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The financial statements of the subsidiaries are consolidated with those of the Bank using the global integration method.The share of non-controlling interests from subsidiaries in the Group’s consolidated equity is presented under the heading “Non-controlling interests” in the consolidated balance sheet.In all cases, results of equity method investees acquired by the BBVA Group in a particular period are included taking into account only the period from the date of acquisition to the financial statements date.Similarly, the results of companies disposed of during any year are included taking into account only the period from the start of the year to the date of disposal.Assets and liabilities recognized under these headings in the accompanying consolidated balance sheets are measured at “amortized cost” using the “effective interest rate” method.This is because the consolidated entities intend to hold such financial instruments to maturity.The separate financial statements of the parent company of the Group (Banco Bilbao Vizcaya Argentaria, S.A.) are prepared under Spanish regulations (Circular 4/2004 of the Bank of Spain, and subsequent amendments).

The changes in fair value after the initial recognition, for reasons other than those mentioned in the preceding paragraph, are treated as described below, according to the categories of financial assets and liabilities.

The Bank uses the cost method to account in its financial statements for investment in subsidiaries, jointly controlled companies and associates, as permitted by IAS 27. The accounting standards and policies and the valuation criteria applied in preparing these consolidated financial statements may differ from those used by some of the entities within the BBVA Group.

Appendix I shows the individual financial statements of BBVA, S. For this reason, necessary adjustments and reclassifications have been introduced in the consolidation process to standardize these principles and criteria and comply with the EU-IFRS, as required under the Bank of Spain Circular 4/2004.

Investments in these entities, which do not represent material amounts for the Group, are classified as “Available-for-sale financial assets.” In contrast, some investments in entities in which the Group holds less than 20% of the voting rights are accounted for as Group associates, as the Group is considered to have the ability to exercise significant influence over these entities.

Appendix IV shows the most significant information related to the associates (see Note 17), which are accounted for using the equity method.

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