,536) | (1,224) |
| Grupo BBVA USA Bancshares | (1,523) | (1,811) | (1,305) |
| Unnim Real Estate | (1,707) | (1,651) | (1,675) |
| Bilbao Vizcaya Holding S.A | 74 | 70 | 63 |
| Finanzia Autorenting, S.A. | (49) | (30) | (36) |
| Other | 26 | (51) | (134) |
| Subtotal | 22,610 | 20,304 | 19,317 |
| Reserves (losses) of entities accounted for using the equity method: |
|
|
|
| Citic International.Financial Holdings Limited (**) | - | 197 | 124 |
| Garanti Turkiye Bankasi Group | - | 609 | 379 |
| Metrovacesa | (143) | (68) | (30) |
| Tubos Reunidos, S.A. | - | - | 53 |
| Occidental Hoteles Management, S.L.(**) | - | (94) | (93) |
| Other | 45 | (11) | 18 |
| Subtotal | (98) | 633 | 450 |
| Total Reserves | 22,512 | 20,936 | 19,767 |
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.