Appendices

APPENDIX I Additional information on consolidated subsidiaries and consolidated structured entities composing the BBVA Group

Additional Information on Consolidated Subsidiaries and consolidated structured entities composing the BBVA Group
% Legal share of participation Millions of Euros (*)
Affiliate Entity Data
Company Location Activity Direct Indirect Total Net Carrying Amount Assets 31.12.18 Liabilities 31.12.18 Equity 31.12.18 Profit (Loss) 31.12.18
ACTIVOS MACORP, S.L. SPAIN REAL ESTATE 50.63 49.37 100.00 21 24 3 20 1
ALCALA 120 PROMOC. Y GEST.IMMOB. S.L. SPAIN REAL ESTATE - 100.00 100.00 17 26 8 16 2
ANIDA GERMANIA IMMOBILIEN ONE, GMBH GERMANY IN LIQUIDATION - 100.00 100.00 - - - - -
ANIDA GRUPO INMOBILIARIO, S.L. SPAIN INVESTMENT COMPANY 100.00 - 100.00 1,569 1,642 38 1,863 (259)
ANIDA INMOBILIARIA, S.A. DE C.V. MEXICO INVESTMENT COMPANY - 100.00 100.00 113 80 - 59 21
ANIDA OPERACIONES SINGULARES, S.A. SPAIN REAL ESTATE - 100.00 100.00 1,485 2,381 893 1,678 (190)
ANIDA PROYECTOS INMOBILIARIOS, S.A. DE C.V. MEXICO REAL ESTATE - 100.00 100.00 53 57 4 32 21
ANIDAPORT INVESTIMENTOS IMOBILIARIOS, UNIPESSOAL, LTDA PORTUGAL REAL ESTATE - 100.00 100.00 23 62 53 6 2
APLICA NEXTGEN OPERADORA S.A. DE C.V. MEXICO SERVICES - 100.00 100.00 1 10 9 1 -
APLICA NEXTGEN SERVICIOS S.A. DE C.V. MEXICO SERVICES - 100.00 100.00 - 3 3 - -
APLICA TECNOLOGIA AVANZADA OPERADORA, S.A. DE C.V. MEXICO SERVICES 100.00 - 100.00 203 232 21 214 (3)
APLICA TECNOLOGIA AVANZADA OPERADORA, S.A. DE C.V. MEXICO SERVICES 100.00 - 100.00 203 232 21 214 (3)
ARIZONA FINANCIAL PRODUCTS, INC UNITED STATES FINANCIAL SERVICES - 100.00 100.00 855 855 - 855 1
ARRAHONA AMBIT, S.L. SPAIN REAL ESTATE - 100.00 100.00 12 34 10 14 9
ARRAHONA IMMO, S.L. SPAIN REAL ESTATE - 100.00 100.00 53 118 4 105 9
ARRAHONA NEXUS, S.L. SPAIN REAL ESTATE - 100.00 100.00 58 131 67 58 6
ARRAHONA RENT, S.L.U. SPAIN REAL ESTATE - 100.00 100.00 9 12 1 10 -
ARRELS CT FINSOL, S.A. SPAIN REAL ESTATE - 100.00 100.00 64 114 35 64 15
ARRELS CT LLOGUER, S.A. SPAIN REAL ESTATE - 100.00 100.00 5 27 21 5 1
ARRELS CT PATRIMONI I PROJECTES, S.A. SPAIN REAL ESTATE - 100.00 100.00 22 52 28 22 2
ARRELS CT PROMOU, S.A. SPAIN REAL ESTATE - 100.00 100.00 28 60 23 28 9
AZLO BUSINESS, INC UNITED STATES SERVICES - 100.00 100.00 11 12 1 18 (8)
BAHIA SUR RESORT, S.C. SPAIN INACTIVE 99.95 - 99.95 1 1 - 1 -
BANCO BILBAO VIZCAYA ARGENTARIA URUGUAY, S.A. URUGUAY BANKING 100.00 - 100.00 110 2.850 2.652 168 30
BANCO INDUSTRIAL DE BILBAO, S.A. SPAIN BANKING - 99.93 99.93 46 45 - 60 (15)
BANCO OCCIDENTAL, S.A. SPAIN BANKING 49.43 50.57 100.00 17 18 - 18 -
BANCO PROVINCIAL OVERSEAS N.V. CURAÇAO BANKING - 100.00 100.00 48 403 355 44 5
BANCO PROVINCIAL S.A. - BANCO UNIVERSAL VENEZUELA BANKING 1.46 53.75 55.21 52 296 174 140 (18)
BANCOMER FOREIGN EXCHANGE INC. UNITED STATES FINANCIAL SERVICES - 100.00 100.00 21 21 - 16 5
BANCOMER PAYMENT SERVICES INC. UNITED STATES FINANCIAL SERVICES - 100.00 100.00 1 2 1 1 -
BBV AMERICA, S.L. SPAIN INVESTMENT COMPANY 100.00 - 100.00 79 614 - 604 10
BBVA AGENCIA DE SEGUROS COLOMBIA LTDA COLOMBIA INSURANCES SERVICES - 100.00 100.00 - - - - -
BBVA ASSET MANAGEMENT CONTINENTAL SA SAF PERU FINANCIAL SERVICES - 100.00 100.00 15 18 3 11 4
BBVA ASSET MANAGEMENT SA SGIIC SPAIN OTHER INVESTMENT COMPANIES 17.00 83.00 100.00 38 111 55 (41) 98
BBVA ASSET MANAGEMENT SA SOCIEDAD FIDUCIARIA (BBVA FIDUCIARIA) COLOMBIA FINANCIAL SERVICES - 100.00 100.00 29 32 4 19 10
BBVA AUTOMERCANTIL COMERCIO E ALUGER DE VEICULOS AUTOMOVEIS LDA. PORTUGAL FINANCIAL SERVICES 100.00 - 100.00 4 26 21 4 -
BBVA BANCO CONTINENTAL, S.A. PERU BANKING - 46.12 46.12 998 19,382 17,212 1,747 423
BBVA BANCO FRANCES, S.A. ARGENTINA BANKING 39.97 26.58 66.55 157 8,189 7,166 1,047 (23)
BBVA BANCOMER GESTION, S.A. DE C.V. MEXICO FINANCIAL SERVICES - 100.00 100.00 14 31 17 9 5
BBVA BANCOMER OPERADORA, S.A. DE C.V. MEXICO SERVICES - 100.00 100.00 69 269 199 60 9
BBVA BANCOMER SA INSTITUCION DE BANCA MULTIPLE GRUPO FINANCIERO BBVA BANCOMER MEXICO BANKING - 100.00 100.00 8,633 87,919 79,560 6,374 1,985
  • (*) Information on foreign companies at exchange rate on December 31, 2018

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Additional Information on Consolidated Subsidiaries and structured entities composing the BBVA Group (Continued)
% Legal share of participation Millions of Euros (*)
Affiliate Entity Data
Company Location Activity Direct Indirect Total Net Carrying Amount Assets 31.12.18 Liabilities 31.12.18 Equity 31.12.18 Profit (Loss) 31.12.18
BBVA BANCOMER SEGUROS SALUD SA DE CV MEXICO INSURANCES SERVICES - 100.00 100.00 13 23 10 12 2
BBVA BANCOMER SERVICIOS ADMINISTRATIVOS, S.A. DE C.V. MEXICO SERVICES - 100.00 100.00 38 197 159 27 11
BBVA BRASIL BANCO DE INVESTIMENTO SA MEXICO BANKING 100.00 - 100.00 16 28 3 25 -
BBVA BROKER CORREDURIA DE SEGUROS Y REASEGUROS SA SPAIN INSURANCES SERVICES 99.94 0.06 100.00 - 15 3 8 4
BBVA BROKER SA ARGENTINA INSURANCES SERVICES - 99.99 99.99 - 9 2 2 5
BBVA COLOMBIA SA COLOMBIA BANKING 77.41 18.06 95.47 355 16,793 15,572 1,035 186
BBVA COMPASS BANCSHARES INC UNITED STATES INVESTMENT COMPANY 100.00 - 100.00 11,703 11,817 41 11,131 645
BBVA COMPASS FINANCIAL CORPORATION UNITED STATES FINANCIAL SERVICES - 100.00 100.00 230 432 210 217 5
BBVA COMPASS INSURANCE AGENCY, INC UNITED STATES INSURANCES SERVICES - 100.00 100.00 38 40 2 29 9
BBVA COMPASS PAYMENTS INC UNITED STATES INVESTMENT COMPANY - 100.00 100.00 88 88 - 73 15
BBVA CONSOLIDAR SEGUROS SA ARGENTINA INSURANCES SERVICES 87.78 12.22 100.00 8 82 55 22 4
BBVA CONSULTING ( BEIJING) LIMITED CHINA FINANCIAL SERVICES - 100.00 100.00 2 2 - 2 -
BBVA CONSULTORIA, S.A. SPAIN SERVICES - 100.00 100.00 2 5 3 2 -
BBVA CONSUMER FINANCE ENTIDAD DE DESARROLLO A LA PEQUEÑA Y MICRO EMPRESA EDPYME SA (BBVA CONSUMER FINANCE - EDPYME) PERU                                 FINANCIAL SERVICES - 100.00 100.00 21 135 115 17 3
BBVA DATA & ANALYTICS SL SPAIN SERVICES - 100.00 100.00 6 5 2 3 1
BBVA DISTRIBUIDORA DE SEGUROS S.R.L. URUGUAY INSURANCES SERVICES - 100.00 100.00 5 5 - 3 2
BBVA FINANZIA SPA ITALY IN LIQUIDATION 100.00 - 100.00 4 13 10 4 -
BBVA FRANCES ASSET MANAGMENT S.A. SOCIEDAD GERENTE DE FONDOS COMUNES DE INVERSIÓN. ARGENTINA FINANCIAL SERVICES - 100.00 100.00 11 15 5 11 -
BBVA FRANCES VALORES, S.A. ARGENTINA SECURITIES DEALER - 100.00 100.00 4 5 1 5 (1)
BBVA FUNDOS S.GESTORA FUNDOS PENSOES SA PORTUGAL PENSION FUNDS MANAGEMENT 100.00 - 100.00 10 10 - 8 2
BBVA GLOBAL FINANCE LTD CAYMAN ISLANDS FINANCIAL SERVICES 100.00 - 100.00 - 179 175 4 -
BBVA GLOBAL MARKETS BV NETHERLANDS FINANCIAL SERVICES 100.00 - 100.00 - 2,562 2,561 - -
BBVA HOLDING CHILE SA CHILE INVESTMENT COMPANY 61.22 38.78 100.00 139 348 - 273 75
BBVA INFORMATION TECHNOLOGY ESPAÑA SL SPAIN SERVICES 76.00 - 76.00 1 6 5 1 -
BBVA INSTITUIÇAO FINANCEIRA DE CREDITO SA PORTUGAL FINANCIAL SERVICES 49.90 50.10 100.00 39 422 369 50 3
BBVA INTERNATIONAL PREFERRED SOCIEDAD ANONIMA SPAIN FINANCIAL SERVICES 100.00 - 100.00 - 36 35 - -
BBVA IRELAND PLC IRELAND FINANCIAL SERVICES 100.00 - 100.00 2 52 48 2 1
BBVA LEASING MEXICO SA DE CV MEXICO FINANCIAL SERVICES - 100.00 100.00 51 888 751 127 10
BBVA LUXINVEST SA LUXEMBOURG PENSION FUNDS MANAGEMENT 36.00 64.00 100.00 - 2 1 (1) 1
BBVA MEDIACION OPERADOR DE BANCA-SEGUROS VINCULADO, S.A. SPAIN INSURANCES SERVICES - 100.00 100.00 10 96 69 10 17
BBVA NEXT TECHNOLOGIES SLU SPAIN INVESTMENT COMPANY 100.00 - 100.00 19 41 18 20 3
BBVA NOMINEES LIMITED UNITED KINGDOM IN LIQUIDATION 100.00 - 100.00 - - - - -
BBVA OP3N S.L. SPAIN SERVICES - 100.00 100.00 - 3 4 (1) (1)
BBVA OPEN PLATFORM INC UNITED STATES SERVICES - 100.00 100.00 1 2 1 8 (7)
BBVA PARAGUAY SA PARAGUAY BANKING 100.00 - 100.00 23 1,923 1,741 150 32
BBVA PENSIONES SA ENTIDAD GESTORA DE FONDOS DE PENSIONES SPAIN PENSION FUNDS MANAGEMENT 100.00 - 100.00 13 40 13 16 11
BBVA PLANIFICACION PATRIMONIAL SL SPAIN FINANCIAL SERVICES 80.00 20.00 100.00 - 1 - 1 -
BBVA PREVISION AFP SA ADM.DE FONDOS DE PENSIONES BOLIVIA PENSION FUNDS MANAGEMENT 75.00 5.00 80.00 1 26 15 5 7
BBVA PROCUREMENT SERVICES AMERICA DEL SUR SpA CHILE SERVICES - 100.00 100.00 6 8 1 6 1
BBVA RE DAC IRELAND INSURANCES SERVICES - 100.00 100.00 39 68 25 48 (6)
  • (*) Information on foreign companies at exchange rate on December 31, 2018

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Additional Information on Consolidated Subsidiaries and structured entities composing the BBVA Group (Continued)
% Legal share of participation Millions of Euros (*)
Affiliate Entity Data
Company Location Activity Direct Indirect Total Net Carrying Amount Assets 31.12.18 Liabilities 31.12.18 Equity 31.12.18 Profit (Loss) 31.12.18
BBVA REAL ESTATE MEXICO, S.A. DE C.V. MEXICO FINANCIAL SERVICES - 100.00 100.00 - - - - -
BBVA SECURITIES INC. UNITED STATES FINANCIAL SERVICES - 100.00 100.00 192 398 205 187 6
BBVA SEGUROS COLOMBIA, S.A. COLOMBIA INSURANCES SERVICES 94.00 6.00 100.00 10 90 68 13 9
BBVA SEGUROS DE VIDA COLOMBIA, S.A. COLOMBIA INSURANCES SERVICES 94.00 6.00 100.00 14 402 282 86 33
BBVA SEGUROS, S.A., DE SEGUROS Y REAINSURANCES SERVICES SPAIN INSURANCES SERVICES 99.96 - 99.96 713 17,303 16,509 484 309
BBVA SERVICIOS, S.A. SPAIN COMMERCIAL - 100.00 100.00 - 8 - 7 -
BBVA SUIZA, S.A. (BBVA SWITZERLAND) SWITZERLAND BANKING 100.00 - 100.00 98 832 719 108 4
BBVA TRADE, S.A. (**) SPAIN INVESTMENT COMPANY - 100.00 100.00 4 42 37 5 -
BBVA TRANSFER SERVICES INC UNITED STATES FINANCIAL SERVICES - 100.00 100.00 66 118 51 57 9
BBVA VALORES COLOMBIA, S.A. COMISIONISTA DE BOLSA COLOMBIA SECURITIES DEALER - 100.00 100.00 5 6 1 4 1
BBVA WEALTH SOLUTIONS, INC. UNITED STATES FINANCIAL SERVICES - 100.00 100.00 8 8 - 6 2
BEEVA TEC OPERADORA, S.A. DE C.V. MEXICO SERVICES - 100.00 100.00 - 2 2 - -
BEEVA TEC, S.A. DE C.V. MEXICO SERVICES - 100.00 100.00 1 6 3 2 1
BILBAO VIZCAYA HOLDING, S.A. SPAIN INVESTMENT COMPANY 89.00 11.00 100.00 51 234 141 90 3
CAIXA MANRESA IMMOBILIARIA ON CASA, S.L. SPAIN REAL ESTATE 100.00 - 100.00 2 2 - 2 -
CAIXA MANRESA IMMOBILIARIA SOCIAL, S.L. SPAIN REAL ESTATE 100 - 100.00 4 3 - 3 -
CAIXA TERRASSA SOCIETAT DE PARTICIPACIONS PREFERENTS, S.A.U. SPAIN FINANCIAL SERVICES 100 - 100.00 1 76 74 2 -
CAIXASABADELL PREFERENTS, S.A. SPAIN FINANCIAL SERVICES 100 - 100.00 - 91 90 1 -
CARTERA E INVERSIONES S.A., CIA DE SPAIN INVESTMENT COMPANY 100.00 - 100.00 92 224 120 (83) 186
CASA DE BOLSA BBVA BANCOMER SA DE CV MEXICO SOCIEDAD DE VALORES (INVERSIÓN MOBILIARIA) - 100.00 100.00 48 57 8 21 27
CATALONIA GEBIRA, S.L. SPAIN REAL ESTATE - 100.00 100.00 - 1 1 - -
CATALONIA PROMODIS 4, S.A. SPAIN REAL ESTATE - 100.00 100.00 1 4 2 2 -
CATALUNYACAIXA CAPITAL, S.A. SPAIN INVESTMENT COMPANY 100.00 - 100.00 79 88 7 76 5
CATALUNYACAIXA IMMOBILIARIA, S.A. SPAIN REAL ESTATE 100.00 - 100.00 328 324 8 303 14
CATALUNYACAIXA SERVEIS, S.A. SPAIN SERVICES 100.00 - 100.00 2 8 6 3 -
CDD GESTIONI S.R.L. ITALY REAL ESTATE 100.00 - 100.00 5 12 2 6 4
CETACTIUS SL SPAIN REAL ESTATE 100.00 - 100.00 1 1 - 1 -
CIDESSA DOS, S.L. SPAIN INVESTMENT COMPANY - 100.00 100.00 15 15 1 15 -
CIDESSA UNO SL SPAIN INVESTMENT COMPANY - 100.00 100.00 5 283 251 (50) 83
CIERVANA SL SPAIN INVESTMENT COMPANY 100.00 - 100.00 53 60 6 54 -
CLUB GOLF HACIENDA EL ALAMO, S.L. SPAIN IN LIQUIDATION - 97.87 97.87 1 2 1 - 1
COMERCIALIZADORA CORPORATIVA SAC PERU FINANCIAL SERVICES - 50.00 50.00 - 1 1 - -
COMERCIALIZADORA DE SERVICIOS FINANCIEROS, S.A. COLOMBIA SERVICES - 100.00 100.00 4 9 5 3 1
COMPAÑIA CHILENA DE INVERSIONES SL SPAIN INVESTMENT COMPANY 99.97 0.03 100.00 221 719 280 (59) 498
COMPASS BANK UNITED STATES BANKING - 100.00 100.00 10,950 84,383 73,398 10,267 718
COMPASS CAPITAL MARKETS, INC. UNITED STATES INVESTMENT COMPANY - 100.00 100.00 7,203 7,203 - 7,116 88
COMPASS GP, INC. UNITED STATES INVESTMENT COMPANY - 100.00 100.00 43 54 10 43 -
COMPASS INSURANCE TRUST UNITED STATES INSURANCES SERVICES - 100.00 100.00 - - - - -
COMPASS LIMITED PARTNER, INC. UNITED STATES INVESTMENT COMPANY - 100.00 100.00 6,305 6,305 - 6,218 87
COMPASS LOAN HOLDINGS TRS, INC. UNITED STATES FINANCIAL SERVICES - 100.00 100.00 72 72 - 71 1
  • (*) Information on foreign companies at exchange rate on December 31, 2018
  • (**) This company has an equity loan from CARTERA E INVERSIONES S.A., CIA DE.

