Bond BBVA Banco 6% ( ES0813211010 ) in EUR

BBVA Banco

100 % ⇌

Spain

ES0813211010 ( in EUR )

6% per year ( payment 4 times a year)

Perpetual

Prospectus brochure of the bond BBVA ES0813211010 en EUR 6%, maturity Perpetual

29/09/2025 ( In 57 days )

BBVA is a Spanish multinational financial services corporation offering a wide range of banking, investment, and wealth management products and services globally.

Market observers are currently tracking a perpetual bond (obligation) issued by BBVA, one of Spain's leading multinational financial services groups and a major banking institution with significant operations across Europe and Latin America. This particular financial instrument, identified by the ISIN ES0813211010, is denominated in Euros (EUR) and is presently trading at par, reflecting a market price of 100% of its nominal value. Originating from Spain, the bond offers a robust annual interest rate of 6%, with income distributions occurring on a quarterly basis, corresponding to a payment frequency of 4. Its most distinguishing feature is its perpetual maturity, signifying that the principal amount does not have a fixed repayment date, thus offering a continuous stream of income to investors for an indefinite period.

Prospectus dated 29th March, 2019

Banco Bilbao Vizcaya Argentaria, S.A.
(incorporated with limited liability under the laws of Spain)
Series 8 1,000,000,000 Non-Step-Up Non-Cumulative Contingent Convertible
Perpetual Preferred Tier 1 Securities
Issue price: 100 per cent.
The Series 8 1,000,000,000 Non-Step-Up Non-Cumulative Contingent Convertible Perpetual Preferred Tier 1 Securities of 200,000 liquidation preference
each (the Preferred Securities) were issued by Banco Bilbao Vizcaya Argentaria, S.A. (the Bank or BBVA) on 29th March, 2019 (the Closing Date). The
Bank and its consolidated subsidiaries are referred to herein as the Group.
The Preferred Securities will accrue non-cumulative cash distributions (Distributions) (i) in respect of the period from (and including) the Closing Date to (but
excluding) 29th March, 2024 (the First Reset Date) at the rate of 6.00 per cent. per annum, and (ii) in respect of each period from (and including) the First
Reset Date and every fifth anniversary thereof (each a Reset Date) to (but excluding) the next succeeding Reset Date (each such period, a Reset Period), at the
rate per annum, converted to a quarterly rate in accordance with market convention, equal to the aggregate of 6.039 per cent. per annum and the 5-year Mid-
Swap Rate (as defined in the terms and conditions of the Preferred Securities (the Conditions)) for the relevant Reset Period. Subject as provided in the
Conditions, such Distributions will be payable quarterly in arrear on 29th June, 29th September, 29th December and 29th March in each year (each a
Distribution Payment Date).
All, and not some only, of the Preferred Securities may be redeemed at the option of the Bank at any time on or after the First Reset Date, at the liquidation
preference of 200,000 per Preferred Security plus, if applicable, where not cancelled pursuant to, or otherwise subject to the limitations on payment set out in,
Condition 4, an amount equal to accrued and unpaid Distributions for the then current Distribution Period (as defined in the Conditions) to (but excluding) the
date fixed for redemption (the Redemption Price), subject to the prior consent of the Regulator (as defined in the Conditions), if required, and otherwise in
accordance with Applicable Banking Regulations (as defined in the Conditions) then in force. The Preferred Securities are also redeemable on or after the
Closing Date at the option of the Bank in whole but not in part, at any time, at the Redemption Price in accordance with Articles 77 and 78 o f CRR, Article 29 of
the Commission Regulation (EU) 241/2014 and/or any other Applicable Banking Regulations in force at the relevant time if there is a Capital Event or a Tax
Event (each as defined in the Conditions).
The Bank may elect, in its sole and absolute discretion, to cancel the payment of any Distribution in whole or in part at any time and for any (or no) reason,
including as further provided in Condition 4. Distributions on the Preferred Securities will be non-cumulative. Accordingly, if any Distribution (or part thereof)
is not made in respect of the Preferred Securities then the right of the Holders to receive the relevant Distribution (or part thereof) will be extinguished and the
Bank will have no obligation to pay such Distribution (or part thereof) or otherwise to pay any interest in respect of the Preferred Securities, whether or not any
future Distributions on the Preferred Securities are paid. For further information, see Condition 4.
If, at any time, the CET1 ratio (as defined in the Conditions) is less than 5.125 per cent. as determined by the Bank (a Trigger Event), the Preferred
Securities are mandatorily and irrevocably convertible into newly issued ordinary shares in the capital of the Bank (Common Shares) at the Conversion
Price (as defined in the Conditions). In the event of the liquidation or winding-up of the Bank, Holders will be entitled to receive (subject as provided in
the Conditions), in respect of each Preferred Security, their respective liquidation preference of 200,000 plus any accrued and unpaid Distributions
