55. Related party transactions
As financial institutions, BBVA and other companies in the Group engage in transactions with related parties in the normal course of their business. All of these transactions are of little relevance and are carried out in normal market conditions.
55.1 Significant transactions with shareholders
As of December 31, 2011, the balances of transactions with significant shareholders (see Note 27) correspond to "Customer deposits", at €32 million, “Loans and advances to customers”, at €191 million and “Contingent Risk”, at €29 million, all of them in normal market conditions.
55.2 Transactions with BBVA Group entities
The balances of the main aggregates in the accompanying consolidated balance sheets arising from the transactions carried out by the BBVA Group with associates and jointly controlled companies accounted for using the equity method (see Note 2.1), are as follows:
| Balances arising from transactions with Entities of the Group | Millions of Euros | ||
|---|---|---|---|
| 2011 | 2010 | 2009 | |
| Assets: |
|
|
|
| Loans and advances to credit institutions | 520 | 87 | 45 |
| Loans and advances to customers | 372 | 457 | 613 |
| Liabilities: |
|
|
|
| Deposits from credit institutions | 5 | - | 3 |
| Customer deposits | 94 | 89 | 76 |
| Debt certificates | - | 8 | 142 |
| Memorandum accounts: |
|
|
|
| Contingent risks | 68 | 55 | 36 |
| Contingent commitments | 236 | 327 | 340 |
The balances of the main aggregates in the accompanying consolidated income statements resulting from transactions with associated and jointly controlled entities that are consolidated by the equity method, are as follows:
| Balances of Income Statement arising from transactions with Entities of the Group | Millions of Euros | ||
|---|---|---|---|
| 2011 | 2010 | 2009 | |
| Income statement: |
|
|
|
| Financial incomes | 14 | 14 | 18 |
| Financial costs | 2 | 2 | 6 |
There were no other material effects in the consolidated financial statements arising from dealings with these companies, other than the effects from using the equity method (see Note 2.1), and from the insurance policies to cover pension or similar commitments, as described in Note 26. As of December 31, 2011, the notional amount of the futures transactions arranged by the BBVA Group with those companies amounted to €827 million (of which, €737 million correspond to futures transactions with the CITIC Group.
In addition, as part of its normal activity, the BBVA Group has entered into agreements and commitments of various types with shareholders of subsidiaries and associates, which have no material effects on the accompanying consolidated financial statements.
55.3 Transactions with members of the Board of Directors and the Management Committee
The information on the remuneration of the members of the BBVA Board of Directors and the Management Committee is included in Note 56.
As of December 31, 2011, there was no amount disposed of the loans granted by the Group’s credit institutions to the members of the Bank’s Board of Directors and, at that date, the loans granted by the Group’s credit institutions to the members of the Management Committee (excluding the executive directors), amounted to €6,540 thousand.
The loans granted by the Group’s credit institutions as of December 31, 2010 and 2009 to the members of the Board of Directors of the Bank amounted to €531 and €806 thousand, respectively, and, for the same periods, the loans granted by the Group’s credit institutions to members of the Management Committee (excluding the executive directors), amounted to €4,924 and €3,912 thousand, respectively.
The amount disposed of the loans granted as of December 31, 2011, 2010 and 2009 to parties related to the members of the Bank’s Board of Directors and Management Committee amounted to €20,593, €28,493 and €51,882 thousand, respectively.
As of December 31, 2011, no guarantees were granted to any member of the Board of Administration, and the amount of guarantees granted to members of the Bank’s Management Committee reached €9 thousand. As of December 31, 2010 and 2009, no guarantees, financial leases or commercial loans were granted to members of the Board of Administration or to the Bank’s Management Committee.
As of December 31, 2011, 2010 and 2009, the amount granted for guarantee, financial lease and commercial loan transactions arranged with parties related to the members of the Bank’s Board of Directors and Management Committee reached €10,825, €4,424 and €24,514 thousand, respectively.
55.4 Transactions with other related parties
As of December 31, 2011, 2010 and 2009, the Group did not perform any transactions with other related parties that did not belong to the normal course of their business, that were not under market conditions or that were relevant for the consolidated equity, income or the entity and financial situation of the BBVA Group.