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Additional Information on Consolidated Subsidiaries and structured entities composing the BBVA Group (Continued)
% Legal share of participation Millions of Euros (*)
Affiliate Entity Data
Company Location Activity Direct Indirect Total Net Carrying Amount Assets 31.12.18 Liabilities 31.12.18 Equity 31.12.18 Profit (Loss) 31.12.18
COMPASS MORTGAGE CORPORATION UNITED STATES FINANCIAL SERVICES - 100.00 100.00 2,857 2,950 98 2,783 69
COMPASS MORTGAGE FINANCING, INC. UNITED STATES FINANCIAL SERVICES - 100.00 100.00 - - - - -
COMPASS SOUTHWEST, LP UNITED STATES FINANCIAL SERVICES - 100.00 100.00 5,213 5,229 5 5,151 73
COMPASS TEXAS MORTGAGE FINANCING, INC UNITED STATES FINANCIAL SERVICES - 100.00 100.00 - - - - -
CONSOLIDAR A.F.J.P SA ARGENTINA IN LIQUIDATION 46.00 53.89 100.00 1 2 1 2 -
CONTENTS AREA, S.L. SPAIN SERVICES - 100.00 100.00 6 8 1 6 1
CONTINENTAL BOLSA SDAD. AGENTE DE BOLSA SA PERU SECURITIES DEALER - 100.00 100.00 6 103 98 4 2
CONTINENTAL DPR FINANCE COMPANY CAYMAN ISLANDS FINANCIAL SERVICES - 100.00 100.00 - 52 52 - -
CONTINENTAL SOCIEDAD TITULIZADORA SA PERU FINANCIAL SERVICES - 100.00 100.00 1 1 - 1 -
CONTRATACION DE PERSONAL, S.A. DE C.V. MEXICO SERVICES - 100.00 100.00 6 11 5 5 1
COPROMED SA DE CV MEXICO SERVICES - 100.00 100.00 - - - - -
CORPORACION GENERAL FINANCIERA, S.A. SPAIN INVESTMENT COMPANY 100.00 - 100.00 510 1,577 - 1,642 (65)
COVAULT, INC UNITED STATES SERVICES - 100.00 100.00 1 1 1 2 (2)
DALLAS CREATION CENTER, INC UNITED STATES SERVICES - 100.00 100.00 4 8 4 - 3
DATA ARCHITECTURE AND TECHNOLOGY S.L. SPAIN SERVICES - 51.00 51.00 - 4 1 2 -
DENIZEN FINANCIAL, INC UNITED STATES SERVICES - 100.00 100.00 - - 1 3 (3)
DENIZEN GLOBAL FINANCIAL SAU SPAIN PAYMENT ENTITIE 100.00 - 100.00 2 4 1 4 (1)
DEUTSCHE BANK MEXICO SA FIDEICOMISO F/1859 MEXICO FINANCIAL SERVICES - 100.00 100.00 - - - - -
DEUTSCHE BANK MEXICO SA FIDEICOMISO F/1860 MEXICO FINANCIAL SERVICES - 100.00 100.00 - - - - -
DISTRITO CASTELLANA NORTE, S.A. SPAIN REAL ESTATE - 75.54 75.54 98 147 20 133 (5)
ECASA, S.A. CHILE FINANCIAL SERVICES - 100.00 100.00 25 30 4 14 11
EL ENCINAR METROPOLITANO, S.A. SPAIN REAL ESTATE - 99.05 99.05 6 6 - 6 -
EL MILANILLO, S.A. SPAIN REAL ESTATE - 100.00 100.00 7 13 6 9 (3)
EMPRENDIMIENTOS DE VALOR S.A. URUGUAY FINANCIAL SERVICES - 100.00 100.00 3 6 3 3 -
ENTIDAD DE PROMOCION DE NEGOCIOS SA SPAIN HOLDING - 99.88 99.88 15 17 - 17 -
ENTRE2 SERVICIOS FINANCIEROS E.F.C SA SPAIN FINANCIAL SERVICES 100.00 - 100.00 9 9 - 9 -
ESPAIS SABADELL PROMOCIONS INMOBILIARIES, S.A. SPAIN REAL ESTATE - 100.00 100.00 6 8 - 8 -
EUROPEA DE TITULIZACION SA SGFT. SPAIN FINANCIAL SERVICES 88.24 - 88.24 2 34 2 28 4
EXPANSION INTERCOMARCAL, S.L. SPAIN INVESTMENT COMPANY 100.00 - 100.00 16 17 - 16 -
F/11395 FIDEICOMISO IRREVOCABLE DE ADMINISTRACION CON DERECHO DE REVERSION MEXICO REAL ESTATE - 42.40 42.40 - 1 - 1 -
F/253863 EL DESEO RESIDENCIAL MEXICO REAL ESTATE - 65.00 65.00 - 1 - 1 -
F/403035-9 BBVA HORIZONTES RESIDENCIAL MEXICO REAL ESTATE - 65.00 65.00 - - - - -
FIDEICOMISO 28991-8 TRADING EN LOS MCADOS FINANCIEROS MEXICO FINANCIAL SERVICES - 100.00 100.00 2 2 - 2 -
FIDEICOMISO F/29764-8 SOCIO LIQUIDADOR DE OPERACIONES FINANCIERAS DERIVADAS MEXICO FINANCIAL SERVICES - 100.00 100.00 46 46 - 41 6
FIDEICOMISO F/403112-6 DE ADMINISTRACION DOS LAGOS MEXICO REAL ESTATE - 100.00 100.00 - - - - -
FIDEICOMISO HARES BBVA BANCOMER F/ 47997-2 MEXICO REAL ESTATE - 100.00 100.00 4 8 5 4 -
FIDEICOMISO LOTE 6.1 ZARAGOZA COLOMBIA REAL ESTATE - 59.99 59.99 - 2 - 2 -
FIDEICOMISO N.989, EN THE BANK OF NEW YORK MELLON, S.A. INSTITUCION DE BANCA MULTIPLE, FIDUCIARIO (FIDEIC.00989 6 EMISION) MEXICO FINANCIAL SERVICES - 100.00 100.00 - 79 79 (3) 3
  • (*) Information on foreign companies at exchange rate on December 31, 2018

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Additional Information on Consolidated Subsidiaries and structured entities composing the BBVA Group (Continued)
% Legal share of participation Millions of Euros (*)
Affiliate Entity Data
Company Location Activity Direct Indirect Total Net Carrying
Amount		 Assets 31.12.18 Liabilities 31.12.18 Equity 31.12.18 Profit (Loss) 31.12.18
FIDEICOMISO Nº 711, EN BANCO INVEX, S.A.,INSTITUCION DE BANCA MULTIPLE, INVEX GRUPO FINANCIERO, FIDUCIARIO (FIDEIC. INVEX 1ª EMISION) MEXICO FINANCIAL SERVICES - 100.00 100.00 - 13 14 (1) -
FIDEICOMISO Nº 752, EN BANCO INVEX, S.A.,INSTITUCION DE BANCA MULTIPLE, INVEX GRUPO FINANCIERO, FIDUCIARIO (FIDEIC. INVEX 2ª EMISION) MEXICO FINANCIAL SERVICES - 100.00 100.00 - 7 7 - -
FIDEICOMISO Nº 847, EN BANCO INVEX, S.A.,INSTITUCION DE BANCA MULTIPLE, INVEX GRUPO FINANCIERO, FIDUCIARIO (FIDEIC. INVEX 4ª EMISION) MEXICO FINANCIAL SERVICES - 100.00 100.00 - 39 38 - 1
FIDEICOMISO SCOTIABANK INVERLAT S A F100322908 MEXICO REAL ESTATE - 100.00 100.00 7 13 6 6 1
FINANCEIRA DO COMERCIO EXTERIOR SAR. PORTUGAL INACTIVE 100.00 - 100.00 - - - - -
FINANCIERA AYUDAMOS S.A. DE C.V., SOFOMER MEXICO FINANCIAL SERVICES - 100.00 100.00 11 12 1 16 (6)
FOMENTO Y DESARROLLO DE CONJUNTOS RESIDENCIALES S.L. EN LIQUIDACION SPAIN IN LIQUIDATION - 60.00 60.00 - - - - -
FORUM COMERCIALIZADORA DEL PERU SA PERU SERVICES - 100.00 100.00 2 1 - 1 -
FORUM DISTRIBUIDORA DEL PERU SA PERU FINANCIAL SERVICES - 100.00 100.00 5 46 41 5 -
FORUM DISTRIBUIDORA, S.A. CHILE FINANCIAL SERVICES - 100.00 100.00 39 373 336 32 5
FORUM SERVICIOS FINANCIEROS, S.A. CHILE FINANCIAL SERVICES - 100.00 100.00 244 3,014 2,785 161 68
FUTURO FAMILIAR, S.A. DE C.V. MEXICO SERVICES - 100.00 100.00 1 4 3 1 -
G NETHERLANDS BV NETHERLANDS INVESTMENT COMPANY - 100.00 100.00 340 348 50 299 (1)
GARANTI BANK SA ROMANIA BANKING - 100.00 100.00 269 2,216 1,930 258 28
GARANTI BILISIM TEKNOLOJISI VE TIC TAS TURKEY SERVICES - 100.00 100.00 13 17 4 12 2
GARANTI DIVERSIFIED PAYMENT RIGHTS FINANCE COMPANY CAIMAN ISLANDS FINANCIAL SERVICES - 100.00 100.00 - 3,316 3,321 (3) (3)
GARANTI EMEKLILIK VE HAYAT AS TURKEY INSURANCES SERVICES - 84.91 84.91 126 266 120 67 79
GARANTI FACTORING HIZMETLERI AS TURKEY FINANCIAL SERVICES - 81.84 81.84 19 399 376 29 (6)
GARANTI FILO SIGORTA ARACILIK HIZMETLERI A.S. TURKEY INSURANCES SERVICES - 100.00 100.00 - 1 - - -
GARANTI FILO YONETIM HIZMETLERI A.S. TURKEY OTHER HOLDING - 100.00 100.00 2 302 301 - 1
GARANTI FINANSAL KIRALAMA A.S. TURKEY FINANCIAL SERVICES - 100.00 100.00 149 995 846 133 16
GARANTI HIZMET YONETIMI A.S TURKEY FINANCIAL SERVICES - 100.00 100.00 - 1 - 1 -
GARANTI HOLDING BV NETHERLANDS INVESTMENT COMPANY - 100.00 100.00 228 340 - 340 -
GARANTI KONUT FINANSMANI DANISMANLIK HIZMETLERI AS (GARANTI MORTGAGE) TURKEY SERVICES - 100.00 100.00 - 1 - - -
GARANTI KULTUR AS TURKEY SERVICES - 100.00 100.00 - - - - -
GARANTI ODEME SISTEMLERI A.S.(GOSAS) TURKEY FINANCIAL SERVICES - 100.00 100.00 - 6 3 3 1
GARANTI PORTFOY YONETIMI AS TURKEY FINANCIAL SERVICES - 100.00 100.00 16 19 2 11 5
GARANTI YATIRIM MENKUL KIYMETLER AS TURKEY FINANCIAL SERVICES - 100.00 100.00 29 56 27 19 11
GARANTI YATIRIM ORTAKLIGI AS TURKEY INVESTMENT COMPANY - 3.61 95.49 - 6 - 6 -
GARANTIBANK INTERNATIONAL NV NETHERLANDS BANKING - 100.00 100.00 578 4,278 3,703 560 14
GARRAF MEDITERRANIA, S.A. SPAIN REAL ESTATE - 100.00 100.00 2 2 1 2 -
GESCAT GESTIO DE SOL SL SPAIN REAL ESTATE 100.00 - 100.00 8 20 8 14 (2)
GESCAT LLEVANT, S.L. SPAIN REAL ESTATE - 100.00 100.00 3 5 2 2 1
GESCAT LLOGUERS SL SPAIN REAL ESTATE 100.00 - 100.00 3 4 - 3 -
GESCAT POLSKA SP ZOO POLAND REAL ESTATE 100.00 - 100.00 10 10 - 9 1
GESCAT SINEVA, S.L. SPAIN REAL ESTATE - 100.00 100.00 6 6 - 6 -
GESCAT VIVENDES EN COMERCIALITZACIO SL SPAIN REAL ESTATE 100.00 - 100.00 93 107 14 98 (6)
GESTION DE PREVISION Y PENSIONES SA SPAIN PENSION FUNDS MANAGEMENT 60,00 - 60.00 9 28 1 21 6
GESTION Y ADMINISTRACION DE RECIBOS, S.A. - GARSA SPAIN SERVICES - 100.00 100.00 1 2 - 2 -
GRAN JORGE JUAN SA SPAIN REAL ESTATE 100 - 100.00 409 966 558 395 14
  • (*) Information on foreign companies at exchange rate on December 31, 2018

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Additional Information on Consolidated Subsidiaries and structured entities composing the BBVA Group (Continued)
% Legal share of participation Millions of Euros (*)
Affiliate Entity Data
Company Location Activity Direct Indirect Total Net Carrying
Amount		 Assets 31.12.18 Liabilities 31.12.18 Equity 31.12.18 Profit (Loss) 31.12.18
GRUPO FINANCIERO BBVA BANCOMER SA DE CV MEXICO FINANCIAL SERVICES 99.98 - 99.98 6,678 9,642 - 7,323 2,318
GUARANTY BUSINESS CREDIT CORPORATION UNITED STATES FINANCIAL SERVICES - 100.00 100.00 32 32 - 32 -
GUARANTY PLUS HOLDING COMPANY UNITED STATES INVESTMENT COMPANY - 100.00 100.00 - - - - -
HABITATGES FINVER, S.L. SPAIN REAL ESTATE - 100.00 100.00 1 2 - 1 -
HABITATGES JUVIPRO, S.L. SPAIN REAL ESTATE - 100.00 100.00 1 1 - 1 -
HOLAMUNO AGENTE DE SEGUROS VINCULADO, S.L.U.(**) SPAIN INSURANCES SERVICES - 100.00 100.00 - 2 4 (1) (2)
HOLVI DEUTSCHLAND SERVICE GMBH GERMANY SERVICES - 100.00 100.00 - - - - -
HOLVI PAYMENT SERVICE OY FINLAND FINANCIAL SERVICES - 100.00 100.00 32 5 2 12 (9)
HUMAN RESOURCES PROVIDER, INC UNITED STATES SERVICES - 100.00 100.00 404 404 - 398 6
HUMAN RESOURCES SUPPORT, INC UNITED STATES SERVICES - 100.00 100.00 399 399 - 393 6
INMESP DESARROLLADORA, S.A. DE C.V. MEXICO REAL ESTATE - 100.00 100.00 26 34 9 25 -
INMUEBLES Y RECUPERACIONES CONTINENTAL SA PERU                                 REAL ESTATE - 100.00 100.00 40 41 1 39 1
INPAU, S.A. SPAIN REAL ESTATE - 100.00 100.00 25 25 - 25 -
INVERAHORRO SL SPAIN INVESTMENT COMPANY 100.00 - 100.00 101 103 - 105 (3)
INVERPRO DESENVOLUPAMENT, S.L. SPAIN INVESTMENT COMPANY - 100.00 100.00 4 10 2 4 3
INVERSIONES ALDAMA, C.A. VENEZUELA IN LIQUIDATION - 100.00 100.00 - - - - -
INVERSIONES BANPRO INTERNATIONAL INC NV CURAÇAO INVESTMENT COMPANY 48.00 - 48.01 16 52 2 45 5
INVERSIONES BAPROBA CA VENEZUELA FINANCIAL SERVICES 100.00 - 100.00 1 1 - - 1
INVERSIONES DE INNOVACION EN SERVICIOS FINANCIEROS, S.L. SPAIN INVESTMENT COMPANY - 100.00 100.00 40 41 1 40 -
INVERSIONES P.H.R.4, C.A. VENEZUELA INACTIVE - 60.46 60.46 - - - - -
IRIDION SOLUCIONS IMMOBILIARIES SL SPAIN REAL ESTATE 100.00 - 100.00 2 3 1 2 -
JALE PROCAM, S.L. SPAIN IN LIQUIDATION - 50.00 50.00 - 3 56 (49) (4)
L'EIX IMMOBLES, S.L. SPAIN REAL ESTATE - 100.00 100.00 2 9 7 2 -
LIQUIDITY ADVISORS LP UNITED STATES FINANCIAL SERVICES - 100.00 100.00 1,116 1,124 2 1,108 14
MADIVA SOLUCIONES, S.L. SPAIN SERVICES - 100.00 100.00 9 3 1 2 1
MICRO SPINAL LLC UNITED STATES FINANCIAL SERVICES - 100.00 100.00 - - - - -
MISAPRE, S.A. DE C.V. MEXICO FINANCIAL SERVICES - 100.00 100.00 2 2 - 2 -
MOMENTUM SOCIAL INVESTMENT HOLDING, S.L. SPAIN INVESTMENT COMPANY - 100.00 100.00 7 7 - 7 -
MOTORACTIVE IFN SA ROMANIA FINANCIAL SERVICES - 100.00 100.00 37 185 158 23 3
MOTORACTIVE MULTISERVICES SRL ROMANIA SERVICES - 100.00 100.00 - 16 14 1 1
MULTIASISTENCIA OPERADORA S.A. DE C.V. #N/A INSURANCES SERVICES - 100.00 100.00 - 1 1 - -
MULTIASISTENCIA SERVICIOS S.A. DE C.V. MEXICO INSURANCES SERVICES - 100.00 100.00 - 1 - - -
MULTIASISTENCIA, S.A. DE C.V. MEXICO INSURANCES SERVICES - 100.00 100.00 22 35 13 15 6
NEWCO PERU SAC PERU                                 INVESTMENT COMPANY 100.00 - 100.00 124 1,005 - 829 176
NOIDIRI SL SPAIN REAL ESTATE 100.00 - 100.00 - - - - -
NOVA TERRASSA 3, S.L. SPAIN REAL ESTATE - 100.00 100.00 6 6 - 6 -
OPCION VOLCAN, S.A. MEXICO REAL ESTATE - 100.00 100.00 19 23 4 20 -
OPENPAY S.A.P.I DE C.V. MEXICO PAYMENT ENTITIES - 100.00 100.00 15 2 1 1 -
OPENPAY SERVICIOS S.A. DE C.V. MEXICO SERVICES - 100.00 100.00 - - - - -
OPERADORA DOS LAGOS S.A. DE C.V. MEXICO SERVICES - 100.00 100.00 1 2 1 1 -
  • (*) Information on foreign companies at exchange rate on December 31, 2018
  • (**) These companies have an equity loan from BILBAO VIZCAYA HOLDING, S.A.

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Additional Information on Consolidated Subsidiaries and structured entities composing the BBVA Group (Continued)
% Legal share of participation Millions of Euros (*)
Affiliate Entity Data
Company Location Activity Direct Indirect Total Net Carrying
Amount		 Assets 31.12.18 Liabilities 31.12.18 Equity 31.12.18 Profit (Loss) 31.12.18
OPPLUS OPERACIONES Y SERVICIOS SA SPAIN SERVICES 100.00 - 100.00 1 41 11 24 6
OPPLUS SAC PERU                                 IN LIQUIDATION - 100.00 100.00 1 1 - 1 -
P.I. HOLDINGS NO. 3, INC. UNITED STATES FINANCIAL SERVICES - 100.00 100.00 1 1 - 1 -
PARCSUD PLANNER, S.L. SPAIN REAL ESTATE - 100.00 100.00 1 4 2 1 -
PECRI INVERSION SA SPAIN OTHER INVESTMENT COMPANIES 100.00 - 100.00 163 164 - 148 15
PENSIONES BBVA BANCOMER, S.A. DE C.V., GRUPO FINANCIERO BBVA BANCOMER MEXICO INSURANCES SERVICES - 100.00 100.00 185 4,629 4,449 140 41
PERSONAL DATA BANK SLU SPAIN SERVICES - 100.00 100.00 - - - - -
PHOENIX LOAN HOLDINGS, INC. UNITED STATES FINANCIAL SERVICES - 100.00 100.00 339 361 20 336 5
PI HOLDINGS NO. 1, INC. UNITED STATES FINANCIAL SERVICES - 100.00 100.00 83 83 - 83 -
PORTICO PROCAM, S.L. SPAIN REAL ESTATE - 100.00 100.00 26 26 - 25 -
PROMOCIONES Y CONSTRUCCIONES CERBAT, S.L.U. SPAIN REAL ESTATE - 100.00 100.00 8 8 - 8 -
PROMOTORA DEL VALLES, S.L. SPAIN REAL ESTATE - 100.00 100.00 39 101 65 49 (13)
PROMOU CT 3AG DELTA, S.L. SPAIN REAL ESTATE - 100.00 100.00 1 10 9 1 -
PROMOU CT EIX MACIA, S.L. SPAIN REAL ESTATE - 100.00 100.00 4 5 - 5 -
PROMOU CT GEBIRA, S.L. SPAIN REAL ESTATE - 100.00 100.00 2 8 6 1 1
PROMOU CT OPENSEGRE, S.L. SPAIN REAL ESTATE - 100.00 100.00 5 29 22 6 1
PROMOU CT VALLES, S.L. SPAIN REAL ESTATE - 100.00 100.00 2 8 6 2 -
PROMOU GLOBAL, S.L. SPAIN REAL ESTATE - 100.00 100.00 18 45 28 7 11
PRONORTE UNO PROCAM, S.A. SPAIN REAL ESTATE - 100.00 100.00 - 5 4 - -
PROPEL VENTURE PARTNERS GLOBAL, S.L SPAIN FINANCIAL SERVICES - 99.50 99.50 31 64 20 33 10
PROPEL VENTURE PARTNERS US FUND I, L.P. UNITED STATES VENTURE CAPITAL - 100.00 100.00 71 71 - 70 -
PRO-SALUD, C.A. VENEZUELA INACTIVE - 58.86 58.86 - - - - -
PROVINCIAL DE VALORES CASA DE BOLSA CA VENEZUELA SECURITIES DEALER - 90.00 90.00 1 2 1 - 1
PROVINCIAL SDAD.ADMIN.DE ENTIDADES DE INV.COLECTIVA CA VENEZUELA FINANCIAL SERVICES - 100.00 100.00 - - - - -
PROV-INFI-ARRAHONA, S.L. SPAIN REAL ESTATE - 100.00 100.00 6 9 3 4 2
PROVIVIENDA ENTIDAD RECAUDADORA Y ADMIN.DE APORTES, S.A. BOLIVIA PENSION FUNDS MANAGEMENT - 100.00 100.00 2 8 7 2 -
PUERTO CIUDAD LAS PALMAS, S.A. (**) SPAIN REAL ESTATE - 96.64 96.64 - 21 45 (18) (6)
QIPRO SOLUCIONES S.L. SPAIN SERVICES - 100.00 100.00 5 15 3 10 2
RALFI IFN SA ROMANIA FINANCIAL SERVICES - 100.00 100.00 39 126 109 15 2
RENTRUCKS ALQUILER Y SERVICIOS DE TRANSPORTE SA SPAIN INACTIVE 100.00 - 100.00 1 1 - 2 (1)
RESIDENCIAL CUMBRES DE SANTA FE, S.A. DE C.V. MEXICO REAL ESTATE - 100.00 100.00 3 3 - 2 -
RPV COMPANY CAYMAN ISLANDS FINANCIAL SERVICES - 100.00 100.00 - 1,324 1,324 - -
RWHC, INC UNITED STATES FINANCIAL SERVICES - 100.00 100.00 742 739 - 725 14
SAGE OG I, INC UNITED STATES FINANCIAL SERVICES - 100.00 100.00 - - - - -
SATICEM GESTIO SL SPAIN REAL ESTATE 100.00 - 100.00 4 4 - 4 -
SATICEM HOLDING SL SPAIN REAL ESTATE 100.00 - 100.00 5 6 - 5 -
SATICEM IMMOBILIARIA SL SPAIN REAL ESTATE 100.00 - 100.00 15 15 - 15 -
SATICEM IMMOBLES EN ARRENDAMENT SL SPAIN REAL ESTATE 100.00 - 100.00 2 2 - 2 -
SEGUROS BBVA BANCOMER SA DE CV GRUPO FINANCIERO BBVA BANCOMER MEXICO INSURANCES SERVICES - 100.00 100.00 335 4,199 3,865 124 210
SEGUROS PROVINCIAL CA VENEZUELA INSURANCES SERVICES - 100.00 100.00 7 7 7 - -
  • (*) Information on foreign companies at exchange rate on December 31, 2018
  • (**) These companies have an equity loan from CATALUNYA CAIXA INMOBILIARIA, S.A