for the then current Distribution Period to (but excluding) the date of payment of the liquidation distribution.
In addition, in the event of a Capital Reduction (as defined in the Conditions), the Preferred Securities are mandatorily and irrevocably convertible into Common
Shares unless a Holder elects that the Preferred Securities held by it shall not be so converted by delivery of a duly completed and signed Election Notice on or
before the 10th Business Day immediately following the Capital Reduction Notice Date (each as defined in the Conditions).
The Preferred Securities have been assigned a rating of Ba2 by Moody's Investors Services España, S.A. (Moody's) and a rating of BB by Fitch Ratings
España, S.A.U. (Fitch). The Bank has been rated A3 by Moody's, A- by S&P Global Ratings Europe Limited (S&P) and A- by Fitch. Each of Moody's, S&P
and Fitch is established in the European Union and is registered under Regulation (EC) No. 1060/2009 (as amended) (the CRA Regulation). As such, each of
Moody's and Fitch is included in the list of credit rating agencies published by the European Securities and Markets Authority on its website in accordance with
such Regulation. A rating is not a recommendation to buy, sell or hold securities and may be subject to suspension, change or withdrawal at any time by the
assigning rating agency.
This document constitutes a listing prospectus (the Prospectus) for the purposes of Article 3 of Directive 2003/71/EC of the European Parliament and of the
Council of the European Union (the EU), as amended and implemented in Spain (the Prospectus Directive) and has been prepared in accordance with, and
including the information required by, Annexes I, III (sections 3.1 and 3.2), XIII and XIV of Regulation (EC) No. 809/2004 (the Prospectus Regulation). This
Prospectus has been approved by the Spanish National Securities Market Commission (Comisión Nacional del Mercado de Valores) (the CNMV) in its capacity
as competent authority under the Prospectus Directive and its implementing measures in Spain, including the Spanish Securities Market Act (Royal Legislative
Decree 4/2015, of 23rd October, approving the consolidated text of the Spanish Securities Market Act; the LMV).
Application has been made for the Preferred Securities to be admitted to listing and trading on the Spanish AIAF Fixed Income Securities Market (AIAF). If a
qualified investors platform were to be developed by AIAF, it is the intention of the Bank for the Preferred Securities to be quoted on such platform. The
Preferred Securities may also be admitted to listing and trading on any other secondary market as may be agreed by the Bank.
Amounts payable under the Preferred Securities from and including the First Reset Date are calculated by reference to the 5-year Mid-Swap Rate (as defined in
the Conditions) which appears on the "ICESWAP2" page, which is provided by ICE Benchmark Administration Limited. As at the date of this Prospectus, ICE
Benchmark Administration Limited is included in the register of administrators and benchmarks established and maintained by the European Securities and
Markets Authority (ESMA) pursuant to Article 36 of Regulation (EU) No. 2016/1011 (the Benchmarks Regulation).
An investment in the Preferred Securities involves certain risks. For a discussion of these risks see "Risk Factors" beginning on page 14.
The Preferred Securities are complex financial instruments and are not a suitable or appropriate investment for all investors. The Preferred Securities
shall not be offered, sold or otherwise made available to retail clients in any jurisdiction of the European Economic Area (the EEA), as defined in the
rules set out in Directive 2014/65/EU (as amended, MiFID II). Prospective investors are referred to the section headed "Prohibition on marketing and
sales to retail investors" on pages 4 to 6 of this Prospectus for further information.
MiFID II professionals/ECPs-only/No PRIIPs KID/FCA PI RESTRICTION Manufacturer target market (MiFID II product governance) is eligible
counterparties and professional clients only (all distribution channels). The target market assessment indicates that the Preferred Securities are
incompatible with the knowledge, experience, needs, characteristic and objectives of retail clients and accordingly the Preferred Securities shall not be
offered or sold to any retail clients. No packaged retail and insurance-based investment products (PRIIPs) key information document (KID) has been
prepared as the Preferred Securities are not available to retail investors in the EEA.
The Preferred Securities and any Common Shares to be issued and delivered in the event of any Conversion (as defined in the Conditions) have not been, and
will not be, registered under the United States Securities Act of 1933, as amended (the Securities Act) and are subject to United States tax law requirements.
Any offering of the Preferred Securities has been and is being made outside the United States in accordance with Regulation S under the Securities Act
(Regulation S), and the Preferred Securities may not be offered, sold or delivered within the United States or to, or for the account or benefit of, U.S. persons
except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act.
Joint Bookrunners
Banco Bilbao Vizcaya Argentaria, S.A.
BNP PARIBAS
(no underwriting commitment)
Citigroup
Crédit Agricole CIB
Deutsche Bank
HSBC

