28. Treasury stock

In the years ended December 31, 2015, 2014 and 2013 the Group entities performed the following transactions with shares issued by the Bank:

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	2015		2014		2013
Treasury Stock	Number of Shares	Millions of Euros	Number of Shares	Millions of Euros	Number of Shares	Millions of Euros
Balance at beginning	41,510,698	350	6,876,770	66	15,462,936	111
+ Purchases	431,321,283	3,273	425,390,265	3,770	488,985,513	3,614
- Sales and other changes	(433,914,316)	(3,314)	(390,756,337)	(3,484)	(497,571,679)	(3,658)
+/- Derivatives on BBVA shares	-	-	-	(3)	-	-
+/- Other changes	-	-	-	-	-	(1)
Balance at the end	38,917,665	309	41,510,698	350	6,876,770	66
Of which:
Held by BBVA, S.A.	1,840,378	19	5,001,897	46	1,357,669	20
Held by Corporación General Financiera, S.A.	37,077,287	290	36,480,861	304	5,491,697	46
Held by other subsidiaries	-	-	27,940	-	27,404	-
Average purchase price in Euros	7.60		8.86		7.39
Average selling price in Euros	7.67		8.94		7.44
"Net gain or losses on transactions		6		5		30

The percentages of treasury stock held by the Group in the years ended December 31, 2015, 2014 and 2013 are as follows:

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	2015		2014		2013
Treasury Stock	Min	Max	Min	Max	Min	Max
% treasury stock	0.000%	0.806%	0.000%	0.699%	0.000%	0.718%

The number of BBVA shares accepted by the Group in pledge of loans as of December 31, 2015, 2014 and 2013 is as follows:

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Shares of BBVA Accepted in Pledge	2015	2014	2013
Number of shares in pledge	92.703.291	97,795,984	111,627,466
Nominal value	0.49	0.49	0.49
% of share capital	1,46%	1.58%	1.93%

The number of BBVA shares owned by third parties but under management of a company within the Group as of December 31, 2015, 2014 and 2013 is as follows:

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Shares of BBVA Owned by Third Parties but Managed by the Group	2015	2014	2013
Number of shares owned by third parties	92.783.913	101,425,692	101,184,985
Nominal value	0.49	0.49	0.49
% of share capital	1,46%	1.64%	1.75%