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Additional Information on Consolidated Subsidiaries and structured entities composing the BBVA Group (Continued)
% Legal share of participation Millions of Euros (*)
Affiliate Entity Data
Company Location Activity Direct Indirect Total Net Carrying
Amount		 Assets 31.12.18 Liabilities 31.12.18 Equity 31.12.18 Profit (Loss) 31.12.18
SERVICIOS CORPORATIVOS BANCOMER, S.A. DE C.V. MEXICO SERVICES - 100.00 100.00 5 6 2 5 -
SERVICIOS CORPORATIVOS DE SEGUROS, S.A. DE C.V. MEXICO SERVICES - 100.00 100.00 3 17 14 2 -
SERVICIOS EXTERNOS DE APOYO EMPRESARIAL, S.A DE C.V. MEXICO SERVICES - 100.00 100.00 10 26 15 8 2
SERVICIOS TECNOLOGICOS SINGULARES, S.A. SPAIN SERVICES - 100.00 100.00 - 1 1 - -
SIMPLE FINANCE TECHNOLOGY CORP. UNITED STATES FINANCIAL SERVICES - 100.00 100.00 50 59 9 80 (30)
SOCIEDAD DE ESTUDIOS Y ANALISIS FINANCIERO SA SPAIN SERVICES 100.00 - 100.00 79 83 8 81 (5)
SOCIEDAD GESTORA DEL FONDO PUBLICO DE REGULACION DEL MERCADO HIPOTECARIO, S.A. SPAIN PAYMENT INSTITUIONS 77.20 - 77.20 - - - - -
SPORT CLUB 18, SA (**) SPAIN INVESTMENT COMPANY 100.00 - 100.00 10 13 1 13 (1)
TEXAS LOAN SERVICES, LP. UNITED STATES FINANCIAL SERVICES - 100.00 100.00 1,129 1,130 - 1,112 17
TMF HOLDING INC. UNITED STATES INVESTMENT COMPANY - 100.00 100.00 15 22 8 14 1
TRIFOI REAL ESTATE SRL ROMANIA REAL ESTATE - 100.00 100.00 1 1 - 1 -
TUCSON LOAN HOLDINGS, INC. UNITED STATES FINANCIAL SERVICES - 100.00 100.00 33 35 - 34 1
TURKIYE GARANTI BANKASI AS TURKEY BANKING 49.85 - 49.85 5,509 59,390 51,556 6,670 1,163
UNIVERSALIDAD TIPS PESOS E-9 COLOMBIA FINANCIAL SERVICES - 100.00 100.00 - 49 20 27 2
UNNIM SOCIEDAD PARA LA GESTION DE ACTIVOS INMOBILIARIOS SA SPAIN REAL ESTATE 100.00 - 100.00 359 1,038 496 500 42
UPTURN FINANCIAL INC UNITED STATES FINANCIAL SERVICES - 100.00 100.00 1 1 - 2 (1)
URBANIZADORA SANT LLORENC SA SPAIN INACTIVE 60.00 - 60.60 - - - - -
VERIDAS DIGITAL AUTHENTICATION SOLUTIONS S.L. SPAIN SERVICES - 51.00 51.00 - 3 2 - -
  • (*) Information on foreign companies at exchange rate on December 31, 2018
  • (**) This company has an equity loan from BANCO BILBAO VIZCAYA ARGENTARIA, S.A.

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APPENDIX II Additional information on investments joint ventures and associates in the BBVA Group

Acquisitions or increases of interest ownership in consolidated subsidiaries
% Legal share of participation Millions of Euros (*)
Affiliate Entity Data
Company Location Activity Direct Indirect Total Net Carrying
Amount		 Assets 31.12.18 Liabilities 31.12.18 Equity 31.12.18 Profit (Loss) 31.12.18
ASSOCIATES
ADQUIRA ESPAÑA, S.A. SPAIN COMMERCIAL - 40.00 40.00 3 18 11 7 1
ATOM BANK PLC UNITED KINGDOM BANKING 39.06 - 39.06 138 3,078 2,796 330 (48)
AUREA, S.A. (CUBA) CUBA REAL ESTATE - 49.00 49.00 5 10 1 9 1
BANK OF HANGZHOU CONSUMER FINANCE CO LTD CHINA BANKING 30.00 - 30.00 18 753 693 58 3
CANCUN SUN & GOLF COUNTRY CLUB, S.A.P.I. DE C.V. MEXICO REAL ESTATE - 33.33 33.33 27 75 22 52 1
COMPAÑIA ESPAÑOLA DE FINANCIACION DEL DESARROLLO SA SPAIN PUBLIC INSTITUTIONS 16.67 - 16.67 22 138 6 124 9
COMPAÑIA PERUANA DE MEDIOS DE PAGO SAC (VISANET PERU) PERU ELECTRONIC MONEY ENTITIES - 20.96 20.96 2 49 37 4 8
DIVARIAN PROPIEDAD, S.A.U. SPAIN REAL ESTATE - - 20.00 591 3,014 57 2,936 20
FIDEICOMISO F/00185 FIMPE - FIDEICOMISO F/00185 PARA EXTENDER A LA SOCIEDAD LOS BENEFICIOS DEL ACCESO A LA INFRAESTRUCTURA DE LOS MEDIOS DE PAGO ELECTRONICOS MEXICO FINANCIAL SERVICES - 28.50 28.50 3 12 - 12 -
METROVACESA SA SPAIN REAL ESTATE 9.44 11.41 20.85 508 2,577 184 2,402 (9)
REDSYS SERVICIOS DE PROCESAMIENTO SL SPAIN FINANCIAL SERVICES 20.00 - 20.00 12 121 60 51 11
ROMBO COMPAÑIA FINANCIERA SA ARGENTINA BANKING - 40.00 40.00 12 209 179 31 (2)
SERVICIOS ELECTRONICOS GLOBALES SA DE CV MEXICO SERVICES - 46.14 46.14 9 18 - 17 1
SERVIRED SOCIEDAD ESPAÑOLA DE MEDIOS DE PAGO SA SPAIN FINANCIAL SERVICES 28.72 - 28.72 9 38 8 27 3
SOLARISBANK AG GERMANY BANKING - 18.76 18.76 37 212 158 56 (2)
TELEFONICA FACTORING ESPAÑA SA SPAIN FINANCIAL ASSETS 30.00 - 30.00 4 59 46 7 6
TF PERU SAC PERU FINANCIAL ASSETS - 24.30 24.30 1 5 1 3 2
JOINT VENTURES (*)
ADQUIRA MEXICO SA DE CV MEXICO COMMERCIAL - 50.00 50.00 2 5 2 3 -
ALTURA MARKETS SOCIEDAD DE VALORES SA SPAIN SECURITIES DEALER 50.00 - 50.00 69 2.711 2.574 127 10
COMPAÑIA MEXICANA DE PROCESAMIENTO SA DE CV MEXICO SERVICES - 50.00 50.00 7 15 - 14 1
CORPORACION IBV PARTICIPACIONES EMPRESARIALES, S.A. SPAIN INVESTMENT COMPANY - 50.00 50.00 29 63 5 58 -
DESARROLLOS METROPOLITANOS DEL SUR, S.L. SPAIN REAL ESTATE - 50.00 50.00 13 77 52 25 1
FIDEICOMISO F/402770-2 ALAMAR MEXICO REAL ESTATE - 42.40 42.40 7 17 - 17 -
FIDEICOMISO 1729 INVEX ENAJENACION DE CARTERA MEXICO REAL ESTATE - 32.25 32.25 55 171 - 171 -
INVERSIONES PLATCO CA VENEZUELA FINANCIAL SERVICES - 50.00 50.00 1 2 - 4 (2)
PROMOCIONS TERRES CAVADES, S.A. SPAIN REAL ESTATE - 39.11 39.11 4 15 - 15 -
PSA FINANCE ARGENTINA COMPAÑIA FINANCIERA SA ARGENTINA BANKING - 50.00 50.00 10 96 76 22 (2)
RCI COLOMBIA SA COMPAÑIA DE FINANCIAMIENTO COLOMBIA FINANCIAL SERVICES - 49.00 49.00 32 379 314 61 5
REAL ESTATE DEAL II SA SPAIN IN LIQUIDATION 20.06 - 20.06 4 20 - 18 2
VITAMEDICA ADMINISTRADORA, S.A. DE C.V MEXICO SERVICES - 51.00 51.00 5 16 8 6 2
VOLKSWAGEN FINANCIAL SERVICES COMPAÑIA FINANCIERA SA ARGENTINA BANKING - 51.00 51.00 15 195 166 34 (5)
  • (*) Joint ventures incorporated by the equity method.
  • (**) In foreign companies the exchange rate of December 31, 2018 is applied.

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APPENDIX III Changes and notification of participations in the BBVA Group in 2018

Acquisitions or Increases of Interest Ownership in Consolidated Subsidiaries
Millions of Euros % of Voting Rights
Company Type of Transaction Activity Price Paid in the Transactions + Expenses directly attributable to the Transactions Fair Value of Equity Instruments issued for the Transactions % Participation (net) Acquired in the Period Total Voting Rights Controlled after the Transactions Effective Date for the Transaction (or Notification Date) Category
ENTIDAD DE PROMOCION DE NEGOCIOS SA ACQUISITION RENT HOLDING - - 0.02% 99.88% 10-May-18 SUBSIDIARY
BBVA BROKER SA ACQUISITION INSURANCES SERVICES - - 4.99% 99.99% 01-Oct-18 SUBSIDIARY
BBVA HOLDING CHILE SA FOUNDING AND SPLIT INVESTMENT COMPANY - - 100.00% 100.00% 23-Jan-18 SUBSIDIARY
HOLVI DEUTSCHLAND SERVICE GMBH FOUNDING SERVICES - - 100.00% 100.00% 01-May-18 SUBSIDIARY
PERSONAL DATA BANK SLU FOUNDING SERVICES - - 100.00% 100.00% 01-Jun-18 SUBSIDIARY
DOMICILIA TREBOLBLUE SA FOUNDING HOLDING ENT - - 100.00% 100.00% 03-Jul-18 SUBSIDIARY
ONUTPEN 2018 SL FOUNDING INVESTMENT COMPANY - - 100.00% 100.00% 21-Aug-18 SUBSIDIARY
GARANTI YATIRIM ORTAKLIGI AS CAPITAL INCREASE INVESTMENT COMPANY - - 0.31% 95.49% 01-Dec-18 SUBSIDIARY

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Changes and notification of participations in the BBVA Group in 2018 (continued)

Disposals or Reduction of Interest Ownership in Consolidated Subsidiaries
Millions of Euros % of Voting Rights
Company Type of Transaction Activity Profit (Loss) in the Transaction Changes in the Equity due to the transaction % Participation Sold in the Period Total Voting Rights Controlled after the Disposal Effective Date for the Transaction (or Notification Date) Category
BANCO BILBAO VIZCAYA ARGENTARIA (PORTUGAL) SA MERGER BANKING - - 100.00% - 1-Oct-18 SUBSIDIARY
PROMOCION EMPRESARIAL XX SA MERGER INVESTMENT COMPANY - - 100.00% - 17-Dec-18 SUBSIDIARY
BBVA RENTING, S.A. MERGER FINANCIAL SERVICES - - 100.00% - 2-Jul-18 SUBSIDIARY
BANCO BILBAO VIZCAYA ARGENTARIA CHILE, S.A. DISPOSAL BANKING - - 68.19% - 6-Jul-18 SUBSIDIARY
BBVA CORREDORES DE BOLSA LIMITADA DISPOSAL SECURITIES DEALER - - 100.00% - 6-Jul-18 SUBSIDIARY
BBVA SOCIEDAD DE LEASING INMOBILIARIO, S.A. DISPOSAL FINANCIAL SERVICES - - 97.49% - 6-Jul-18 SUBSIDIARY
BBVA ASESORIAS FINANCIERAS, S.A. DISPOSAL FINANCIAL SERVICES - - 100.00% - 6-Jul-18 SUBSIDIARY
BBVA ASSET MANAGEMENT ADMINISTRADORA GENERAL DE FONDOS S.A. DISPOSAL FINANCIAL SERVICES - - 100.00% - 6-Jul-18 SUBSIDIARY
BBVA FACTORING LIMITADA (CHILE) DISPOSAL FINANCIAL SERVICES - - 100.00% - 6-Jul-18 SUBSIDIARY
BBVA CORREDORA TECNICA DE SEGUROS LIMITADA DISPOSAL INSURANCES SERVICES - - 100.00% - 6-Jul-18 SUBSIDIARY
BANCOMER FINANCIAL SERVICES INC. MERGER FINANCIAL SERVICES - - 100.00% - 6-Dec-18 SUBSIDIARY
APLICA TECNOLOGIA AVANZADA OPERADORA. S.A. DE C.V. DISPOSAL SERVICES (8) - 100.00% - 18-Jul-18 SUBSIDIARY
APLICA TECNOLOGIA AVANZADA SERVICIOS. S.A. DE C.V. DISPOSAL SERVICES - - 100.00% - 18-Jul-18 SUBSIDIARY
BBVA SUBORDINATED CAPITAL SOCIEDAD ANONIMA LIQUIDATION FINANCIAL SERVICES - - 100.00% - 18-Dec-18 SUBSIDIARY
BBVA SENIOR FINANCE SAU LIQUIDATION FINANCIAL SERVICES - - 100.00% - 18-Dec-18 SUBSIDIARY
BBVA INMOBILIARIA E INVERSIONES, S.A. DISPOSAL REAL ESTATE 3 - 68.11% - 6-Jul-18 SUBSIDIARY
HOMEOWNERS LOAN CORPORATION LIQUIDATION FINANCIAL SERVICES - - 100.00% - 1-Dec-18 SUBSIDIARY
BBVA RENTAS E INVERSIONES LIMITADA MERGER INVESTMENT COMPANY - - 100.00% - 30-Apr-18 SUBSIDIARY
BBVA SERVICIOS CORPORATIVOS LIMITADA DISPOSAL SERVICES - - 100.00% - 6-Jul-18 SUBSIDIARY
DIVARIAN DESARROLLOS INMOBILIARIOS, S.L.U DISPOSAL REAL ESTATE - - 100.00% - 10-Oct-18 SUBSIDIARY
BBVA INVERSIONES CHILE, S.A. DISPOSAL INVESTMENT COMPANY 863 - 100.00% - 6-Jul-18 SUBSIDIARY
BBVA SEGUROS DE VIDA, S.A. DISPOSAL INSURANCES SERVICES 863 - 100.00% - 6-Jul-18 SUBSIDIARY
GUARANTY PLUS PROPERTIES, INC-1 MERGER FINANCIAL SERVICES - - 100.00% - 31-Dec-18 SUBSIDIARY
GUARANTY PLUS PROPERTIES LLC-2 LIQUIDATION FINANCIAL SERVICES (1) - 100.00% - 1-Aug-18 SUBSIDIARY
4D INTERNET SOLUTIONS, INC LIQUIDATION FINANCIAL SERVICES - - 100.00% - 18-Dec-18 SUBSIDIARY

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Changes and notification of participations in the BBVA Group in 2018 (continued)

Disposals or Reduction of Interest Ownership in Consolidated Subsidiaries
Millions of Euros % of Voting Rights
Company Type of Transaction Activity Profit (Loss) in the Transaction Changes in the Equity due to the transaction % Participation Sold in the Period Total Voting Rights Controlled after the Disposal Effective Date for the Transaction (or Notification Date) Category
PARTICIPACIONES ARENAL. S.L. LIQUIDATION INVESTMENT COMPANY - - 100.00% 0.00% 7-Aug-18 SUBSIDIARY
CAIXASABADELL TINELIA. S.L. MERGER INVESTMENT COMPANY - - 100.00% 0.00% 18-Jul-18 SUBSIDIARY
HABITATGES INVERVIC. S.L. LIQUIDATION REAL ESTATE - - 35.00% 0.00% 22-Feb-18 SUBSIDIARY
PROCAMVASA. S.A. LIQUIDATION REAL ESTATE - - 51.00% 0.00% 4-May-18 SUBSIDIARY
CATALUNYACAIXA ASSEGURANCES GENERALS. S.A. MERGER INSURANCES SERVICES - - 100.00% 0.00% 23-Jan-18 SUBSIDIARY
VOLJA LUX. SARL LIQUIDATION INVESTMENT COMPANY - - 71.78% 0.00% 29-Jan-19 SUBSIDIARY
CX PROPIETAT. FII LIQUIDATION REAL ESTATE INVESTMENT - - 94.96% 0.00% 30-Jun-18 SUBSIDIARY
VOLJA PLUS SL (EN LIQUIDACION) LIQUIDATION INVESTMENT COMPANY - - 75.40% 0.00% 1-Oct-18 SUBSIDIARY
UNITARIA GESTION DE PATRIMONIOS INMOBILIARIOS SA LIQUIDATION REAL ESTATE - - 100.00% 0.00% 20-Dec-18 SUBSIDIARY
SCALDIS FINANCE. S.A. LIQUIDATION INVESTMENT COMPANY - - 100.00% 0.00% 1-Apr-18 SUBSIDIARY
ONUTPEN 2018 SL DISPOSAL INVESTMENT COMPANY - - 100.00% 0.00% 31-Oct-18 SUBSIDIARY
DOMICILIA TREBOLBLUE SA MERGER OTHER HOLDING - - 100.00% 0.00% 19-Dec-18 SUBSIDIARY

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Business Combinations and Other Acquisitions or Increases of Interest Ownership in Associates and Joint-Ventures Accounted for Under the Equity Method
Millions of Euros % of Voting Rights
Company Type of Transaction Activity Price Paid in the Transactions + Expenses Directly Attributable to the Transactions Fair Value of Equity Instruments Issued for the Transactions % Participation (Net) Acquired in the Period Total Voting Rights Controlled after the Transactions Effective Date for the Transaction (or Notification Date) Category
LEVENT YAPILANDIRMA YONETIMI AS FOUNDING SERVICES - - 22.13% 22.13% 14-Dec-18 ASSOCIATED
ATOM BANK PLC INCREASE TO WHICH OTHER MEMERS DO NOT ASSIST BANKING 99 - 9.16% 39.06% 01-May-18 ASSOCIATED
SR2 SOCIEDAD DE MEDIOS DE PAGO S.A. FOUNDING AND SPLIT PAYMENT ENTITIES 1 - 28.72% 28.72% 01-Jan-18 ASSOCIATED
SOCIEDADE ALTITUDE SOFTWARE-SISTEMA E SERCIÇOS SA FOUNDING SERVICES - - 31.55% 31.55% 02-Apr-18 JOINT VENTURE
SISTEMAS DE TARJETAS Y MEDIOS DE PAGO SA FOUNDING PAYMENT ENTITIES - - 18.11% 18.11% 30-Apr-18 ASSOCIATED
SOLARISBANK AG ACQUISITION BANKING 38 - 18.76% 18.76% 01-Oct-18 ASSOCIATED
ANTHEMIS BBVA VENTURE PARTNERSHIP LLP FOUNDING INVESTMENT COMPANY - - 75.00% 75.00% 01-Dec-18 JOINT VENTURE
COMPAÑIA PERUANA DE MEDIOS DE PAGO SAC (VISANET PERU) CAPITAL INCREASE ELECTRONIC MONEY ENTITIES - - 0.68% 20.96% 01-Aug-18 ASSOCIATED

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Changes and notification of participations in the BBVA Group in 2018 (continued)

Disposal or Reduction of Interest Ownership in Associates and Joint-Ventures Companies Accounted for Under the Equity Method
Millions of Euros
Company Type of Transaction Activity Profit (Loss) in the Transaction % Participation Sold in the Period Total Voting Rights Controlled after the Disposal Effective Date for the Transaction (or Notification Date) Category
FIDEICOMISO F/404180-2 BBVA BANCOMER SERVICIOS GOLF ZIBATA DISPOSAL REAL ESTATE - 30.00% - 15-Feb-18 JOINT VENTURE
SISTARBANC S.R.L. DISPOSAL FINANCIAL SERVICES - 26.66% - 13-Sep-18 ASSOCIATED
FIDEICOMISO F 403853- 5 BBVA BANCOMER SERVICIOS ZIBATA DISPOSAL REAL ESTATE 22 30.00% - 15-Feb-18 JOINT VENTURE
OPERADORA ZIBATA S. DE R.L. DE C.V. DISPOSAL SERVICES - 30.00% - 15-Feb-18 ASSOCIATED
FERROMOVIL 3000. S.L. DISPOSAL SERVICES 12 20.00% - 29-May-18 JOINT VENTURE
FERROMOVIL 9000. S.L. DISPOSAL SERVICES 8 20.00% - 29-May-18 JOINT VENTURE
DIVARIAN PROPIEDAD. S.A.U. DISPOSAL REAL ESTATE - 80.00% 20.00% 10-Oct-18 ASSOCIATED
TELEFONICA FACTORING CHILE. S.A. DISPOSAL FINANCIAL SERVICES - 24.30% - 06-Jul-18 ASSOCIATED
ALTITUDE SOFTWARE SGPS. S.A. MERGER SERVICES - 31.55% - 01-Apr-18 JOINT VENTURE
METROVACESA SA DISPOSAL REAL ESTATE 2 7.66% 20.85% 06-Feb-18 ASSOCIATED
TESTA RESIDENCIAL SOCIMI SAU DISPOSAL REAL ESTATE INVESTMENT 28 26.87% - 21-Dec-18 ASSOCIATED
PARQUE RIO RESIDENCIAL. S.L. DISPOSAL REAL ESTATE 8 50.00% - 27-Apr-18 JOINT VENTURE
AVANTESPACIA INMOBILIARIA. S.L. DISPOSAL REAL ESTATE 3 30.01% - 28-Dec-18 JOINT VENTURE
BATEC ORTO DISTRIBUCION S.L. LIQUIDATION COMMERCIAL - 100.00% - 07-Jun-18 JOINT VENTURE
HABITATGES CIMIPRO. S.L. LIQUIDATION REAL ESTATE - 50.00% - 12-Mar-18 JOINT VENTURE
SOLARVOLAR. S.L. LIQUIDATION REAL ESTATE - 45.00% - 08-Feb-18 JOINT VENTURE
PROMOCIONES MIES DEL VALLE. S.L. DILUTION EFFECT REAL ESTATE - 51.00% - 01-Oct-18 JOINT VENTURE
TEIN CENTRO TECNOLOGICO DEL PLASTICO. S.L. DILUTION EFFECT SERVICES - 40.00% - 01-Sep-18 JOINT VENTURE
HABITATGES SOCIALS DE CALAF S.L DISPOSAL REAL ESTATE - 40.00% - 04-Apr-18 JOINT VENTURE
SR2 SOCIEDAD DE MEDIOS DE PAGO S.A. MERGER PAYMENT ENTITIES - 28.72% - 01-Apr-18 ASSOCIATED

