Concentration

Not including sovereign risks and financial institutions, there are 126 holding groups (139 in 2008) with committed risk with the BBVA Group, (loans, contingent liabilities, credit derivatives and fixed-income) exceeding €200 million, of which 78% hold investment grade rating. Credit risk (loans plus contingent liabilities) accounted for 19% of the BBVA Group’s total risk (18% in 2008). This risk can be broken down by business area as follows: 38% in Spain and Portugal, 54% in WB&AM and 8% in the Americas (5% in Mexico). The risk was spread among the main sectors of activity, with the most important being manufacturing (23%), institutional (22%), utilities (18%), construction (10%) and telecommunications (7%).

Concentration. Distribution by sector 31-12-09

(Risks above €200 million. Million euros)