APPENDIX VIII. Details of the outstanding subordinated debt and preferred securities issued by the Bank or entities in the Group consolidated as of December 31, 2011.

Outstanding as of December 31, 2011 of subordinated issues

Issuer Entity and Issued Date	Millions of Euros
Issuer Entity and Issued Date	Currency	December 2011	December 2010	December 2009	Prevailing Interest Rate at 2011	Maturity Date
Issues in Euros
BBVA
July-96	EUR	27	27	27	9.37%	22-12-16
November-03	EUR	-	-	750	0.00%	12-11-15
October-04	EUR	992	992	992	4.37%	20-10-19
February-07	EUR	297	297	297	4.50%	16-02-22
March-08	EUR	125	125	125	6.03%	03-03-33
July-08	EUR	100	100	100	6.20%	04-07-23
September-09	EUR	--	2,000	2,000	--	15-10-14
December-11	EUR	3,430			6.50%	30-06-13
Subtotal	EUR	4,971	3,541	4,291
BBVA GLOBAL FINANCE, LTD. (*)
July-99	EUR	64	73	73	6.33%	16-10-15
February-00	EUR	-	-	442	0.00%	25-02-10
October-01	EUR	--	60	60	0.00%	10-10-11
October-01	EUR	40	40	40	6.08%	10-10-16
October-01	EUR	50	50	50	2.17%	15-10-16
November-01	EUR	55	55	55	2.29%	02-11-16
December-01	EUR	56	56	56	2.12%	20-12-16
Subtotal	EUR	265	334	776
BBVA SUBORDINATED CAPITAL, S.A.U. (*)
May-05	EUR	389	423	456	1.77%	23-05-17
October-05	EUR	126	126	130	1.87%	13-10-20
October-05	EUR	199	205	231	1.83%	20-10-17
October-06	EUR	--	822	900	0.00%	24-10-16
April-07	EUR	594	623	700	1.77%	03-04-17
April-07	EUR	100	100	100	3.65%	04-05-22
May-08	EUR	50	50	50	0.00%	19-05-23
July-08	EUR	20	20	20	6.11%	22-07-18
Subtotal	EUR	1,478	2,369	2,587
BBVA BANCOMER, S.A. de C.V.
May-07	EUR	469	601	560	7.00%	17-07-17
Subtotal	EUR	469	601	560
ALTURA MARKETS A.V., S.A.
November-07	EUR	2	2	2	3.48%	29-11-17
Subtotal	EUR	2	2	2
TURKIYE GARANTIA BANKASI, A.S.
February-09	EUR	12	-	-	3.50%	31-03-21
Subtotal	EUR	12	,	,
GARANTIBANK INTERNATIONAL NV
Different issues	EUR	4	-	-	Various	Various
Subtotal	EUR	4	,	,
Total issued in Euros		7,201	6,847	8,216

(*) As of March 23, 2010 issues of BBVA Capital Funding, Ltd. have been assumed by BBVA Global Finance Ltd. The issues of BBVA Subordinated Capital, S.A.U. and BBVA Global Finance, LTD. are guaranteed (secondary liability) by the Bank.

Outstanding as of December 31, 2011 of subordinated issues

Issuer Entity and Issued Date	Millions of Euros
Issuer Entity and Issued Date	Currency	December 2011	December 2010	December 2009	Prevailing Interest Rate at 2011	Maturity Date
Issues in foreign currency
BBVA PUERTO RICO, S.A.
September-04	USD	39	38	35	2.01%	23-09-14
September-06	USD	28	28	26	2.13%	29-09-16
September-06	USD	23	22	21	2.13%	29-09-16
Subtotal	USD	90	88	82
BBVA GLOBAL FINANCE, LTD. (*)		,	,	,
December-95	USD	155	96	139	7.00%	01-12-25
October-95	JPY	100	92	75	6.00%	26-10-15
BANCO BILBAO VIZCAYA ARGENTARIA, CHILE
Various issues	CLP	597	624	336	Various	Various
Subtotal	CLP	597	624	336
BBVA BANCOMER, S.A. de C.V.
July-05	USD	-	-	241	0.00%	22-07-15
May-07	USD	386	373	345	6.00%	17-05-22
April-10	USD	773	670	-	7.00%	22-04-20
March-11	USD	966			7.00%	10-03-21
Subtotal	USD	2,125	1,043	586
September-06	MXN	138	151	132	5.00%	18-09-14
July-08	MXN	66	73	63	5.00%	16-07-18
October-08	MXN	166	181	156	6.00%	24-09-18
December-08	MXN	165	172	152	6.00%	26-11-20
December-08	MXN	159	166	146	6.00%	26-11-20
January-09	MXN	2	2	2	6.00%	26-11-20
February-09	MXN	2	2	2	6.00%	26-11-20
March-09	MXN	1	1	1	6.00%	26-11-20
April-09	MXN	1	1	1	6.00%	26-11-20
June-09	MXN	151	164	144	6.00%	07-06-19
June-09	MXN	145	158	138	6.00%	07-06-19
July-09	MXN	5	5	5	6.00%	07-06-19
September-09	MXN	1	1	1	6.00%	07-06-19
Subtotal	MXN	686	741	647
BBVA SUBORDINATED CAPITAL, S.A.U.
October-05	JPY	200	184	150	2.75%	22-10-35
Subtotal	JPY	200	184	150
October-05	GBP	-	-	277	0.00%	21-10-15
March-06	GBP	-	326	325	0.00%	31-03-16
March-07	GBP	258	284	282	5.75%	11-03-18
Subtotal	GBP	258	610	884
RIVERWAY HOLDING CAPITAL TRUST I
March-01	USD	8	7	7	10.18%	08-06-31
Subtotal	USD	8	7	7
TEXAS REGIONAL STATUTORY TRUST I
February-04	USD	39	37	35	3.41%	17-03-34
Subtotal	USD	39	37	35