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APPENDIX IV Fully consolidated subsidiaries with more than 10% owned by non-Group shareholders as of December 31, 2018

% of Voting Rights Controlled by the Bank
Company Activity Direct Indirect Total
BBVA BANCO CONTINENTAL SA BANKING - 46.12 46.12
BANCO PROVINCIAL SA - BANCO UNIVERSAL BANKING 1.46 53.75 55.21
INVERSIONES BANPRO INTERNATIONAL INC NV INVESTMENT COMPANY 48.00 - 48.00
PRO-SALUD, C.A. NO ACTIVITY - 58.86 58.86
INVERSIONES P.H.R.4, C.A. NO ACTIVITY - 60.46 60.46
COMERCIALIZADORA CORPORATIVA SAC FINANCIAL SERVICES - 50.00 50.00
DISTRITO CASTELLANA NORTE, S.A. REAL ESTATE - 75.54 75.54
GESTION DE PREVISION Y PENSIONES SA PENSION FUND MANAGEMENT 60.00 - 60.00
URBANIZADORA SANT LLORENC SA NO ACTIVITY 60.60 - 60.60
F/403035-9 BBVA HORIZONTES RESIDENCIAL REAL ESTATE - 65.00 65.00
F/253863 EL DESEO RESIDENCIAL REAL ESTATE - 65.00 65.00
DATA ARCHITECTURE AND TECHNOLOGY S.L. SERVICES - 51.00 51.00
FIDEICOMISO LOTE 6.1 ZARAGOZA REAL ESTATE - 59.99 59.99
F/11395 FIDEICOMISO IRREVOCABLE DE ADMINISTRACION CON DERECHO DE REVERSION REAL ESTATE - 42.40 42.40
VERIDAS DIGITAL AUTHENTICATION SOLUTIONS S.L. SERVICES - 51.00 51.00
GARANTI EMEKLILIK VE HAYAT AS INSURANCES - 84.91 84.91
FOMENTO Y DESARROLLO DE CONJUNTOS RESIDENCIALES S.L. EN LIQUIDACION IN LIQUIDATION - 60.00 60.00
BBVA INFORMATION TECHNOLOGY ESPAÑA SL SERVICES 76.00 - 76.00
JALE PROCAM, S.L. IN LIQUIDATION - 50.00 50.00

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APPENDIX V BBVA Group’s structured entities. Securitization funds

Millions of Euros
Securitization Fund (consolidated) Company Origination Date Total Securitized Exposures at the Origination Date Total Securitized Exposures as of December 31, 2018 (*)
AYT CAIXA SABADELL HIPOTECARIO I, FTA BBVA SA 07/2008 300 80
AYT HIPOTECARIO MIXTO IV, FTA BBVA SA 06/2005 100 18
AYT HIPOTECARIO MIXTO, FTA BBVA SA 03/2004 100 13
BBVA CONSUMER AUTO 2018-1 BBVA SA 06/2018 800 746
BBVA CONSUMO 6 FTA BBVA SA 10/2014 299 54
BBVA CONSUMO 7 FTA BBVA SA 07/2015 1,450 572
BBVA CONSUMO 8 FT BBVA SA 07/2016 700 502
BBVA CONSUMO 9 FT BBVA SA 03/2017 1,375 1,229
BBVA EMPRESAS 4 FTA BBVA SA 07/2010 1,700 37
BBVA LEASING 1 FTA BBVA SA 06/2007 2,500 43
BBVA PYME 10 FT BBVA SA 12/2015 780 201
BBVA RMBS 1 FTA BBVA SA 02/2007 2,500 1,000
BBVA RMBS 10 FTA BBVA SA 06/2011 1,600 1,150
BBVA RMBS 11 FTA BBVA SA 06/2012 1,400 1,006
BBVA RMBS 12 FTA BBVA SA 12/2013 4,350 3,197
BBVA RMBS 13 FTA BBVA SA 07/2014 4,100 3,138
BBVA RMBS 14 FTA BBVA SA 11/2014 700 488
BBVA RMBS 15 FTA BBVA SA 05/2015 4,000 3,185
BBVA RMBS 16 FT BBVA SA 05/2016 1,600 1,345
BBVA RMBS 17 FT BBVA SA 11/2016 1,800 1,576
BBVA RMBS 18 FT BBVA SA 11/2017 1,800 1,686
BBVA RMBS 2 FTA BBVA SA 03/2007 5,000 1,858
BBVA RMBS 3 FTA BBVA SA 07/2007 3,000 1,414
BBVA RMBS 5 FTA BBVA SA 05/2008 5,000 2,350
BBVA RMBS 9 FTA BBVA SA 04/2010 1,295 844
BBVA VELA SME 2017-1 BBVA SA 06/2017 3,000 1,321
BBVA VELA SME 2018 BBVA SA 03/2018 1,950 1,387
BBVA-5 FTPYME FTA BBVA SA 11/2006 1,900 11
BBVA-6 FTPYME FTA BBVA SA 06/2007 1,500 13
FTA TDA-22 MIXTO BBVA SA 12/2004 112 24
FTA TDA-27 BBVA SA 12/2006 275 87
FTA TDA-28 BBVA SA 07/2007 250 88
GAT ICO FTVPO 1, F,T,H BBVA SA 06/2009 358 84
GC FTGENCAT TARRAGONA 1 FTA BBVA SA 06/2008 283 23
HIPOCAT 10 FTA BBVA SA 07/2006 1,500 291
HIPOCAT 11 FTA BBVA SA 03/2007 1,600 299
HIPOCAT 7 FTA BBVA SA 06/2004 1,400 221
HIPOCAT 8 FTA BBVA SA 05/2005 1,500 261
HIPOCAT 9 FTA BBVA SA 11/2005 1,000 201
TDA 19 FTA BBVA SA 03/2004 200 25
TDA 20-MIXTO, FTA BBVA SA 06/2004 100 15
TDA 23 FTA BBVA SA 03/2005 300 53
TDA TARRAGONA 1 FTA BBVA SA 12/2007 397 116
VELA CORPORATE 2018-1 BBVA SA 12/2018 1,000 916
Millions of Euros
Securitization Fund (not consolidated) Company Origination Date Total Securitized Exposures at the Origination Date Total Securitized Exposures as of December 31, 2018 (*)
FTA TDA-18 MIXTO BBVA, S.A. nov.-03 91 12
HIPOCAT 6 FTA BBVA, S.A jul.-03 850 108
  • (*) Solvency scope.

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APPENDIX VI Details of the outstanding subordinated debt and preferred securities issued by the Bank or entities in the Group consolidated as of December 31, 2018, 2017 and 2016

Outstanding as of December 31, 2018, 2017, and 2016 of subordinated issues
Millions of Euros
Issuer Entity and Issued Date(*) Currency December 2018 December 2017 December 2016 Prevailing Interest Rate as of December 31, 2018 Maturity Date
Issues in Euros
BBVA
February-07 EUR - 255 255 0.47% 16-Feb-22
March-08 EUR 125 125 125 6.03% 3-Mar-33
July-08 EUR 100 100 100 6.20% 4-Jul-23
February-14 EUR 1,500 1,500 1,500 7.00% Perpetual
April-14 EUR 1,494 1,494 - 3.50% 11-Apr-24
February-15 EUR 1,500 1,500 1,500 6.75% Perpetual
April-16 EUR 1,000 1,000 1,000 8.88% Perpetual
February-17 EUR 1,000 997 - 3.50% 10-Feb-27
February-17 EUR 165 165 - 4.00% 24-Feb-32
May-17 EUR 150 150 - 2.54% 24-May-27
May-17 EUR 500 500 - 5.88% Perpetual
September-18 EUR 990 - - 5.87% Perpetual
Various EUR 384 386 277
Subtotal EUR 8,906 8,171 4,756
BBVA SUBORDINATED CAPITAL, S.A.U. (*)
October-05 EUR - 99 99 0.47% 13-Oct-20
April-07 EUR - - 68 0.57% 4-Apr-22
May-08 EUR - - 50 3.00% 19-May-23
July-08 EUR - 20 20 6.11% 22-Jul-18
April-14 EUR - - 1,500 3.50% 11-Apr-24
Subtotal EUR - 119 1,737
Others   - - -    
Total issued in Euros 8,906 8,290 6,493
  • (*) The issuances of BBVA Subordinated Capital, S.A.U. are jointly, severally and unconditionally guaranteed by the Bank.

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Outstanding as of December 31, 2018, 2017, and 2016 of subordinated issues (continued)
Millions of Euros
Issuer Entity and Issued Date Currency December 2018 December 2017 December 2016 Prevailing Interest Rate as of December 31, 2018 Maturity Date
Issues in foreign currency
BBVA, S.A.
May-13 USD - 1,251 1,423 9.00% Perpetual
March-17 USD 105 100 - 5.70% 31-Mar-32
November-17 USD 873 834 - 6.13% Perpetual
May-18 USD 260 - - 5.25% 29-May-33
Subtotal USD 1,238 2,185 1,423 -
May-17 CHF 18 17 - 1.60% 24-May-27
Subtotal CHF - 17 - -
BBVA GLOBAL FINANCE, LTD. (*)
December-95 USD 169 162 189 7.00% 01-Dec-25
Subtotal USD 169 162 189 -
BANCO BILBAO VIZCAYA ARGENTARIA, CHILE            
Different issues CLP - 574 609 - Various
Subtotal CLP - 574 609 -
BBVA BANCOMER, S.A. de C.V.
May-07 USD - - 474 6,01% 17-May-22
April-10 USD 874 831 947 7.25% 22-Apr-20
March-11 USD 1,092 1,039 1,184 6.50% 10-Mar-21
July-12 USD 1,311 1,247 1,421 6.75% 30-Sep-22
November-14 USD 175 166 189 5.35% 12-Nov-29
Jan-18 USD 874 - - 5.13% 18-Jan-33
Subtotal USD 4,325 3,283 4,214 -
BBVA PARAGUAY
November-14 USD 19 17 19 6.75% 05-Nov-21
November-15 USD 23 21 24 6.70% 22-Nov-22
Subtotal USD 42 38 43 -
TEXAS REGIONAL STATUTORY TRUST I
February-04 USD - - 47 3.13% 17-mar-34
Subtotal USD - - 47 -
  • (*) The issuances of BBVA Global Finance, Ltd, are guaranteed (secondary liability) by the Bank

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Outstanding as of December 31, 2018, 2017, and 2016 of subordinated issues
Millions of Euros
Issuer Entity and Issued Date (continued) Currency December 2018 December 2017 December 2016 Prevailing Interest Rate as of December 31, 2018 Maturity Date
STATE NATIONAL CAPITAL TRUST I
July-03 USD - - 14 3.32% 30-Sep-33
Subtotal USD - - 14 -
STATE NATIONAL STATUTORY TRUST II
March-04 USD - - 9 3.07% 17-Mar-34
Subtotal USD - - 9 -
TEXASBANC CAPITAL TRUST I
June-04 USD - - 24 2.88% 23-Jul-34
Subtotal USD - - 24 -
COMPASS BANK
March-05 USD 199 190 212 5.50% 01-Apr-20
March-06 USD 62 59 65 5.90% 01-Apr-26
September-07 USD - - 332 6.40% 01-Oct-17
April-15 USD 611 584 655 3.88% 10-Apr-25
Subtotal 872 833 1,264 -
BBVA COLOMBIA. S.A.
September-11 COP - 28 32 8.31% 19-Sep-18
September-11 COP 28 30 33 8.48% 19-Sep-21
September-11 COP 42 44 49 8.72% 19-Sep-26
February-13 COP 53 56 63 7.65% 19-Feb-23
February-13 COP 44 46 52 7.93% 19-Feb-28
November-14 COP 24 25 28 8.53% 26-Nov-26
November-14 COP 43 45 51 8.41% 26-Nov-34
January-00 COP (9) - -
December-15 COP (9) - -
Subtotal COP 215 273 309 -
April-15 USD 332 313 379 4.88% 21-Apr-25
Subtotal USD 332 313 379
BANCO CONTINENTAL, S.A.
September-07 USD - - 19 2.16% 24-Sep-17
Subtotal USD - - 19
May-07 PEN - - 11 5.85% 07-May-22
May-07 PEN 17 17 19 6.00% 14-May-27
June-07 PEN 20 20 21 3.47% 18-Jun-32
November-07 PEN 18 18 19 3.56% 19-Nov-32
July-08 PEN 16 16 17 3.06% 08-Jul-23
September-08 PEN 17 17 18 3.09% 09-Sep-23
December-08 PEN 10 10 11 4.19% 15-Dec-33
October-13 PEN 40 38 43 6.53% 02-Oct-28
September-14 PEN 252 244 273 5.25% 22-Sep-29
Subtotal PEN 410 395 451 -
TURKIYE GARANTI BANKASI A.S
May-17 USD 652 623 - 6.13% -
Subtotal USD 652 623 - - -
Total issues in foreign currencies (Millions of euros) 8,274 8,695 8,994 -

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Outstanding as of December 31, 2018, 2017, and 2016 of subordinated issues (Millions of euros)
December 2018 December 2017 December 2016
Issuer Entity and Issued Date Currency Amount Issued Currency Amount Issued Currency Amount Issued
BBVA S.A
December 2007 EUR - EUR - EUR 14
BBVA COLOMBIA SA - - - - - -
December 1993 COP 19 PESO COL - PESO COL -
BBVA PARAGUAY, S.A. - - - - - -
September 2005 - - EUR - EUR 86
September 2006 - - EUR - EUR 164
April 2007 - - USD - USD 569
BBVA International Preferred, S.A.U. - - - - - -
July 2007 GBP 35 GBP 35 GBP 36
Phoenix Loan Holdings Inc. - - - - - -
December 2000 USD 18 USD 18 USD 22
Caixa Terrasa Societat de Participacion - - - - - -
August 2005 EUR 52 EUR 51 EUR 51
Caixasabadell Preferents, S.A. - - - - - -
December 2004 - - - - EUR -
July 2006 EUR 56 EUR 56 EUR 53
Others - - - 1 - 1

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APPENDIX VII Consolidated balance sheets held in foreign currency as of December 31, 2018, 2017 and 2016

December 2018 (Millions of euros)

USD Mexican Pesos Turkish Lira Other Foreign Currencies Total Foreign Currencies
Assets
Cash, cash balances at central banks and other demand deposits 15,184 6,869 476 5,547 28,076
Financial assets held for trading Financial assets 3,133 15,500 366 3,614 22,614
Non-trading financial assets mandatorily at fair value through profit or loss 650 2,303 3 58 3,014
Loans and receivables 16,566 4,704 3,031 2,931 27,232
Financial assets at amortized cost 101,366 47,550 28,094 34,075 211,085
Investments in entities accounted for using the equity method 5 54 - 267 326
Tangible assets 670 1,964 1,007 850 4,490
Other assets 3,444 2,911 1,361 2,879 10,595
Total 141,019 81,856 34,336 50,221 307,433
Liabilities
Financial liabilities held for trading 2,372 13,626 360 1,507 17,864
Financial liabilities at amortized cost 136,307 48,169 20,878 37,342 242,696
Other liabilities 3,874 6,081 750 7,200 17,904
Total 142,552 67,876 21,987 46,049 278,464

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December 2017 (Millions of euros)

USD Mexican Pesos Turkish Lira Other Foreign Currencies Total Foreign Currencies
Assets
Cash, cash balances at central banks and other demand deposits 17,111 4,699 827 4,264 26,902
Financial assets held for trading 2,085 14,961 484 4,583 22,113
Available-for-sale financial assets 14,218 8,051 4,904 3,010 30,183
Loans and receivables 93,069 39,717 32,808 34,488 200,081
Investments in entities accounted for using the equity method 5 124 - 147 276
Tangible assets 659 1,953 1,289 673 4,573
Other assets 7,309 5,041 4,426 18,662 35,438
Total 134,456 74,546 44,738 65,826 319,566
Liabilities
Financial liabilities held for trading 935 5,714 506 533 7,688
Financial liabilities at amortized cost 135,546 51,492 27,079 39,062 253,178
Other liabilities 3,907 8,720 1,039 16,593 30,259
Total 140,387 65,926 28,623 56,188 291,124

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December 2016 (Millions of euros)

USD Mexican Pesos Turkish Lira Other Foreign Currencies Total Foreign Currencies
Assets
Cash, cash balances at central banks and other demand deposits 15,436 4,947 426 4,547 25,357
Financial assets held for trading 5,048 15,541 732 2,695 24,016
Available-for-sale financial assets 18,525 9,458 4,889 5,658 38,530
Loans and receivables 109,167 41,344 34,425 46,629 231,565
Investments in entities accounted for using the equity method 5 135 - 106 247
Tangible assets 788 2,200 1,376 844 5,207
Other assets 4,482 5,214 5,219 4,358 19,273
Total 153,451 78,839 47,066 64,839 344,194
Liabilities
Financial liabilities held for trading 3,908 5,957 693 1,426 11,983
Financial liabilities at amortized cost 150,035 53,185 28,467 53,858 285,546
Other liabilities 1,812 8,774 1,418 1,957 13,961
Total 155,755 67,916 30,578 57,241 311,490

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APPENDIX VIII Consolidated income statements for the first and second half of 2018 and 2017

Six months ended
June 30, 2018		 Six months ended
December 31, 2018		 Six months ended
June 30, 2017		 Six months ended
December 31, 2017
Interest income and other income 14,418 15,413 14,305 14,991
Interest expenses (5,828) (6,411) (5,502) (6,035)
NET INTEREST INCOME 8,590 9,001 8,803 8,955
Dividend income 83 74 212 122
Share of profit or loss of entities accounted for using the equity method 14 (21) (8) 12
Fee and commission income 3,553 3,579 3,551 3,599
Fee and commission expenses (1,073) (1,180) (1,095) (1,134)
Net gains (losses) on financial assets and liabilities 130 86 683 302
Gains or (-) losses on derecognition of financial assets and liabilities
not measured at fair value through profit or loss, net		 329 378 139 79
Gains or (-) losses on financial assets and liabilities held for trading, net 3 93 - -
Gains or (-) losses on financial assets and liabilities designated at fair
value through profit or loss, net		 107 36 (88) 32
Gains or (-) losses from hedge accounting, net 51 21 (193) (16)
Exchange differences, net 74 (83) 528 502
Other operating income 554 395 562 877
Other operating expenses (1,062) (1,039) (945) (1,278)
Income on insurance and reinsurance contracts 1,601 1,348 1,863 1,479
Expenses on insurance and reinsurance contracts (1,091) (803) (1,295) (977)
GROSS INCOME 11,865 11,882 12,718 12,552
Administration costs (5,297) (5,197) (5,599) (5,513)
Personnel expenses (3,103) (3,017) (3,324) (3,247)
Other administrative expenses (2,195) (2,179) (2,275) (2,266)
Depreciation (599) (609) (712) (675)
Provisions or (-) reversal of provisions (184) (189) (364) (381)
Impairment or (-) reversal of impairment on financial assets not measured at fair value through profit or loss (1,606) (2,375) (1,941) (2,862)
NET OPERATING INCOME 4,179 3,512 4,102 3,120
Impairment or (-) reversal of impairment of investments in subsidiaries, joint ventures and associates - - - -
Impairment or (-) reversal of impairment on non-financial assets (0) (138) (80) (284)
Gains (losses) on derecognized of non financial assets and subsidiaries, net 80 - 30 17
Negative goodwill recognized in profit or loss - - - -
Profit or (-) loss from non-current assets and disposal groups classified
as held for sale not qualifying as discontinued operations		 29 768 (18) 44
OPERATING PROFIT BEFORE TAX 4,286 4,160 4,033 2,898
Tax expense or (-) income related to profit or loss from continuing operation (1,222) (1,073) (1,120) (1,049)
PROFIT FROM CONTINUING OPERATIONS 3,063 3,088 2,914 1,848
Profit from discontinued operations, net - - - -
PROFIT 3,063 3,088 2,914 1,848
Attributable to minority interest [non-controlling interests] 528 299 607 636
Attributable to owners of the parent 2,536 2,788 2,306 1,213
Euros Six months ended
June 30, 2018		 Six months ended
December 30, 2018		 Six months ended
June 30, 2017		 Six months ended
December 30, 2017
EARNINGS PER SHARE - - - -
Basic earnings per share from continued operations 0.37 0.39 0.33 0.16
Diluted earnings per share from continued operations 0.37 0.39 0.33 0.16
Basic earnings per share from discontinued operations - - - -
Diluted earnings per share from discontinued operations - - - -

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APPENDIX IX Financial Statements of Banco Bilbao Vizcaya Argentaria, S.A.

