59. Subsequent events

After December 31, 2011, the Spanish’s Government’s intention to implement a series of extraordinary measures that would affect the Spanish financial system was made public. One of these measures was the Ministry of Economy’s proposal to modify standards regarding certain assets related to the Spanish real estate sector (loans and real estate) and to the solvency requirements of financial entities.

The Group’s financial statements as of December 31, 2011 properly reflect those assets in accordance with the accounting standards in effect and, in no case, will they be affected by the aforementioned regulatory changes.

On the data these consolidated Financial Statements were prepared, the Group did not have sufficient information to determine the exact impact that the abovementioned measures would have on its equity and on the calculations of the Group’s solvency coefficients for 2012. However, BBVA believes that, with the information currently available, the impact will be lower than the amount of the Group’s surplus of eligible capital over those required by the standards currently in force (See Note 33). In addition, in the framework of the recommendations issued by the European Banking Authority, the Group believes that it has the capacity to take the adequate actions to achieve the recommended levels as of June 30, 2012.

Since January 1, 2012 until the preparation of these annual consolidated Financial Statements, no other events not mentioned in these Financial Statements have taken place.