Outstanding as of December 31, 2011 of subordinated issues

Issuer Entity and Issued Date	Millions of Euros
Issuer Entity and Issued Date	Currency	December 2011	December 2010	December 2009	Prevailing Interest Rate at 2011	Maturity Date
STATE NATIONAL CAPITAL TRUST I
July-03	USD	12	11	10	3.63%	30-09-33
Subtotal	USD	12	11	10
STATE NATIONAL STATUTORY TRUST II
March-04	USD	8	7	7	3.35%	17-03-34
Subtotal	USD	8	7	7
TEXASBANC CAPITAL TRUST I
July-04	USD	19	19	17	3.02%	23-07-34
Subtotal	USD	19	19	17
COMPASS BANK
March-05	USD	220	212	195	5.50%	01-04-20
March-06	USD	202	195	180	5.90%	01-04-26
September-07	USD	269	261	242	6.40%	01-10-17
Subtotal	USD	691	668	617
BBVA COLOMBIA, S.A.
August-06	COP	-	156	136		28-08-11
September-11	COP	42	-	-	8.32%	19-09-21
September-11	COP	62	-	-	8.57%	19-09-26
September-11	COP	41	-	-	8.16%	19-09-18
Subtotal	COP	145	156	136
BBVA PARAGUAY, S.A.
Various	PYG	2	2	2	-	Various
Various	USD	7	6	6	-	Various
BANCO CONTINENTAL, S.A.
December-06	USD	23	22	21	3.00%	15-02-17
May-07	USD	15	15	14	6.00%	14-05-27
September-07	USD	15	15	14	2.00%	24-09-17
February-08	USD	15	15	14	6.00%	28-02-28
June-08	USD	23	22	21	3.00%	15-06-18
November-08	USD	15	15	14	3.00%	15-02-19
October-10	USD	156	150	-	7.00%	07-10-40
Subtotal		262	254	98
May-07	PEN	11	11	10	6.00%	07-05-22
June-07	PEN	19	16	14	4.00%	18-06-32
November-07	PEN	16	15	13	4.00%	19-11-32
July-08	PEN	14	13	11	3.00%	08-07-23
September-08	PEN	16	14	12	3.00%	09-09-23
December-08	PEN	10	8	7	4.00%	15-12-33
Subtotal		86	77	67
TURKIYE GARANTI BANKASI, A.S.
feb-07	USD	95			6.95%	06-02-17
Subtotal		95
Total issues in foreign currencies (Millions of Euros)		5,585	4,722	3,901

Outstanding as of December 31, 2011 of preferred issues

Issuer Entity and Issued Date	December 2011		December 2010		December 2009
Issuer Entity and Issued Date	Currency	Amount Issued (Millions)	Currency	Amount Issued (Millions)	Currency	Amount Issued (Millions)
BBVA International, Ltd.
December-02	EUR	9	EUR	500	EUR	500
BBVA Capital Finance, S.A.U.
December-03	EUR	5	EUR	350	EUR	350
July-04	EUR	7	EUR	500	EUR	500
December-04	EUR	17	EUR	1,125	EUR	1,125
December-08	EUR	7	EUR	1,000	EUR	1,000
BBVA International Preferred, S.A.U.
September-05	EUR	85	EUR	85	EUR	85
September-06	EUR	164	EUR	164	EUR	164
April-07	USD	600	USD	600	USD	600
July-07	GBP	31	GBP	31	GBP	31
October-09	EUR	645	EUR	645	EUR	645
October-09	GBP	251	GBP	251	GBP	251
Banco Provincial, S.A. - Banco Universal
October-07	--	--	VEF	150	VEF	150
November-07	--	--	VEF	58	VEF	58
Phoenix Loan Holdings Inc.
November-00	USD	25	USD	25	USD	25