ASSETS (Millions of euros)

December 2018 December 2017 (*)
CASH, CASH BALANCES AT CENTRAL BANKS AND OTHER DEMAND DEPOSITS 30,922 18,503
FINANCIAL ASSETS HELD FOR TRADING 75,210 50,424
Derivatives 30,217 36,536
Equity instruments 4,850 6,202
Debt securities 11,453 7,686
Loans and advances to central banks 2,073 -
Loans and advances to credit institutions 14,588 -
Loans and advances to customers 12,029 -
NON-TRADING FINANCIAL ASSETS MANDATORILY AT FAIR VALUE THROUGH PROFIT OR LOSS 1,726
Equity instruments 200
Debt securities 150
Loans and advances to central banks -
Loans and advances to credit institutions -
Loans and advances to customers 1,376
OTHER FINANCIAL ASSETS DESIGNATED AT FAIR VALUE THROUGH PROFIT OR LOSS - 648
Equity instruments - -
Debt securities - -
Loans and advances to central banks - -
Loans and advances to credit institutions - -
Loans and advances to customers - -
FINANCIAL ASSETS AT FAIR VALUE THROUGH COMPREHENSIVE INCOME 19,273 24,205
Equity instruments 2,020 2,378
Debt securities 17,253 21,827
FINANCIAL ASSETS AT AMORTIZED COST 219,127 252,586
Debt securities 19,842 18,856
Loans and advances to central banks 5 28
Loans and advances to credit institutions 5,271 22,105
Loans and advances to customers 194,009 211,597
HEDGING DERIVATIVES 1,090 1,561
FAIR VALUE CHANGES OF THE HEDGED ITEMS IN PORTFOLIO HEDGES OF INTEREST RATE RISK (21) (25)
INVESTMENTS IN SUBSIDIARIES, JOINT VENTURES AND ASSOCIATES 30,734 30,795
Subsidiaries 29,634 30,304
Joint ventures 58 58
Associates 1,042 433
TANGIBLE ASSETS 1,739 1,599
Property, plants and equipment 1,737 1,587
For own use 1,737 1,587
Other assets leased out under an operating lease - -
Investment properties 2 12
INTANGIBLE ASSETS 898 882
Goodwill - -
Other intangible assets 898 882
TAX ASSETS 13,990 12,911
Current 1,410 1,030
Deferred 12,580 11,881
OTHER ASSETS 4,187 3,768
Insurance contracts linked to pensions 2,032 2,142
Inventories - -
Other 2,155 1,626
NON-CURRENT ASSETS AND DISPOSAL GROUPS HELD FOR SALE 1,065 2,226
TOTAL ASSETS 399,940 400,083
  • (*) Presented for comparison purposes only.

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LIABILITIES AND EQUITY (Millions of euros)

December 2018 December 2017 (*)
FINANCIAL LIABILITIES HELD FOR TRADING 68,242 43,703
Trading derivatives 29,748 36,097
Short positions 9,235 7,606
Deposits from central banks 5,149 -
Deposits from credit institutions 15,642 -
Customer deposits 8,468 -
Debt certificates - -
Other financial liabilities - -
OTHER FINANCIAL LIABILITIES DESIGNATED AT FAIR VALUE THROUGH PROFIT OR
LOSS		 1,746 -
Deposits from central banks - -
Deposits from credit institutions - -
Customer deposits 1,746 -
Debt certificates - -
Other financial liabilities - -
Of which: Subordinated liabilities - -
FINANCIAL LIABILITIES AT AMORTIZED COST 283,157 305,797
Deposits from central banks 26,605 28,132
Deposits from credit institutions 20,539 40,599
Customer deposits 192,419 194,645
Debt certificates 35,769 34,166
Other financial liabilities 7,825 8,255
Of which: Subordinated liabilities 10,588 10,887
HEDGING DERIVATIVES 1,068 1,327
FAIR VALUE CHANGES OF THE HEDGED ITEMS IN PORTFOLIO HEDGES OF INTEREST RATE RISK - (7)
PROVISIONS 5,125 7,605
Provisions for pensions and similar obligations 4,043 4,594
Other long term employee benefits 29 31
Provisions for taxes and other legal contingencies 348 329
Provisions for contingent risks and commitments 238 272
Other provisions 467 2,379
TAX LIABILITIES 1,197 1,240
Current 126 124
Deferred 1,071 1,116
OTHER LIABILITIES 1,996 2,207
LIABILITIES INCLUDED IN DISPOSAL GROUPS CLASSIFIED AS HELD FOR SALE - -
TOTAL LIABILITIES 362,531 361,872
  • (*) Presented for comparison purposes only.

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LIABILITIES AND EQUITY (Continued) (Millions of euros)

December 2018 December 2017 (*)
SHAREHOLDERS’ FUNDS 37,417 37,802
Capital 3,267 3,267
Paid up capital 3,267 3,267
Unpaid capital which has been called up - -
Share premium 23,992 23,992
Equity instruments issued other than capital 46 47
Equity component of compound financial instruments - -
Other equity instruments issued 46 47
Other equity - -
Retained earnings - -
Revaluation reserves 3 12
Other reserves 8,796 9,445
Less: Treasury shares (23) -
Profit or loss of the year 2,316 2,083
Less: Interim dividends (980) (1,044)
ACCUMULATED OTHER COMPREHENSIVE INCOME (8) 409
Items that will not be reclassified to profit or loss (152) (38)
Actuarial gains or (-) losses on defined benefit pension plans (78) (38)
Non-current assets and disposal groups classified as held for sale - -
Share of other recognized income and expense of investments in subsidiaries, joint ventures and associates - -
Fair value changes of equity instruments measured at fair value through other comprehensive income (190) -
Hedge ineffectiveness of fair value hedges for equity instruments measured at fair value through other comprehensive income -
Fair value changes of equity instruments measured at fair value through other comprehensive income (hedged item) -
Fair value changes of equity instruments measured at fair value through other comprehensive income (hedging instrument) -
Fair value changes of financial liabilities at fair value through profit or loss attributable to changes in their credit risk 116
Items that may be reclassified to profit or loss 144 447
Hedge of net investments in foreign operations (effective portion) - -
Foreign currency translation - -
Hedging derivatives, Cash flow hedges (effective portion) (116) (136)
Available for sale financial assets 583
Available for sale financial assets Fair value changes of debt instruments measured at fair value through other comprehensive income 260
Hedging instruments (non-designated items) -
Non-current assets and disposal groups classified as held for sale - -
TOTAL EQUITY 37,409 38,211
TOTAL EQUITY AND TOTAL LIABILITIES 399,940 400,083

MEMORANDUM ITEM - OFF BALANCE SHEET EXPOSURES (Millions of euros)

December 2018 December 2017 (*)
Loan commitments given 69,513 54,631
Financial guarantees given 9,197 11,336
Contingent commitments given 27,202 36,503
  • (*) Presented for comparison purposes only.

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INCOME STATEMENTS (Millions of euros)

December 2018 December 2017 (*)
Interest income and other incomes 4,877 4,860
Finanancial assets and liabilities at fair value through other comprehensive income 394 393
Financial assets at amortized cost 4,293 4,343
Other interest incomes 190 124
Interest expenses (1,386) (1,397)
NET INTEREST INCOME 3,491 3,463
Dividend income 3,115 3,555
Fee and comission income 2,083 2,003
Fee and comission expenses (407) (386)
Gains (losses) on decognition of financial assets and liabilities not measured at fair value through
profit or loss, net		 109 634
Financial assets at amortized cost 3 565
Other financial assets and liabilities 106 69
Gains or (-) losses from hedge accounting, net 364 32
Reclasification of financial assets from fair value through other comprehensive income - -
Reclasification of financial assets from amortized cost - -
Other gains or losses 364 -
Gains (losses) on on-trading financial assets mandatorily at fair value through profit or loss 78 -
Reclasification of financial assets from fair value through other comprehensive income -
Reclasification of financial assets from amortized cost -
Other gains or losses 78
Gains (losses) on financial assets and liabilities designated at fair value through profit or loss, net (41) 18
Gains (losses) from hedge accounting, net 46 (227)
Exchange differences, (60) 435
Other operating income 108 159
Other operating expenses (474) (466)
GROSS INCOME 8,412 9,220
Administration costs (4,077) (4,038)
Personnel expenses (2,328) (2,382)
Other administrative expenses (1,749) (1,656)
Depreciation and amortization (452) (540)
Provisions or (-) reversal of provisions (566) (802)
Impairment or (-) reversal of impairment on financial assets not measured at fair value through profit or loss (267) (1,585)
Financial asssets at amortized cost (278) (451)
Financial assets at fair value through other comprehensive income 11 (1,134)
NET OPERATING INCOME 3,050 2,256
Impairment or reversal of impairment of investments in joint ventures and associates (1,537) 207
Impairment or reversal of impairment on non-financial assets (27) (8)
Tangible assets (23) (8)
Intangible assets - -
Other assets (4) -
Gains or losses on derecognized assets not classified as non-current assets held for sale (16) (1)
Negative goodwill recognized in profit or loss - -
Profit or loss froma non-current assets and disposal groups classified as held for sale not qualifying as discontinued operations 1,004 (14)
PROFIT OR LOSS BEFORE TAX FROM CONTINUING OPERATIONS 2,474 2,440
Tax expense or income related to profit or loss from continuing operations (159) (357)
PROFIT OR LOSS AFTER TAX FROM CONTINUING OPERATIONS 2,316 2,083
Profit or loss after tax from discontinued operations - -
PROFIT FOR THE PERIOD 2,316 2,083
  • (*) Presented for comparison purposes only.

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STATEMENTS OF RECOGNIZED INCOME AND EXPENSES (MILLIONS OF EUROS)

2018 2017
PROFIT RECOGNIZED IN INCOME STATEMENT 2,316 2,083
OTHER RECOGNIZED INCOME (EXPENSES) (382) 771
ITEMS NOT SUBJECT TO RECLASSIFICATION TO INCOME STATEMENT (125) 4
Actuarial gains and losses from defined benefit pension plans (47) 6
Non-current assets available for sale - -
Fair value changes of equity instruments measured at fair value through other comprehensive income (199) -
Gains or losses from hedge accounting of equity instruments at fair value through other comprehensive income, net - -
Fair value changes of financial liabilities at fair value through profit or loss attributable to changes in their credit risk 166 -
Other valuation adjustments - -
Income tax related to items not subject to reclassification to income statement (45) (2)
ITEMS SUBJECT TO RECLASSIFICATION TO INCOME STATEMENT (257) 767
Hedge of net investments in foreign operations [effective portion] - -
Foreign currency translation - (18)
Translation gains or (-) losses taken to equity - -
Transferred to profit or loss - (18)
Other reclassifications - -
Cash flow hedges [effective portion] 29 (12)
Valuation gains or (-) losses taken to equity 29 (9)
Transferred to profit or loss - (3)
Transferred to initial carrying amount of hedged items - -
Other reclassifications - -
Available for sale financial assets 751
Valuation gains or (losses) taken to equity 142
Transferred to profit or loss 609
Other reclassifications -
Debt securities at fair value through other comprehensive income (396)
Valuation gains/(losses) (292)
Amounts reclassified to income statement (104)
Reclassifications (other) -
Non-current assets held for sale and disposal groups held for sale - -
Income tax related to items subject to reclassification to income statement 110 46
TOTAL RECOGNIZED INCOME/EXPENSES 1,934 2,854
  • (*) Presented for comparison purposes only.

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Statement of changes in equity for the year ended December 31, 2018 of BBVA, S.A.
Millions of Euros
December 2018 Capital Share Premium Equity instruments issued
other than capital		 Other Equity Retained earnings Revaluation
reserves		 Other reserves (-) Treasury shares Profit or loss
attributable to
owners of the
parent		 Interim
dividends		 Accumulated other
comprehensive
income		 Total
Balances as of January 1, 2018 3,267 23,992 47 - - 12 9,445 - 2,083 (1,045) 409 38,210
Effect of correction of errors - - - - - - (666) - - - (35) (701)
Adjusted initial balance 3,267 23,992 47 - - 12 8,779 - 2,083 (1,045) 374 37,509
Total income/expense recognized - - - - - - - - 2,316 - (382) 1,934
Other changes in equity - - (1) - - (9) 17 (23) (2,083) 65 - (2,034)
Issuances of common shares - - - - - - - - - - - -
Issuances of preferred shares - - - - - - - - - - - -
Issuance of other equity instruments - - - - - - - - - - - -
Period or maturity of other issued equity instruments - - - - - - - - - - - -
Conversion of debt on equity - - - - - - - - - - - -
Common Stock reduction - - - - - - - - - - - -
Dividend distribution - - - - - - (1,000) - - (980) - (1,980)
Purchase of treasury shares - - - - - - - (1,288) - - - (1,288)
Sale or cancellation of treasury shares - - - - - - (5) 1,265 - - - 1,260
Reclassification of financial liabilities to other equity instruments - - - - - - - - - - - -
Reclassification of other equity instruments to financial liabilities - - - - - - - - - - - -
Transfers between total equity entries - - (1) - - (9) 1,048 - (2,083) 1,045 - -
Increase/Reduction of equity due to business combinations - - - - - - (25) - - - - (25)
Share based payments - - - - - - - - - - - -
Other increases or (-) decreases in equity - - - - - - (1) - - - - (1)
Balance as of December 31, 2018 3,267 23,992 46 - - 3 8,796 (23) 2,316 (980) (8) 37,409

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Statement of changes in equity for the year ended December 31, 2017 of BBVA, S.A.
Millions of Euros
December 2017 (*) Capital Share Premium Equity instruments issued
other than capital		 Other Equity Retained earnings Revaluation
reserves		 Other reserves (-) Treasury shares Profit or loss
attributable to
owners of the
parent		 Interim
dividends		 Accumulated other
comprehensive
income		 Total
Balances as of January 1, 2017 3,218 23,992 46 - - 20 9,346 (23) 1,662 (1,513) (362) 36,386
Total income/expense recognized - - - - - - - - 2,083 - 771 2,854
Other changes in equity 49 - 1 - - (8) (99) 23 (1,662) (469) - (1,029)
Issuances of common shares 49 - - - - - (49) - - - - -
Issuances of preferred shares - - - - - - - - - - - -
Issuance of other equity instruments - - - - - - - - - - - -
Period or maturity of other issued equity instruments - - - - - - - - - - - -
Conversion of debt on equity - - - - - - - - - - - -
Common Stock reduction - - - - - - - - - - - -
Dividend distribution - - - - - - - - - (901) - (901)
Purchase of treasury shares - - - - - - - (1,354) - - - (1,354)
Sale or cancellation of treasury shares - - - - - - 4 1,377 - - - 1,381
Reclassification of financial liabilities to other equity instruments - - - - - - - - - - - -
Reclassification of other equity instruments to financial liabilities - - - - - - - - - - - -
Transfers between total equity entries - - (1) - - (8) 158 - (1,662) 1,513 - -
Increase/Reduction of equity due to business combinations - - - - - - - - - - - -
Share based payments - - - - - - - - - - - -
Other increases or (-) decreases in equity - - 2 - - - (14) - - (143) - (155)
Balance as of December 31, 2017 3,267 23,992 47 - - 12 9,445 - 2,083 (1,044) 409 38,211
  • (*) Presented for comparison purposes only.

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CASH FLOWS STATEMENTS (Millions of euros)

December 2018 December 2017(*)
CASH FLOW FROM OPERATING ACTIVITIES (1) 16,944 (20)
Profit for the period 2,316 2,083
Adjustments to obtain the cash flow from operating activities: 1,227 2,261
Depreciation and amortization 452 540
Other adjustments 775 1,721
Net increase/decrease in operating assets 10,926 17,516
Financial assets held for trading 2,178 7,016
Non-trading financial assets mandatorily at fair value throught profit or loss 3,087
Other financial assets designated at fair value through profit or loss - (648)
Financial assets at fair value through other comprehensive income 3,409 4,799
Loans and receivables 3,081 7,255
Other operating assets (829) (906)
Net increase/decrease in operating liabilities 2,317 (22,237)
Financial liabilities held for trading (2,718) (4,562)
Other financial liabilities designated at fair value through profit or loss 754 -
Financial liabilities at amortized cost 5,735 (15,228)
Other operating liabilities (1,454) (2,447)
Collection/Payments for income tax 158 357
CASH FLOWS FROM INVESTING ACTIVITIES (2) (2,049) 1,995
Investment (7,081) (2,118)
Tangible assets (372) (100)
Intangible assets (314) (276)
Investments (6,083) (1,117)
Subsidiaries and other business units - -
Non-current assets held for sale and associated liabilities (312) (625)
Held-to-maturity investments -
Other settlements related to investing activities - -
Divestments 5,032 4,113
Tangible assets 50 21
Intangible assets - -
Investments 1,678 508
Subsidiaries and other business units - -
Non-current assets held for sale and associated liabilities 3,304 815
Held-to-maturity investments 2,576
Other collections related to investing activities - 193
  • (*) Presented for comparison purposes only.

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CASH FLOWS STATEMENTS (Continued) (Millions of euros)

December 2018 December 2017(*)
CASH FLOWS FROM FINANCING ACTIVITIES (3) (2,334) 106
Investment (4,872) (4,090)
Dividends (1,980) (1,570)
Subordinated liabilities (1,627) (919)
Common stock amortization - -
Treasury stock acquisition (1,265) (1,354)
Other items relating to financing activities - (247)
Divestments 2,538 4,196
Subordinated liabilities 1,262 2,819
Common stock increase - -
Treasury stock disposal 1,260 1,377
Other items relating to financing activities 16 -
EFFECT OF EXCHANGE RATE CHANGES (4) (143) 566
NET INCREASE/DECREASE IN CASH OR CASH EQUIVALENTS (1+2+3+4) 12,418 2,647
CASH AND CASH EQUIVALENTS AT BEGINNING OF THE YEAR 18,503 15,856
CASH AND CASH EQUIVALENTS AT END OF THE YEAR 30,921 18,503

COMPONENTS OF CASH AND EQUIVALENTS AT END OF THE YEAR (Millions of euros)

December 2018 December 2017
Cash 975 906
Balance of cash equivalent in central banks 27,290 15,858
Other financial assets 2,656 1,739
Less: Bank overdraft refundable on demand - -
TOTAL CASH AND CASH EQUIVALENTS AT END OF THE YEAR 30,921 18,503
  • (*) Presented for comparison purposes only.

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APPENDIX X Information on data derived from the special accounting registry and other information about bonds

The Bank counts with explicit policies and procedures for its activities in the mortgage market and in the financing of exportation of goods and services or the process of internationalization of companies, which allow ensuring compliance with the applicable regulations of the mortgage market and for the issuance of bonds.

Mortgage market policies and procedures

Information required pursuant to Circular 5/2011 of the Bank of Spain is indicated as follows.

The mortgage origination policy is based in principles focused on assessing the adequate ratio between the amount of the loan, and the payments, and the income of the applicant. Applicants must in all cases prove sufficient repayment ability (present and future) to meet their repayment obligations, for both the mortgage debt and for other debts detected in the financial system. Therefore, the applicant’s repayment ability is a key aspect within the credit decision-making tools and retail risk acceptance manuals, and has a high weighting in the final decision.

During the mortgage risk transaction analysis process, documentation supporting the applicant’s income (payroll, etc.) is required, and the applicant’s position in the financial system is checked through automated database queries (internal and external). This information is used for calculation purposes in order to determine the level of indebtedness/compliance with the remainder of the system. This documentation is kept in the transaction’s file.

In addition, the mortgage origination policy assesses the adequate ratio between the amount of the loan and the appraisal value of the mortgaged asset. The policy also establishes that the property to be mortgaged be appraised by an independent appraisal company as established by Circular 3/2010 and Circular 4/2016. BBVA selects those companies whose reputation, standing in the market and independence ensure that their appraisals adapt to the market reality in each region. Each appraisal is reviewed and checked before the loan is granted and, in those cases where the loan is finally granted, it is kept in the transaction’s file.

As for issues related to the mortgage market, the Finance area annually defines the strategy for wholesale finance issues, and more specifically mortgage bond issues, such as mortgage covered bonds or mortgage securitization. The Assets and Liabilities Committee tracks the budget monthly. The volume and type of assets in these transactions is determined in accordance with the wholesale finance plan, the trend of the Bank’s “Loans and receivables” outstanding balances and the conditions in the market.

The Board of Directors of the Bank authorizes each of the issues of Mortgage Transfer Certificates and/or Mortgage Participations issued by BBVA to securitize the credit rights derived from loans and mortgage loans, Likewise, the Board of Directors authorizes the establishment of a Base Prospectus for the issuance of fixed-income securities through which the mortgage-covered bonds are implemented.

As established in article 24 of Royal Decree 716/2009, of April, 24, by virtue of which certain aspects of Law 2/1981, of 25 March, of regulation of the mortgage market and other rules of the mortgage and financial system are developed, “the volume of outstanding mortgage-covered bonds issued by a bank may not exceed 80% of a calculation base determined by adding the outstanding principal of all the loans and mortgage loans in the bank’s portfolio that are eligible” and which are not covered by the issue of Mortgage Bonds, Mortgage Participations or Mortgage Transfer Certificates. For these purposes, in accordance with the aforementioned Royal Decree 716/2009, in order to be eligible, loans and mortgage loans, on a general basis: (i) must be secured by a first mortgage on the freehold; (ii) the loan’s amount may not exceed 80% of the appraisal value for residential mortgages, and 60% for other mortgage lending; (iii) must be established on assets exclusively and wholly owned by the mortgagor; (iv) must have been appraised by an independent appraisal company unrelated to the Group and authorized by the Bank of Spain; and (v) the mortgaged property must be covered at least by a current damage insurance policy.

The Bank has set up a series of controls for mortgage covered bonds, which regularly control the total volume of issued mortgage covered bonds issued and the remaining eligible collateral, to avoid exceeding the maximum limit set by Royal Decree 716/2009, and outlined in the preceding paragraph. In the case of securitizations, the preliminary portfolio of loans and mortgage loans to be securitized is checked according to an agreed procedures engagement, by the Bank’s external auditor as required by the Spanish Securities and Exchange Commission. There is also a series of filters through which some mortgage loans and credits are excluded in accordance with legal, commercial and risk concentration criteria.

b) Quantitative information on activities in the mortgage market

The quantitative information on activities in the mortgage market required by Bank of Spain Circular 5/2011 as of December 31, 2018 and 2017 is shown below.

b.1) Ongoing operations

Mortgage loans. Eligibility for the purpose of the mortgage market (Millions of euros)

December 2018 December 2017
Nominal value of outstanding loans and mortgage loans 97,519 105,539
Minus: Nominal value of all outstanding loans and mortgage loans that form part of the portfolio, but have been mobilized through mortgage bond holdings or mortgage transfer certificates. (29,781) (32,774)
Nominal value of outstanding loans and mortgage loans, excluding securitized loans 67,738 72,765
Of which:
Loans and mortgage loans which would be eligible if the calculation limits set forth in Article 12 of Spanish Royal Decree 716/2009 were not applied. 45,664 48,003
Minus: Loans and mortgage loans which would be eligible but, according to the criteria set forth in Article 12 of Spanish Royal Decree 716/2009, cannot be used to collateralize any issuance of mortgage bonds. (1,240) (1,697)
Eligible loans and mortgage loans that, according to the criteria set forth in Article 12 of Spanish Royal Decree 716/2009, can be used as collateral for the issuance of mortgage bonds 44,424 46,306
Issuance limit: 80% of eligible loans and mortgage loans that can be used as collateral 35,539 37,045
Issued Mortgage-covered bonds 24,301 20,153
Outstanding Mortgage-covered bonds 15,207 16,065
Capacity to issue mortgage-covered bonds 11,238 16,892
Memorandum items:
Percentage of overcollateralization across the portfolio 279% 361%
Percentage of overcollateralization across the eligible used portfolio 183% 230%
Nominal value of available sums (committed and unused) from all loans and mortgage loans. 5,267 3,084
Of which:
Potentially eligible 4,517 2,471
Ineligible 750 613
Nominal value of all loans and mortgage loans that are not eligible, as they do not meet the thresholds set in Article 5.1 of Spanish Royal Decree 716/2009, but do meet the rest of the eligibility requirements indicated in Article 4 of the Royal Decree. 12,827 16,272
Nominal value of the replacement assets subject to the issue of mortgage-covered bonds. - -

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Mortgage loans. Eligibility for the purpose of the mortgage market (Millions of euros)

December 2018 December 2017
Total loans (1) 97,519 105,539
Issued mortgage participations (2) 4,360 1,809
Of which: recognized on the balance sheet 2,927 -
Issued mortgage transfer certificates (3) 25,422 30,965
Of which: recognized on the balance sheet 23,590 28,954
Mortgage loans as collateral of mortgages bonds (4)
Loans supporting the issuance of mortgage-covered bonds 1-2-3-4 67,738 72,765
Non eligible loans 22,074 24,762
Comply requirements to be eligible except the limit provided for under the article 5.1 of the Spanish Royal Decree 716/2009 12,827 16,272
Other 9,247 8,490
Eligible loans 45,664 48,003
That cannot be used as collateral for issuances 1,240 1,697
That can be used as collateral for issuances 44,424 46,306
Loans used to collateralize mortgage bonds - -
Loans used to collateralize mortgage-covered bonds 44,424 46,306

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Mortgage loans. Classification of the nominal values according to different characteristics (Millions of euros)

December 2018 December 2017
Total mortgage loans Eligible Loans(*) Eligible that can be used as collateral for issuances (**) Total mortgage loans Eligible Loans(*) Eligible that can be used as collateral for issuances (**)
TOTAL 67,738 45,664 44,424 72,765 48,003 46,306
By source of the operations
Originated by the bank 62,170 40,962 39,799 67,134 43,315 41,694
Subrogated by other institutions 797 664 660 795 692 686
Rest 4,771 4,038 3,965 4,836 3,996 3,926
By Currency
In euros 67,255 45,362 44,122 72,070 47,623 45,945
In foreign currency 483 302 302 695 380 361
By payment situation
Normal payment 56,621 41,688 41,057 61,013 43,578 43,187
Other situations 11,117 3,976 3,367 11,752 4,425 3,119
By residual maturity
Up to 10 years 15,169 11,226 10,808 15,482 10,268 9,659
10 to 20 years 28,317 22,907 22,344 29,131 23,344 22,748
20 to 30 years 18,195 9,973 9,752 18,470 11,565 11,153
Over 30 years 6,057 1,558 1,520 9,682 2,826 2,746
By Interest Rate
Fixed rate 10,760 5,545 5,467 5,578 2,697 2,614
Floating rate 56,978 40,119 38,957 67,187 45,306 43,692
Mixed rate - - - - - -
By Target of Operations
For business activity 13,308 7,107 6,196 17,111 7,788 6,569
From which: public housing 2,770 1,455 682 4,520 1,670 726
For households 54,430 38,557 38,228 55,654 40,215 39,737
By type of guarantee
Secured by completed assets/buildings 65,535 44,912 43,884 70,922 47,619 45,989
Residential use 56,880 40,098 39,276 53,543 39,050 38,499
From which: public housing 4.464 3.423 3.278 4,124 3,029 2,981
Commercial 8,618 4,803 4,597 4,610 2,535 2,414
Other 37 11 11 12,769 6,034 5,076
Secured by assets/buildings under construction 1,014 369 261 1,433 245 191
Residential use 721 234 150 522 61 61
From which: public housing 18 1 1 8 1 1
Commercial 293 135 111 174 48 48
Other - - - 737 136 82
Secured by land 1,189 383 279 410 139 126
Urban 478 134 47 8 5 2
Non-urban 711 249 232 402 134 124
  • (*) Not taking into account the thresholds established by Article 12 of Spanish Royal Decree 716/2009
  • (**) Taking into account the thresholds established by Article 12 of Spanish Royal Decree 716/2009

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December 2018. Nominal value of the total mortgage loans (Millions of euros)

Loan to Value (Last available appraisal risk)
Less than or equal to 40% Over 40% but less than or equal to 60% Over 60% but less than or equal to 80% Over 80% Total
Home mortgages 13,792 15,459 11,704 - 40,955 -
Other mortgages 2,506 2,203 4,709
Total 16,298 17,662 11,704 - 45,664

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December 2017. Nominal value of the total mortgage loans (Millions of euros)

Loan to Value (Last available appraisal risk)
Less than or equal to 40% Over 40% but less than or equal to 60% Over 60% Over 60% but less than or equal to 80% Over 80% Total
Home mortgages 14,535 17,225 12,667 - 44,427
Other mortgages 1,827 1,749 3,576
Total 16,362 18,974 - 12,667 - 48,003

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Eligible and non eligible mortgage loans. Changes of the nominal values in the period (Millions of euros)

2018 2017
Eligible (*) Non eligible Eligible (*) Non eligible
Balance at the beginning 48,003 24,762 46,987 33,313
Retirements 7,994 7,483 9,820 15,015
Held-to-maturity cancellations 4,425 1,883 4,614 2,562
Anticipated cancellations 2,227 2,625 2,008 2,582
Subrogations to other institutions 25 13 33 23
Rest 1,317 2,962 3,165 9,848
Additions 5,655 4,795 10,835 6,464
Originated by the bank 2,875 3,376 2,645 3,392
Subrogations to other institutions 15 7 15 5
Rest 2,765 1,412 8,176 3,067
Balance at the end 45,664 22,074 48,003 24,762
  • (*) Not taking into account the thresholds established by Article 12 of Spanish Royal Decree 716/2009

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Mortgage loans supporting the issuance of mortgage-covered bonds. Nominal value (Millions of euros)

December 2018 December 2017
Potentially eligible 4,517 2,471
Ineligible 750 613
Total 5,267 3,084

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b.2) Liabilities operations

Issued Mortgage Bonds (Millions of euros)

December 2018 December 2017
Nominal value Average residual maturity Nominal value Average residual maturity
Mortgage bonds - -
Mortgage-covered bonds 24,301 20,153
Of which: Not recognized as liabilities on balance 9,093 4,088
Of Which: Outstanding 15,207 16,065
Debt securities issued through public offer 12,501 12,501
Residual maturity up to 1 year - -
Residual maturity over 1 year and less than 2 years 2,051 -
Residual maturity over 2 years and less than 3 years 2,750 2,051
Residual maturity over 3 years and less than 5 years 3,500 4,000
Residual maturity over 5 years and less than 10 years 4,000 6,250
Residual maturity over 10 years 200 200
Debt securities issued without public offer 9,161 4,162
Residual maturity up to 1 year - -
Residual maturity over 1 year and less than 2 years 50 -
Residual maturity over 2 years and less than 3 years 1,500 50
Residual maturity over 3 years and less than 5 years 2,500 1,500
Residual maturity over 5 years and less than 10 years 5,111 2,612
Residual maturity over 10 years - -
Deposits 2,640 3,491
Residual maturity up to 1 year 380 791
Residual maturity over 1 year and less than 2 years 246 380
Residual maturity over 2 years and less than 3 years 425 246
Residual maturity over 3 years and less than 5 years 468 793
Residual maturity over 5 years and less than 10 years 471 571
Residual maturity over 10 years 650 710
Mortgage participations 2,927 -
Issued through public offer 2,927 -
Issued without public offer - -
Mortgage transfer certificates 23,590 269 28,954 279
Issued through public offer 23,590 269 28,954 279
Issued without public offer - - -

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Given the characteristics of the type of covered bonds issued by the Bank, there is no substituting collateral related to these issues.

The Bank does not hold any derivative financial instruments relating to mortgage bond issues, as defined in the aforementioned Royal Decree.

c) Quantitative information on internationalization covered bonds

Below is the quantitative information of BBVA, S.A. internationalization covered bonds required by Bank of Spain Circular 4/2015 as of December 31, 2018 and 2017.

c.1) Assets operations

Principal outstanding payment of loans (Millions of euros)

Nominal value 2018 Nominal value 2017
Eligible loans according to article 34.6 y 7 of the Law 14/2013 3,369 3,075
Minus: Loans that support the issuance of internationalization bonds - -
Minus: NPL to be deducted in the calculation of the issuance limit, according to Article 13 del Royal Decree 579/2014 4 74
Total Loans included in the base of all issuance limit 3,365 3,001

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c.2) Liabilities operations

Internationalization covered bonds (Millions of euros)

Nominal value 2018 Nominal value 2017
(1) Debt securities issued through public offer (a) 1,500 1,500
of which: Treasury shares 1,500 1,500
Residual maturity up to 1 year - -
Residual maturity over 1 year and less than 2 years 1,500 1,500
Residual maturity over 2 years and less than 3 years - -
Residual maturity over 3 years and less than 5 years - -
Residual maturity over 5 years and less than 10 years - -
Residual maturity over 10 years - -
(2) Debt securities issued without public offer (a) - -
(3) Deposits (b) - -
TOTAL: (1) + (2) + (3) 1,500 1,500
Percentage Percentage
Coverage ratio of internationalization covered bonds on loans (c) 45% 50%
  • (a) Balance that includes all internationalization covered bonds issued by the entity pending amortization, although they are not recognized in the liability (because they have not been placed to third parties or have been repurchased).
  • (b) Nominative bonds.
  • (c) Percentage that results from the value of the quotient between the nominal value of the issued and non-overdue bonds, even if they are not recognized in the liability, and the nominal value balance pending collection of the loans that serve as guarantee.

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Given the characteristics of the Bank's internationalization covered bonds, there are no substitute assets assigned to these issuances.

d) Territorial bonds

d.1) Assets operations

Decemeber 2018. Loans that serves as collateral for the territorial bonds

Nominal Value(a)
Total Spanish Residents Residents in other countries of the European Economic Area
Central Governments 1,637 1,592 45
Regional Governments 8,363 8,333 30
Local Governments 5,145 5,145 -
Total loans 15,145 15,070 75
  • (a) Principal pending payment of loans.

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December 2017. Loans that serves as collateral for the territorial bonds (Millions of euros)

Nominal Value(a)
Total Spanish Residents Residents in other countries of the European Economic Area
Central Governments 473 420 53
Regional Governments 8,882 8,851 31
Local Governments 7,040 7,040 -
Total loans 16,395 16,311 84
  • (a) Principal pending payment of loans.

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d.2) Liabilities operations

Territorial bonds (Millions of euros)

Nominal value 2018 Nominal value 2017
Territorial bonds issued (a) 7,540 9,690
Issued through a public offering 7,540 9,540
Of which: Treasury stock 7,040 9,040
Residual maturity up to 1 year - -
Residual maturity over 1 year and less than 2 years 4,500 -
Residual maturity over 2 years and less than 3 years 2,000 6,500
Residual maturity over 3 years and less than 5 years 1,040 2,840
Residual maturity over 5 years and less than 10 years - 200
Residual maturity over 10 years - -
Other issuances - 150
Of which: Treasury stock - -
Residual maturity over 1 year and less than 2 years - 150
Residual maturity over 2 years and less than 3 years - -
Residual maturity over 3 years and less than 5 years - -
Residual maturity over 5 years and less than 10 years - -
Residual maturity over 10 years - -
Percentage Percentage
Coverage ratio of the territorial bonds on loans (b) 50% 59%
  • (a) Includes the nominal value of all loans that serve as collateral for the territorial bonds, regardless of the item in which they are included in the balance sheet. Principal pending payment of loans. The territorial bonds include all the instruments issued by the entity pending amortization, although they are not recognized in the liability (because they have not been placed to third parties or have been repurchased).
  • (b) Percentage that results from the value of the quotient between the nominal value of the issued and non-overdue bonds, even if they are not recognized in the liability, and the nominal value balance pending collection of the loans that serve as guarantee.

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APPENDIX XI Quantitative information on refinancing and restructuring operations and other requirement under Bank of Spain Circular 6/2012

a) Quantitative information on refinancing and restructuring operations

The breakdown of refinancing and restructuring operations as of December 31, 2018, 2017 and 2016 is as follows:

DECEMBER 2018 BALANCE OF FORBEARANCE (Millions of Euros)
TOTAL
Unsecured loans Secured loans Accumulated impairment or accumulated losses in fair value due to credit risk
Maximum amount of secured loans that can be considered
Number of operations Gross carrying amount Number of operations Gross carrying amount Real estate mortgage secured Rest of secured loans
Credit institutions - - - - - - -
General Governments 75 111 46 64 52 - 15
Other financial corporations and individual entrepreneurs (financial business) 252 13 29,360 5 3 0 6
Non-financial corporations and individual entrepreneurs (corporate non-financial activities) 44,271 4,483 15,493 4,177 2,200 221 3,148
Of which: financing the construction and property (including land) 734 258 1,627 962 501 12 517
Rest homes (*) 193,061 1,326 355,466 6,990 5,083 150 1,716
Total 237,659 5,933 400,365 11,236 7,338 371 4,885
Of which: IMPAIRED
Unsecured loans Secured loans
Maximum amount of secured loans that can be considered Accumulated impairment or accumulated losses in fair value due to credit risk
Number of operations Gross carrying amount Number of operations Gross carrying amount Real estate mortgage secured Rest of secured loans
Credit institutions - - - - - - -
General Governments 46 65 12 16 8 - 10
Other financial corporations and individual entrepreneurs (financial business) 133 4 29,320 4 2 0 5
Non-financial corporations and individual entrepreneurs (corporate non-financial activities) 25,420 2,723 9,922 2,777 1,192 100 2,773
Of which: financing the construction and property (including land) 631 200 1,145 656 254 1 477
Rest homes (*) 116,916 741 42,403 3,673 2,435 26 1,414
Total 142,515 3,533 81,657 6,470 3,636 126 4,202
  • (*) Number of operations does not include Garanti Bank.
    Includes mortgage-backed real estate operations with loan to value ratio of greater than 1, and secured operations, other than transactions secured by real estate mortgage regardless of their loan to value ratio.
    The accumulated impairment or accumulated losses in fair value due to credit risk correspond to €682 million of collective impairment losses and €4,202 million of specific impairment losses.
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DECEMBER 2017 BALANCE OF FORBEARANCE (Millions of Euros)
TOTAL
Unsecured loans Secured loans Accumulated impairment or accumulated losses in fair value due to credit risk
Maximum amount of secured loans that can be considered
Number of operations Gross carrying amount Number of operations Gross carrying amount Real estate mortgage secured Rest of secured loans
Credit institutions - - - - - - -
General Governments 69 105 135 430 112 302 18
Other financial corporations and individual entrepreneurs (financial business) 4,727 36 93 8 1 - 21
Non-financial corporations and individual entrepreneurs (corporate non-financial activities) 113,464 4,672 17,890 6,258 3,182 251 3,579
Of which: financing the construction and property (including land) 1,812 398 3,495 2,345 1,995 - 1,327
Rest homes (*) 163,101 1,325 109,776 8,477 6,891 18 1,373
Total 281,361 6,138 127,894 15,173 10,186 571 4,991
Of which: IMPAIRED
Unsecured loans Secured loans Accumulated impairment or accumulated losses in fair value due to credit risk
Maximum amount of secured loans that can be considered
Number of operations Gross carrying amount Number of operations Gross carrying amount Real estate mortgage secured Rest of secured loans
Credit institutions - - - - - - -
General Governments 50 72 45 29 22 - 16
Other financial corporations and individual entrepreneurs (financial business) 126 5 16 2 - - 5
Non-financial corporations and individual entrepreneurs (corporate non-financial activities) 95,427 2,791 10,994 4,144 1,983 66 3,361
Of which: financing the construction and property (including land) 1,538 208 2,779 1,961 1,273 - 1,282
Rest homes (*) 105,468 747 47,612 4,330 3,270 6 1,231
Total 201,071 3,615 58,667 8,506 5,275 72 4,612
  • (*) Number of operations does not include Garanti Bank.
    Includes mortgage-backed real estate operations with loan to value ratio of greater than 1, and secured operations, other than transactions secured by real estate mortgage regardless of their loan to value ratio.
  • The accumulated impairment or accumulated losses in fair value due to credit risk correspond to €378 million of collective impairment losses and €4,612 million of specific impairment losses.
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DECEMBER 2016 BALANCE OF FORBEARANCE (Millions of Euros)
TOTAL
Unsecured loans Secured loans Accumulated impairment or accumulated losses in fair value due to credit risk
Maximum amount of secured loans that can be considered
Number of operations Gross carrying amount Number of operations Gross carrying amount Real estate mortgage secured Rest of secured loans
Credit institutions - - - - - - -
General Governments 24 8 112 711 98 584 6
Other financial corporations and individual entrepreneurs (financial business) 3,349 59 71 18 5 - 8
Non-financial corporations and individual entrepreneurs (corporate non-financial activities) 125,328 5,057 25,327 9,643 4,844 124 5,310
Of which: financing the construction and property (including land) 1,519 496 5,102 4,395 694 - 2,552
Rest homes (*) 116,961 1,550 103,868 9,243 7,628 18 1,474
Total 245,662 6,674 129,378 19,615 12,576 726 6,798
Of which: IMPAIRED
Unsecured loans Secured loans
Maximum amount of secured loans that can be considered Accumulated impairment or accumulated losses in fair value due to credit risk
Number of operations Gross carrying amount Number of operations Gross carrying amount Real estate mortgage secured Rest of secured loans
Credit institutions - - - - - - -
General Governments 12 8 53 33 27 - 4
Other financial corporations and individual entrepreneurs (financial business) 131 8 22 2 - - 5
Non-financial corporations and individual entrepreneurs (corporate non-financial activities) 103,310 2,857 16,327 6,924 3,002 53 4,986
Of which: financing the construction and property (including land) 1,191 304 4,188 3,848 494 - 2,499
Rest homes (*) 72,199 672 47,767 4,366 3,271 3 1,285
Total 175,652 3,545 64,169 11,325 6,300 57 6,281
  • (*) Number of operations does not include Garanti Bank
    Includes mortgage-backed real estate operations with loan to value ratio of greater than 1, and secured operations, other than transactions secured by real estate mortgage regardless of their loan to value ratio.
  • The accumulated impairment or accumulated losses in fair value due to credit risk correspond to €517 million of collective impairment losses and €6,281 million of specific impairment losses.  
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Translation of the Consolidated Financial Statements originally issued in Spanish and prepared in accordance with EU-IFRS, as adopted by the European Union (see Notes 1 and 56). In the event of a discrepancy, the Spanish-language version prevails.

In addition to the restructuring and refinancing transactions mentioned in this section, loans that were not considered impaired or renegotiated have been modified based on the criteria set out in the accounting regulation that applies. These loans have not been classified as renegotiated or impaired, since they were modified for commercial or competitive reasons (for instance, to improve relationships with clients) rather than for economic or legal reasons relating to the borrower's financial situation.

The table below provides a roll forward of refinanced assets during 2018 and 2017:

Refinanced assets Roll forward. December 2018 (Millions of euros)

Stages 1&2 Stage 3 TOTAL
Risk Coverage Risk Coverage Risk Coverage
Balance at the beginning 9,191 378 12,120 4,612 21,311 4,991
(+) Additions 1,599 397 1,417 767 3,017 1,164
(-) Decreases (payments or repayments) (1,098) (47) (2,280) (1,282) (3,378) (1,330)
(-) Foreclosures - - (339) (216) (339) (216)
(-) Write-offs (2) (1) (857) (606) (859) (607)
(+)/(-) Other (2,524) (45) (58) 927 (2,582) 882
Ending Balance 7,166 682 10,003 4,202 17,169 4,885

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Refinanced assets Roll forward. December 2017 (*)(Millions of euros)

Normal Impaired TOTAL
Risk Coverage Risk Coverage Risk Coverage
Balance at the beginning 11,418 517 14,869 6,281 26,288 6,798
(+) Additions 3,095 182 1,614 599 4,709 781
(-) Decreases (payments or repayments) (2,462) (145) (2,754) (1,180) (5,216) (1,325)
(-) Foreclosures (2) - (463) (267) (465) (267)
(-) Write-offs (63) (2) (1,667) (1,413) (1,730) (1,415)
(+)/(-) Other (2,795) (174) 521 593 (2,275) 419
Ending Balance 9,191 378 12,120 4,612 21,311 4,991
  • (*) Data presenting under the accounting regulation that applied in 2017.

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The table below provides a breakdown by segments of the forbearance operations (net of provisions) as of December 31, 2018 and 2017:

Forbearance operations. Breakdown by segments (Millions of euros)

December 2018 December 2017 December 2016
Credit institutions - - -
Central governments 160 518 713
Other financial corporations and individual entrepreneurs (financial activity) 13 24 69
Non-financial corporations and individual entrepreneurs (non-financial activity) 5,512 7,351 9,390
Of which: Financing the construction and property development (including land) 702 1,416 2,339
Households 6,600 8,428 9,319
Total carrying amount 12,284 16,321 19,491
Financing classified as non-current assets and disposal groups held for sale - - -

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NPL ratio by type of renegotiated loan

The non performing ratio of the renegotiated portfolio is defined as the impaired balance of renegotiated loans that shows signs of difficulties as of the closing of the reporting period, divided by the total payment outstanding in that portfolio.

As of December 31, 2018, the non performing ratio for each of the portfolios of renegotiated loans is as follows:

December 2018. NPL ratio renegotiated loan portfolio

Ratio of Impaired loans - Past due
General governments 47%
Commercial 64%
Of which: Construction and developer 70%
Other consumer 53%

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December 2017. NPL ratio renegotiated loan portfolio

Ratio of Impaired loans - Past due
General governments 19%
Commercial 63%
Of which: Construction and developer 79%
Other consumer 52%

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b) Quantitative information on the concentration of risk by activity and guarantees

Loans and advances to customers by activity (carrying amount)

December 2018 (Millions of Euros)

Collateralized loans and receivables -Loans and advances to customers. Loan to value
Total (*) Of which: Mortgage loans Of which: Secured loans Less than or equal to 40% Over 40% but less than or equal to 60% Over 60% but less than or equal to 80% Over 80% but less than or equal to 100% Over 100%
1 General governments 30,488 1,056 7,750 1,729 1,856 1,119 3,514 588
2 Other financial institutions 20,802 233 12,549 1,167 221 93 11,209 92
3 Non-financial institutions and individual entrepreneurs 173,493 29,001 32,371 25,211 11,121 9,793 5,087 10,160
3.1 Construction and property development 14,323 5,226 2,539 1,979 2,556 2,140 486 605
3.2 Construction of civil works 7,775 1,082 620 703 285 195 200 319
3,3 Other purposes 151,394 22,694 29,212 22,529 8,281 7,459 4,401 9,235
3.3.1 Large companies 97,132 9,912 19,069 13,918 3,979 4,019 2,245 4,820
3.3.2 SMEs (**) and individual entrepreneurs 54,262 12,782 10,143 8,611 4,302 3,440 2,156 4,416
4 Rest of households and NPISHs (***) 163,068 109,578 5,854 21,974 27,860 33,200 21,490 10,908
4.1 Housing 111,007 105,817 2,419 19,981 26,384 32,122 19,345 10,404
4.2 Consumption 40,124 522 2,600 489 587 306 1,597 142
4.3 Other purposes 11,938 3,239 835 1,505 888 772 547 362
6 TOTAL 387,850 139,868 58,524 50,082 41,058 44,206 41,300 21,747
MEMORANDUM:
Forbearance operations (****) 12,284 8,325 523 1,508 1,421 1,769 1,527 2,623
  • (*) The amounts included in this table are net of impairment losses.
  • (**) Small and medium enterprises
  • (***) Nonprofit institutions serving households.
  • (****) Net of provisions

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December 2017 (Millions of Euros)

Collateralized Credit Risk. Loan to value
Total (*) Of which: Mortgage loans Of which: Secured loans Less than or equal to 40% Over 40% but less than or equal to 60% Over 60% but less than or equal to 80% Over 80% but less than or equal to 100% Over 100%
1 General governments 32,294 998 7,167 1,540 179 475 532 5,440
2 Other financial institutions 18,669 319 12,910 314 277 106 11,349 1,183
3 Non-financial institutions and individual entrepreneurs 172,338 39,722 24,793 11,697 5,878 5,183 9,167 32,591
3.1 Construction and property development 14,599 10,664 1,066 1,518 876 1,049 1,313 6,974
3.2 Construction of civil works 7,733 1,404 521 449 358 289 162 667
3.3 Other purposes 150,006 27,654 23,206 9,729 4,644 3,845 7,692 24,950
3.3.1 Large companies 93,604 10,513 16,868 2,769 1,252 1,023 3,631 18,706
3.3.2 SMEs (**) and individual entrepreneurs 56,402 17,142 6,338 6,960 3,392 2,823 4,061 6,244
4 Rest of households and NPISHs (***) 165,024 114,558 8,395 19,762 22,807 25,595 22,122 32,667
4.1 Housing 114,709 111,604 128 18,251 22,222 25,029 21,154 25,076
4.2 Consumption 40,705 670 4,784 1,058 256 192 316 3,632
4.3 Other purposes 9,609 2,284 3,483 452 330 374 652 3,959
6 TOTAL 388,325 155,597 53,266 33,312 29,142 31,359 43,170 71,882
MEMORANDUM:
Forbearance operations (****) 16,321 6,584 5,117 1,485 1,315 1,871 1,580 5,451
  • (*) The amounts included in this table are net of impairment losses.
  • (**) Small and medium enterprises
  • (***) Nonprofit institutions serving households.
  • (****) Net of provisions

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December 2016 (Millions of Euros)

Collateralized Credit Risk. Loan to value
Total (*) Of which: Mortgage loans Of which: Secured loans Less than or equal to 40% Over 40% but less than or equal to 60% Over 60% but less than or equal to 80% Over 80% but less than or equal to 100% Over 100%
1 General governments 34,820 4,722 3,700 380 715 1,266 2,740 3,320
2 Other financial institutions 17,181 800 8,168 650 464 319 6,846 690
3 Non-financial institutions and individual entrepreneurs 183,871 47,105 22,663 17,000 13,122 11,667 14,445 13,533
3.1 Construction and property development 19,283 12,888 1,736 3,074 4,173 3,843 2,217 1,316
3.2 Construction of civil works 8,884 1,920 478 508 547 469 379 494
3.3 Other purposes 155,704 32,297 20,449 13,417 8,402 7,356 11,850 11,722
3.3.1 Large companies 107,550 16,041 16,349 7,311 5,149 4,777 7,160 7,993
3.3.2 SMEs (**) and individual entrepreneurs 48,154 16,257 4,100 6,106 3,253 2,579 4,689 3,729
4 Rest of households and NPISHs (***) 178,781 129,590 5,257 21,906 24,764 34,434 34,254 19,489
4.1 Housing 127,606 124,427 477 18,802 23,120 32,713 32,148 18,122
4.2 Consumption 44,504 3,181 3,732 2,535 1,278 1,230 1,322 547
4.3 Other purposes 6,671 1,982 1,048 569 366 491 784 820
TOTAL 414,654 182,216 39,789 39,936 39,065 47,687 58,286 37,032
MEMORANDUM:
Forbearance operations (****) 19,491 8,031 6,504 3,703 1,845 2,316 2,091 4,580
  • (*) The amounts included in this table are net of impairment losses.
  • (**) Small and medium enterprises
  • (***) Nonprofit institutions serving households.
  • (****) Net of provisions.

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c) Information on the concentration of risk by activity and geographical areas.

December 2018 (Millions of euros)

TOTAL (*) Spain European Union Other America Other
Credit institutions 113,978 35,728 33,440 31,234 13,575
General governments 123,382 53,686 11,081 50,092 8,523
Central Administration 87,611 35,691 10,756 32,735 8,428
Other 35,771 17,995 325 17,357 95
Other financial institutions 49,166 13,784 17,977 15,345 2,061
Non-financial institutions and individual entrepreneurs 226,487 70,536 24,565 87,419 43,967
Construction and property development 17,697 3,497 244 10,113 3,843
Construction of civil works 11,430 5,789 1,535 1,762 2,343
Other purposes 197,361 61,250 22,786 75,543 37,781
Large companies 137,150 36,964 22,114 53,423 24,649
SMEs and individual entrepreneurs 60,211 24,286 672 22,120 13,132
Other households and NPISHs 163,443 91,977 3,383 56,777 11,306
Housing 111,007 78,414 765 28,034 3,794
Consumer 40,124 10,303 629 22,036 7,155
Other purposes 12,312 3,259 1,989 6,707 357
TOTAL 676,456 265,710 90,447 240,867 79,432
  • (*) The definition of risk for the purpose of this statement includes the following items on the public balance sheet: Loans and advances to credit institutions, Loans and advances, Debt securities, Equity instruments, Other equity securities, Derivatives and hedging derivatives, Investments in subsidiaries, joint ventures and associates and guarantees given and Contingent risks. The amounts included in this table are net of impairment losses.

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December 2017 (Millions of euros)

TOTAL (*) Spain European Union Other America Other
Credit institutions 70,141 10,606 34,623 13,490 11,422
General governments 121,863 55,391 11,940 44,191 10,341
Central Administration 83,673 35,597 11,625 26,211 10,240
Other 38,190 19,794 316 17,980 101
Other financial institutions 48,000 19,175 14,283 12,469 2,074
Non-financial institutions and individual entrepreneurs 228,227 78,507 20,485 80,777 48,458
Construction and property development 18,619 4,623 339 8,834 4,822
Construction of civil works 12,348 6,936 1,302 2,267 1,843
Other purposes 197,260 66,948 18,843 69,676 41,793
Large companies 134,454 43,286 17,470 48,016 25,681
SMEs and individual entrepreneurs 62,807 23,662 1,373 21,660 16,112
Other households and NPISHs 165,667 93,774 3,609 53,615 14,669
Housing 114,710 81,815 2,720 24,815 5,361
Consumer 40,705 8,711 649 22,759 8,587
Other purposes 10,251 3,248 241 6,041 721
TOTAL 633,899 257,453 84,940 204,542 86,964
  • (*) The definition of risk for the purpose of this statement includes the following items on the public balance sheet: Loans and advances to credit institutions, Loans and advances, Debt securities, Equity instruments, Other equity securities, Derivatives and hedging derivatives, Investments in subsidiaries, joint ventures and associates and guarantees given and Contingent risks. The amounts included in this table are net of impairment losses.

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December 2016 (Millions of euros)

TOTAL (*) Spain European Union Other America Other
Credit institutions 84,381 12,198 40,552 17,498 14,133
General governments 134,261 61,495 14,865 47,072 10,829
Central Administration 92,155 39,080 14,550 27,758 10,768
Other 42,105 22,415 315 19,314 61
Other financial institutions 47,029 16,942 14,881 12,631 2,576
Non-financial institutions and individual entrepreneurs 249,322 69,833 26,335 98,797 54,357
Construction and property development 23,141 5,572 371 11,988 5,209
Construction of civil works 14,185 6,180 2,493 3,803 1,709
Other purposes 211,996 58,080 23,471 83,005 47,439
Large companies 158,356 35,514 22,074 64,940 35,828
SMEs and individual entrepreneurs 53,640 22,566 1,397 18,065 11,611
Other households and NPISHs 179,051 96,345 3,796 62,836 16,073
Housing 127,607 85,763 3,025 32,775 6,044
Consumer 44,504 7,230 642 27,398 9,234
Other purposes 6,939 3,352 129 2,663 795
TOTAL 694,044 256,813 100,428 238,834 97,968
  • (*) The definition of risk for the purpose of this statement includes the following items on the public balance sheet: Loans and advances to credit institutions, Loans and advances, Debt securities, Equity instruments, Other equity securities, Derivatives and hedging derivatives, Investments in subsidiaries, joint ventures and associates and guarantees given and Contingent risks. The amounts included in this table are net of impairment losses.

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APPENDIX XII Additional information on Risk Concentration

a) Sovereign risk exposure

The table below provides a breakdown of exposure to financial assets (excluding derivatives and equity instruments), as of December 31, 2018, 2017 and 2016 by type of counterparty and the country of residence of such counterparty. The below figures do not take into account accumulated other comprehensive income, impairment losses or loan-loss provisions:

Risk Exposure by Countries (Millions of euros)

Sovereign Risk
December 2018 December 2017 December 2016
Spain 52,970 54,625 60,434
Turkey 7,998 9,825 10,478
Italy 9,249 9,827 12,206
France 122 383 518
Portugal 529 722 586
Germany 362 259 521
United Kingdom 51 41 17
Ireland - - -
Greece - - -
Rest of Europe 699 662 940
Subtotal Europe 71,981 76,343 85,699
Mexico 26,562 25,114 26,942
The United States 18,645 14,059 16,039
Venezuela 1 137 179
Rest of countries 4,910 5,809 3,814
Subtotal Rest of Countries 50,118 45,119 46,974
Total Exposure to Financial Instruments 122,099 121,462 132,674

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The exposure to sovereign risk set out in the above table includes positions held in government debt securities in countries where the Group operates. They are used for ALCO’s management of the interest-rate risk on the balance sheets of the Group’s entities in these countries, as well as for hedging of pension and insurance commitments by insurance entities within the BBVA Group.

Sovereign risk exposure in Europe

The table below provides a breakdown of the exposure of the Group’s credit institutions to European sovereign risk as of December 31, 2018 and December 2017 by type of financial instrument and the country of residence of the counterparty, under EBA (European Banking Authority) requirements:

Exposure to Sovereign Risk by European Union Countries. December 2018 (Millions of euros)

Debt securities Loans and advances Derivatives Total %
Direct exposure Indirect exposure
Notional value Fair value + Fair value - Notional value Fair value + Fair value -
Spain 5,237 43,236 1,264 57 (15) (3,224) 1,130 (1,117) 46,568 79%
Italy 1,726 8,270 - - - (795) 210 (298) 9,112 15%
France 591 77 - - - 150 1 (32) 787 1%
Germany 310 334 - - - 182 74 (87) 813 1%
Portugal 265 430 277 57 (57) 67 37 (26) 1,050 2%
United Kingdom - 45 - - - - - - 45 0%
Greece - - - - - - - - - 0%
Hungary - - - - - - - - - 0%
Ireland - 548 - - - - - - 548 1%
Rest of European Union 300 31 - - - (36) 3 (3) 295 0%
Total Exposure to Sovereign Counterparties (European Union) 8,428 52,971 1,541 113 (71) (3,656) 1,454 (1,563) 59,218 100%

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This table shows sovereign risk balances with EBA criteria. Therefore, sovereign risk of the Group’s insurance companies (€10,883 million as of December 31, 2018) is not included. Includes credit derivatives CDS (Credit Default Swaps) shown at fair value.

Exposure to Sovereign Risk by European Union Countries. December 2017 (Millions of euros)

Debt securities Loans and
receivables		 Derivatives Total %
  Direct exposure Indirect exposure
  Financial
Assets Held-
for-Trading		 _______ Available-for-Sale Financial Assets Held -to-maturity investment Notional value Fair value + Fair value - Notional value Fair value + Fair value -
Spain 7,065 - 14,029 5,754 22,101 1,513 62 (15) 591 1,082 (773) 51,410 75.3%
Italy 4,606 - 4,292 2,349 55 - - - (57) 648 (237) 11,657 17.1%
France 622 - 8 - 27 - - - 329 15 (19) 983 1.4%
Germany 517 - - - - - - - 826 26 (17) 1,352 2.0%
Portugal 832 - 1 - 202 1,019 1 (44) 176 87 (53) 2,221 3.3%
United Kingdom - - - - 37 - - - (2) - - 35 0.1%
Greece - - - - - - - - - - - - -
Hungary - - - - - - - - - - - - -
Ireland - - - - - - - - - - - - -
Rest of European Union 38 - 505 - 32 - - - 31 5 (5) 607 0.9%
Total Exposure to Sovereign Counterparties (European Union) 13,681 - 18,835 8,103 22,453 2,533 64 (59) 1,896 1,863 (1,104) 68,265 100%

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This table shows sovereign risk balances with EBA criteria. Therefore, sovereign risk of the Group’s insurance companies (€10,474 million as of December 31, 2017) is not included. Includes credit derivatives CDS (Credit Default Swaps) shown at fair value.

Exposure to Sovereign Risk by European Union Countries (1). December 2016 (Millions of euros)

Debt securities Loans and
receivables		 Derivatives (2) Total %
  Direct exposure Indirect exposure
Financial
Assets Held-
for-Trading		 Financial
assets
designated at
fair value
through profit
or loss		 Available-for-Sale Financial Assets Held -to-maturity investment Notional value Fair value + Fair value - Notional value Fair value + Fair value -
Spain 927 - 13,385 8,063 24,835 1,786 88 (27) (744) 993 (1,569) 47,737 81.4%
Italy 1,973 - 4,806 2,719 60 - - - (1,321) 1,271 (866) 8,641 14.7%
France 250 - - - 28 - - - (13) 46 (63) 248 0.4%
Germany 82 - - - - - - - (5) 203 (249) 30 0.1%
Portugal 54 - 1 - 285 1,150 - (215) 10 1 (6) 1,280 2.2%
United Kingdom - - - - 16 - - - (9) 1 - 8 0.0%
Greece - - - - - - - - - - - - -
Hungary - - - - - - - - - - - - -
Ireland - - - - - - - - - - - - 0.0%
Rest of European Union 195 - 469 - 36 - - - 30 13 (6) 736 1.3%
Total Exposure to Sovereign Counterparties (European Union) 3,482 - 18,660 10,783 25,259 2,936 88 (242) (2,053) 2,527 (2,759) 58,680 100%

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This table shows sovereign risk balances with EBA criteria. Therefore, sovereign risk of the Group’s insurance companies (€10,443 million as of December 31, 2016) is not included. Includes credit derivatives CDS (Credit Default Swaps) shown at fair value.

As of December 31, 2018, 2017 and 2016 the breakdown of total exposure faced by the Group’s credit institutions to Spain and other countries, by maturity of the financial instruments, is as follows:

Maturities of Sovereign Risks European Union. December 2018 (Millions of euros)

Debt securities Loans and advances Derivatives Total %
Direct exposure Indirect exposure
Notional value Fair value + Fair value - Notional value Fair value + Fair value -
Spain 5,237 43,236 1,264 57 (15) (3,224) 1,130 (1,117) 46,568 79%
Up to 1 Year 2,821 13,381 383 1 - (3,224) 1,130 (1,117) 13,375 23%
1 to 5 Years 761 7,904 640 42 (8) - - - 9,340 16%
Over 5 Years 1,654 21,950 242 13 (7) - - - 23,853 40%
Rest of European Union 3,192 9,735 277 57 (57) (431) 324 (446) 12,651 21%
Up to 1 Year 1,155 2,328 220 0 (5) (865) 297 (355) 2,776 5%
1 to 5 Years 250 1,184 57 57 - 10 16 (24) 1,548 3%
Over 5 Years 1,787 6,224 - - (52) 423 12 (67) 8,327 14%
Total Exposure to European Union Sovereign Counterparties 8,428 52,971 1,541 113 (71) (3,656) 1,454 (1,563) 59,218 100%

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Maturities of Sovereign Risks European Union. December 2017 (Millions of euros)

Debt securities Loans and receivables Derivatives Total %
Direct exposure Indirect exposure
Financial Assets Held-for-Trading Available-for-Sale Financial Assets Held -to-maturity investment Notional value Fair value + Fair value - Notional value Fair value + Fair value -
Spain 7,065 14,029 5,754 22,101 1,513 62 (15) 591 1,082 (773) 51,410 75%
Up to 1 Year 1,675 3,363 2,900 7,852 69 1 - 591 1,082 (773) 12,312 25%
1 to 5 Years 2,196 1,335 106 7,978 1,131 44 (1) - - - 16,883 19%
Over 5 Years 3,195 9,332 2,747 6,271 314 17 (14) - - - 22,215 32%
Rest of European Union 6,616 4,806 2,349 352 1,019 1 (44) 1,305 781 (331) 16,856 25%
Up to 1 Year 2,212 1,663 1,895 54 466 1 (6) 744 756 (252) 3,614 11%
1 to 5 Years 2,932 192 - 162 3 - - 243 17 (21) 7,313 5%
Over 5 Years 1,473 2,951 454 137 550 - (38) 318 8 (58) 5,928 8%
Total Exposure to European Union Sovereign Counterparties 13,681 18,835 8,103 22,453 2,533 64 (59) 1,896 1,863 (1,104) 68,265 100%

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Maturities of Sovereign Risks European Union. December 2016 (Millions of euros)

Debt securities Loans and receivables Derivatives Total %
Direct exposure Indirect exposure
Financial Assets Held-for-Trading Available-for-Sale Financial Assets Held -to-maturity investment Notional value Fair value + Fair value - Notional value Fair value + Fair value -
Spain 927 13,385 8,063 24,835 1,786 88 (27) (744) 993 (1,569) 47,737 81%
Up to 1 Year 913 889 1,989 9,087 - - - (736) 993 (1,564) 11,571 20%
1 to 5 Years 1,272 3,116 3,319 7,059 1,209 32 (1) (3) - - 16,004 27%
Over 5 Years (1,259) 9,380 2,755 4,595 577 56 (27) (6) - (4) 16,068 27%
Rest of European Union 2,554 5,275 2,719 424 1,150 - (215) (1,309) 1,534 (1,191) 10,943 19%
Up to 1 Year (395) 38 - 2 - - - (1,721) 1,507 (1,054) (1,623) -3%
1 to 5 Years 1,535 2,050 1,958 247 381 - (12) 194 19 (50) 6,322 11%
Over 5 Years 1,414 3,186 761 175 770 - (203) 218 8 (86) 6,243 11%
Total Exposure to European Union Sovereign Counterparties 3,482 18,660 10,783 25,259 2,936 88 (242) (2,053) 2,527 (2,759) 58,680 100%

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b) Concentration of risk on activities in the real-estate market in Spain

Quantitative information on activities in the real-estate market in Spain

The following quantitative information on real-estate activities in Spain has been prepared using the reporting models required by Bank of Spain Circular 5/2011, of November 30.

As of December 31, 2018, 2017 and 2016, exposure to the construction sector and real-estate activities in Spain stood at €11,045, €11,981 and €15,285 million, respectively. Of that amount, risk from loans to construction and real-estate development activities accounted for €3,183, €5,224 and €7,930 million, respectively, representing 1.7%, 2.9% and 5.0% of loans and advances to customers of the balance of business in Spain (excluding the general governments) and 0.5%, 0.8% and 1.1% of the total assets of the Consolidated Group.

Lending for real estate development of the loans as of December 31, 2018, 2017 and 2016 is shown below:

December 2018. Financing Allocated by credit institutions to Construction and Real Estate Development and lending for house purchase (Millions of euros)

Gross Amount Drawn Over the Guarantee Value Accumulated impairment
Financing to construction and real estate development (including land) (Business in Spain) 3,183 941 (537)
Of which: Impaired assets 875 440 (463)
Memorandum item:
Write-offs 2,619
Memorandum item:
Total loans and advances to customers, excluding the General Governments (Business in Spain) 183,196
Total consolidated assets (total business) 676,689
Impairment and provisions for normal exposures 4,938

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December 2017. Financing Allocated by credit institutions to Construction and Real Estate Development and lending for house purchase (Millions of euros)

Gross Amount Drawn Over the Guarantee Value Accumulated impairment
Financing to construction and real estate development (including land) (Business in Spain) 5,224 2,132 (1,500)
Of which: Impaired assets 2,660 1,529 (1,461)
Memorandum item:
Write-offs 2,289
Memorandum item:
Total loans and advances to customers, excluding the General Governments (Business in Spain) 174,014
Total consolidated assets (total business) 690,059
Impairment and provisions for normal exposures (5,843)

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December 2016. Financing Allocated by credit institutions to Construction and Real Estate Development and lending for house purchase (Millions of euros)

Gross Amount Drawn Over the Guarantee Value Accumulated impairment
Financing to construction and real estate development (including land) (Business in Spain) 7,930 3,449 (2,944)
Of which: Impaired assets 5,095 2,680 (2,888)
Memorandum item:
Write-offs 2,061
Memorandum item:
Total loans and advances to customers, excluding the General Governments (Business in Spain) 159,492
Total consolidated assets (total business) 731,856
Impairment and provisions for normal exposures (5,830)

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The following is a description of the real estate credit risk based on the types of associated guarantees:

Financing Allocated by credit institutions to Construction and Real Estate Development and lending for house purchase (Millions of euros)

2018 2017 2016
Without secured loan 324 552 801
With secured loan 2,859 4,672 7,129
Terminated buildings 1,861 2,904 3,875
Homes 1,382 2,027 2,954
Other 479 877 921
Buildings under construction 432 462 760
Homes 408 439 633
Other 24 23 127
Land 566 1,306 2,494
Urbanized land 364 704 1,196
Rest of land 202 602 1,298
Total 3,183 5,224 7,930

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As of December 31, 2018, 2017 and 2016, 58.5%, 55.6%, and 48.9% of loans to developers were guaranteed with buildings (74.3%, 69.8% and 76.2%, are homes), and only 17.8%, 25.0% and 31.5% by land, of which 64.3%, 53.9% and 48.0% % are in urban locations, respectively.

The table below provides the breakdown of the financial guarantees given as of December 31, 2018, 2017 and 2016:

Financial guarantees given (Millions of euros)

December 2018 December 2017 December 2016
Houses purchase loans 48 64 62
Without mortgage 24 12 18

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The information on the retail mortgage portfolio risk (housing mortgage) as of December 31, 2018, 2017 and 2016 is as follows:

December 2018. Financing Allocated by credit institutions to Construction and Real Estate Development and lending for house purchase. (Millions of euros)

Gross amount Of which: impaired loans
Houses purchase loans 80,159 3,852
Without mortgage 1,611 30
With mortgage 78,548 3,822

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December 2017. Financing Allocated by credit institutions to Construction and Real Estate Development and lending for house purchase. (Millions of euros)

Gross amount Of which: impaired loans
Houses purchase loans 83,505 4,821
Without mortgage 1,578 51
With mortgage 81,927 4,770

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December 2016. Financing Allocated by credit institutions to Construction and Real Estate Development and lending for house purchase. (Millions of euros)

Gross amount Of which: impaired loans
Houses purchase loans 87,874 4,938
Without mortgage 1,935 93
With mortgage 85,939 4,845

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The loan to value (LTV) ratio of the above portfolio is as follows:

LTV Breakdown of mortgage to households for the purchase of a home (Business in Spain) (Millions of euros).

Total risk over the amount of the last valuation available (Loan To Value-LTV)
Less than or equal to 40% Over 40% but less than or equal to 60% Over 60% but less than or equal to 80% Over 80% but less than or equal to 100% Over 100% Total
Gross amount 2018 14,491 18,822 21,657 13,070 10,508 78,548
of which: Impaired loans 204 323 507 610 2,178 3,822
Gross amount 2017 14,485 18,197 20,778 14,240 14,227 81,927
of which: Impaired loans 293 444 715 897 2,421 4,770
Gross amount 2016 13,780 18,223 20,705 15,967 17,264 85,939
of which: Impaired loans 306 447 747 962 2,383 4,845

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Outstanding home mortgage loans as of December 31, 2018, 2017 and 2016 had an average LTV of 49%, 51%, and 47% respectively.

The breakdown of foreclosed, acquired, purchased or exchanged assets from debt from loans relating to business in Spain, as well as the holdings and financing to non-consolidated entities holding such assets is as follows:

Information about Assets Received in Payment of Debts (Business in Spain) (Millions of euros)

December 2018
Gross Value Provisions Of which: Valuation adjustments on impaired assets, from the time of foreclosure Carrying Amount
Real estate assets from loans to the construction and real estate development sectors in Spain. 2,165 1,252 828 913
Terminated buildings 991 445 274 546
Homes 588 245 144 343
Other 403 200 130 203
Buildings under construction 209 131 96 78
Homes 194 117 85 77
Other 15 14 11 1
Land 965 676 458 289
Urbanized land 892 633 421 259
Rest of land 73 43 37 30
Real estate assets from mortgage financing for households for the purchase of a home 1,797 932 331 865
Rest of foreclosed real estate assets 348 192 40 156
Equity instruments, investments and financing to non-consolidated companies holding said assets 1,345 234 234 1,111
Total 5,655 2,610 1,433 3,045

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Additionally, in December 18, there was an increase of BBVA, S.A.’s stake in Garanti Yatirim Ortakligi AS through its contribution to the capital increase carried out by the latter entity.

Information about Assets Received in Payment of Debts (Business in Spain) (Millions of euros)

December 2017
Gross Value Provisions Of which: Valuation adjustments on impaired assets, from the time of foreclosure Carrying Amount
Real estate assets from loans to the construction and real estate development sectors in Spain. 6,429 4,350 2,542 2,079
Terminated buildings 2,191 1,184 606 1,007
Homes 1,368 742 366 626
Other 823 442 240 381
Buildings under construction 541 359 192 182
Homes 521 347 188 174
Other 20 12 4 8
Land 3,697 2,807 1,744 890
Urbanized land 1,932 1,458 1,031 474
Rest of land 1,765 1,349 713 416
Real estate assets from mortgage financing for households for the purchase of a home 3,592 2,104 953 1,488
Rest of foreclosed real estate assets 1,665 905 268 760
Equity instruments, investments and financing to non-consolidated companies holding said assets 1,135 325 273 810
Total 12,821 7,684 4,036 5,137

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Additionally, in March 2017, there was an increase of BBVA, S.A.’s stake in Testa Residencial through its contribution to the capital increase carried out by the latter entity by contributing assets from the Bank’s real estate assets

Information about Assets Received in Payment of Debts (Business in Spain) (Millions of euros)

December 2016
Gross Value Provisions Of which: Valuation adjustments on impaired assets, from the time of foreclosure Carrying Amount
Real estate assets from loans to the construction and real estate development sectors in Spain. 8,017 5,290 2,790 2,727
Finished buildings 2,602 1,346 688 1,256
Homes 1,586 801 408 785
Other 1,016 545 280 471
Buildings under construction 665 429 203 236
Homes 642 414 195 228
Other 23 15 8 8
Land 4,750 3,515 1,899 1,235
Urbanized land 3,240 2,382 1,364 858
Rest of land 1,510 1,133 535 377
Real estate assets from mortgage financing for households for the purchase of a home 4,332 2,588 1,069 1,744
Rest of foreclosed real estate assets 1,856 1,006 225 850
Foreclosed equity instruments 1,240 549 451 691
Total 15,445 9,433 4,535 6,012

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As of December 31, 2018, 2017 and 2016, the gross book value of the Group’s real-estate assets from corporate financing of real-estate construction and development was €2,165, €6,429 and €8,017 million, respectively, with an average coverage ratio of 57.8%, 67.7% and 66.0%, respectively.

The gross book value of real-estate assets from mortgage lending to households for home purchase as of December 31, 2018, 2017 and 2016, amounted to €1,797, €3,592 and €4,332 million, respectively, with an average coverage ratio of 51.9%, 58.6% and 59.7%.

As of December 31, 2018, 2017 and 2016, the gross book value of the BBVA Group’s total real-estate assets (business in Spain), including other real-estate assets received as debt payment, was €4,310, €11,686 and €14,205 million, respectively. The coverage ratio was 55.1%, 63.0% and 62.5%, respectively.

c) Concentration of risk by geography

Below is a breakdown of the balances of financial instruments registered in the accompanying consolidated balance sheets by their concentration in geographical areas and according to the residence of the customer or counterparty. It does not take into account impairment losses or loan-loss provisions:

Risks by Geographical Areas. December 2018 (millions of euros)

Spain Europe, Excluding Spain Mexico USA Turkey South America Other Total
Derivatives 3,979 16,055 1,550 7,057 161 1,150 583 30,536
Equity instruments (*) 3,228 3,669 2,459 1,139 29 212 207 10,944
Debt securities 43,777 14,908 23,134 16,991 8,048 5,274 1,312 113,445
Central banks - - - - - 1,982 71 2,052
General governments 36,553 10,675 20,891 13,276 7,887 2,431 164 91,877
Credit institutions 1,130 1,821 573 74 155 297 463 4,514
Other financial corporations 5,769 1,048 227 2,595 5 432 114 10,190
Non-financial corporations 325 1,364 1,443 1,046 1 132 500 4,812
Loans and advances 177,077 43,034 55,248 62,193 45,285 40,007 7,089 429,933
Central banks 294 - - - 3,688 342 1,674 6,110
General governments 16,671 329 5,727 5,369 99 1,923 453 30,572
Credit institutions 5,422 13,600 1,476 696 956 984 639 23,774
Other financial corporations 4,616 10,893 1,303 2,255 766 637 304 20,773
Non-financial corporations 51,942 14,317 22,426 32,480 26,813 18,518 3,852 170,349
Households 98,131 3,783 24,316 21,393 12,963 17,602 168 178,355
Total Risk in Financial Assets 228,061 77,666 82,392 87,381 53,523 46,644 9,191 584,858
Loan commitments given 32,582 21,983 14,503 32,136 7,914 8,590 1,252 118,959
Financial guarantees given 3,242 1,708 1,528 796 6,900 989 1,291 16,454
Other Commitments given 15,995 9,229 532 2,118 2,230 2,782 2,213 35,098
Off-balance sheet exposures 51,819 32,920 16,563 35,050 17,043 12,360 4,756 170,511
Total Risks in Financial Instruments 279,880 110,586 98,955 122,430 70,567 59,004 13,947 755,369
  • (*) Equity instruments are shown net of valuation adjustment.

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Risks by Geographical Areas. December 2017 (millions of euros)

Spain Europe, Excluding Spain Mexico USA Turkey South America Other Total
Derivatives 6,336 20,506 1,847 4,573 113 977 921 35,273
Equity instruments (*) 3,539 4,888 2,050 991 36 333 71 11,908
Debt securities 44,773 15,582 21,594 13,280 10,601 5,861 1,450 113,140
Central banks - - - - - 2,685 49 2,734
General governments 36,658 11,475 19,323 8,894 9,668 2,246 221 88,485
Credit institutions 1,364 2,095 289 98 884 387 752 5,869
Other financial corporations 6,492 994 337 3,026 7 315 194 11,365
Non-financial corporations 259 1,018 1,645 1,262 42 228 234 4,688
Loans and advances 185,597 41,426 50,352 54,315 56,062 42,334 4,585 434,670
Central banks - 626 - - 5,299 1,375 - 7,300
General governments 18,116 352 5,868 5,165 152 2,354 398 32,405
Credit institutions 5,564 15,493 1,889 789 1,073 1,145 345 26,297
Other financial corporations 7,769 6,231 588 1,732 1,297 664 270 18,551
Non-financial corporations 54,369 14,615 19,737 29,396 31,691 19,023 3,345 172,175
Households 99,780 4,110 22,269 17,233 16,550 17,773 227 177,942
Total Risk in Financial Assets 240,245 82,401 75,842 73,159 66,812 49,504 7,027 594,991
Loan commitments given 31,100 16,203 1,691 29,539 2,944 11,664 1,126 94,268
Financial guarantees given 4,635 1,427 82 717 7,993 1,174 519 16,545
Other Commitments given 25,279 9,854 1,582 1,879 1,591 3,750 1,804 45,738
Off-balance sheet exposures 61,014 27,484 3,356 32,134 12,527 16,588 3,450 156,551
Total Risks in Financial Instruments 301,259 109,885 79,198 105,293 79,339 66,092 10,477 751,542
  • (*) Equity instruments are shown net of valuation adjustment.

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Risks by Geographical Areas. December 2016 (millions of euros)

Spain Europe, Excluding Spain Mexico USA Turkey South America Other Total
Derivatives 7,143 26,176 2,719 4,045 175 1,359 1,339 42,955
Equity instruments (*) 4,641 2,303 2,383 831 57 316 706 11,236
Debt securities 49,355 20,325 22,380 18,043 11,695 7,262 1,923 130,983
Central banks - - - - - 2,237 16 2,253
General governments 40,172 14,282 19,771 11,446 10,258 2,257 240 98,426
Credit institutions 1,781 2,465 257 112 1,331 1,459 869 8,275
Other financial corporations 6,959 1,181 352 4,142 15 347 379 13,376
Non-financial corporations 443 2,397 2,000 2,343 90 961 418 8,653
Loans and advances 187,717 45,075 52,230 61,739 61,090 58,020 5,067 470,938
Central banks - 158 21 - 5,722 2,994 - 8,894
General governments 20,741 424 7,262 4,593 217 1,380 256 34,873
Credit institutions 5,225 19,154 1,967 1,351 1,194 1,515 1,011 31,416
Other financial corporations 5,339 6,213 1,171 1,648 1,620 886 214 17,091
Non-financial corporations 54,112 14,818 19,256 34,330 34,471 26,024 3,391 186,384
Households 102,299 4,308 22,552 19,818 17,866 25,221 216 192,281
Total Risk in Financial Assets 248,856 93,880 79,712 84,657 73,016 66,956 9,036 656,112
Loan commitments given 31,477 19,219 13,060 34,449 2,912 5,161 976 107,254
Financial guarantees given 1,853 3,504 121 819 9,184 2,072 714 18,267
Other Commitments given 16,610 14,154 1,364 2,911 2,002 3,779 1,771 42,592
Off-balance sheet exposures 49,940 36,878 14,545 38,179 14,098 11,012 3,461 168,113
Total Risks in Financial Instruments 298,796 130,757 94,257 122,836 87,114 77,968 12,497 824,225

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The breakdown of the main figures in the most significant foreign currencies in the accompanying consolidated balance sheets is set forth in Appendix VII.

The breakdown of loans and advances in the heading of Loans and receivables, impaired by geographical area as of December 31, 2018, 2017 and 2016 is as follows:

Impaired Financial Assets by geographic area (Millions of euros)

December 2018 December 2017 December 2016
Spain 10,025 13,318 16,812
Rest of Europe 225 549 704
Mexico 1,138 1,124 1,152
South America 1,715 1,468 1,589
The United States 733 631 975
Turkey 2,520 2,311 1,693
Rest of the world 2 - -
IMPAIRED RISKS 16,359 19,401 22,925

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APPENDIX XIII. Information in accordance with Article 89 of Directive 2013/36/EU of the European Parliament and its application to Spanish Law through Law 10/2014

December 31, 2018 (Millions of euros)

Country CIT payments cash basis CIT expense consol PBT consol Turnover Nº Employees (*) Activity Main Entity
Mexico 903 902 3,241 7,070 36,118 Finance, banking and insurance services and real estate BBVA Bancomer SA
Spain 534 383 1,295 5,649 29,375 Finance, banking and insurance services and real estate BBVA SA
Turkey 422 269 1,225 3,511 20,305 Finance, banking and insurance services Turkiye Garanti Bankasi
United States 165 188 977 2,991 10,682 Finance and banking services Compass Bank, Inc
Colombia 85 117 355 1,013 6,633 Finance, banking and insurance services BBVA Colombia SA
Argentina 32 116 66 661 5,740 Finance, banking and insurance services BBVA Banco Frances SA
Peru 146 163 584 1,140 6,262 Finance and banking services BBVA Banco Continental SA
Venezuela - 20 2 102 3,371 Finance, banking and insurance services BBVA Banco Provincial SA
Chile 365 43 205 502 923 Financial services Forum Servicios Financieros, S,A,
Romania 1 4 38 118 1,313 Finance and banking services Garanti Bank SA
Uruguay 15 6 37 162 578 Finance and banking services BBVA Uruguay SA
Paraguay 9 3 35 87 430 Finance and banking services BBVA Paraguay SA
Bolivia 2 2 9 25 396 Pensiones BBVA Previsión AFP SA
Netherlands 7 5 20 84 256 Finance and banking services Garantibank International NV
Switzerland 9 1 4 36 122 Finance and banking services BBVA -Switzerland SA
Finland - - (12) - 83 Financial services Holvi Payment Service OY
Ireland - 2 10 8 4 Finance, banking and insurance services BBVA Ireland PCL
Brasil - - - 2 6 Financial services BBVA Brasil Banco de Investimento, S,A,
Curaçao - - 6 8 13 Finance and banking services Banco Provincial Overseas NV
Portugal 6 27 59 109 468 Finance and banking services BBVA Portugal SA
United Kingdom 3 2 21 65 126 Financial services BBVA -Sucursal de Londres
Hong Kong - 1 14 44 89 Financial services BBVA -Sucursal de Hong-Kong
France 14 12 36 52 72 Financial services BBVA -Sucursal de Paris
Italy 8 8 29 55 52 Financial services BBVA -Sucursal de Roma
Germany 17 1 16 44 41 Financial services BBVA -Sucursal de Frankfurt
Belgium - - 2 7 24 Financial services BBVA -Sucursal de Bruselas
China - - (1) 2 22 Financial services BBVA -Sucursal de Shanghai
South Korea - - - - - Financial services BBVA -Sucursal de Seúl
Singapore 1 1 7 10 8 Financial services BBVA -Sucursal de Singapur
Japan - - - 1 3 Financial services BBVA -Sucursal de Tokio
Taiwan - - (2) 2 9 Financial services BBVA -Sucursal de Taipei
Luxembourg - - - - - Financial services BBVA Luxinvest, S.A.
Cyprus 3 7 30 33 107 Financial services Garanti -Sucursal de Nicosia
Malta 6 10 136 153 13 Financial services Garanti -Sucursal de la Valeta
Poland - - 2 1 - Real estate Geskat Polska SP, ZOO
Total 2,753 2,295 8,446 23,747 123,644
  • (*) Full time employees. The 15 employees of representative offices are not included in the total number.
  • The results of this breakdown of the branches are integrated in the financial statements of the parent companies on which they depend.

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As of December 31, 2018, the return of the Group’s assets calculated by dividing the “Profit” between “Total Assets” is 0.91%.

In 2018 (*), BBVA group has not received public aid for the financial sector which has the aim of promoting the carrying out of banking activities and which is significant. This statement is made for the purposes of article 89 of Directive 2013/36/UE of the European Parliament and of the Council of June 26 (on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms) and its transposition to Spanish legislation by means of Law 10/2014 on Monitoring, Supervision and Solvency of Credit Institutions of June 26.

(*) BBVA disclosed by means of public relevant events: (i) on 07/27/2012 the closing of the acquisition of UNNIM Banc, S.A. and (ii) on 04/24/2015 the closing of the acquisition of Catalunya Banc, S.A.