Co-Manager
Bankinter

2

This Prospectus is to be read in conjunction with all documents which are incorporated herein by
reference (see "Documents Incorporated by Reference"). This Prospectus shall be read and
construed on the basis that such documents are incorporated and form part of this Prospectus.
Banco Bilbao Vizcaya Argentaria, S.A. (in its capacity as a joint bookrunner, the Joint Lead
Manager), BNP Paribas, Citigroup Global Markets Limited, Crédit Agricole Corporate and
Investment Bank, Deutsche Bank AG, London Branch and HSBC Bank plc (the Joint Bookrunners)
and Bankinter, S.A. (the Co-Manager, and together with the Joint Lead Manager and the Joint
Bookrunners, the Managers) have not separately verified the information contained herein.
Accordingly, no representation, warranty or undertaking, express or implied, is made and no
responsibility or liability is accepted by the Managers or any of them as to the accuracy or
completeness of the information contained in this Prospectus or any other information provided by
the Bank in connection with the Preferred Securities or their distribution.
The Bank has not authorised the making or provision of any representation or information regarding
the Bank or the Preferred Securities other than as contained in this Prospectus or as approved for
such purpose by the Bank. Any such representation or information should not be relied upon as
having been authorised by the Bank or the Managers.
Neither the delivery of this Prospectus nor the offering or delivery of any Preferred Security shall in
any circumstances create any implication that there has been no adverse change, or any event
reasonably likely to involve any adverse change, in the condition (financial or otherwise) of the Bank
since the date of this Prospectus.
None of the Managers or any of their respective affiliates, or any of their respective directors,
officers, employees or agents, to the extent permitted by applicable law, accepts any responsibility
whatsoever for the contents of this Prospectus or for any statement made or purported to be made by
it, or on its behalf, in connection with the Bank or any offering of the Preferred Securities. The
Managers and any of their respective affiliates accordingly disclaim to the extent permitted by
applicable law, all and any liability whether arising in tort, contract, or otherwise which they might
otherwise have in respect of any such contents or statement. No representation or warranty express or
implied, is made by any of the Managers or any of their respective affiliates as to the accuracy,
completeness, reasonableness, verification or sufficiency of the information set out in this Prospectus.
The Managers are acting exclusively for the Bank and no one else in connection with any offering of
the Preferred Securities. The Managers will not regard any other person (whether a recipient of this
Prospectus or otherwise) as their client in relation to any such offering and will not be responsible to
anyone other than the Bank for providing the protections afforded to their clients or for giving advice
in relation to such offering or any transaction or arrangement referred to herein.
This Prospectus does not constitute an offer of, or an invitation to subscribe for or purchase by or on
behalf of, the Bank or the Managers any Preferred Securities.
The distribution of this Prospectus and the offering and delivery of Preferred Securities in certain
jurisdictions may be restricted by law. Persons into whose possession this Prospectus comes are
required by the Bank and the Managers to inform themselves about and to observe any such
restrictions.
The Preferred Securities have not been and will not be registered under the Securities Act and are
subject to United States tax law requirements. Subject to certain exceptions, Preferred Securities may
not be offered, sold or delivered in the United States or to U.S. persons.
In this Prospectus, unless otherwise specified, references to , EUR or euro are to the single currency
introduced at the start of the third stage of European Economic and Monetary Union pursuant to the
Treaty establishing the European Community, as amended; references to USD or U.S. dollars are to
the currency of the United States; references to Mexican peso refer to the lawful currency for the time
being of the United Mexican States; and references to Turkish lira or TL refer to the lawful currency
for the time being of the Republic of Turkey.
3

Words and expressions defined in the Conditions (see "Conditions of the Preferred Securities") shall
have the same meanings when used elsewhere in this Prospectus unless otherwise specified.
This Prospectus may only be used for the purposes for which it has been published. No person is
authorised to give information other than that contained herein and in the documents incorporated by
reference herein and which are made available for inspection by the public at the registered office of
the Bank.
Prior to making an investment decision, potential investors should consider carefully, in light of their
own financial circumstances and investment objectives, all the information contained in this
Prospectus or incorporated by reference herein. A potential investor should not invest in the
Preferred Securities unless it has the expertise (either alone or with its financial and other
professional advisers) to evaluate how the Preferred Securities will perform under changing
conditions, the resulting effects on the value of the Preferred Securities and the impact this investment
will have on the potential investor's overall investment portfolio. See further "Risk Factors Risks
related to the Preferred Securities generally The Preferred Securities may not be a suitable
investment for all investors". If a potential investor is in any doubt about any of the contents of this
Prospectus, it should obtain independent professional advice.
MiFID II product governance/Professional clients and ECPs as the only target market/negative
target market Solely for the purposes of each manufacturer's product approval process, the target
market assessment in respect of the Preferred Securities has led to the conclusion that: (i) the target
market for the Preferred Securities is eligible counterparties and professional clients only, each as
defined in MiFID II; and (ii) all channels for distribution of the Preferred Securities to eligible
counterparties and professional clients are appropriate. The target market assessment indicates that
the Preferred Securities are incompatible with the knowledge, experience, needs, characteristic and
objectives of clients which are retail clients (as defined in MiFID II) and accordingly the Preferred
Securities shall not be offered or sold to any retail clients. Any person subsequently offering, selling
or recommending the Preferred Securities (a distributor) should take into consideration the
manufacturers' target market assessment. However, a distributor subject to MiFID II is responsible,
among other things, for undertaking its own target market assessment in respect of the Preferred
Securities (by either adopting or refining the manufacturers' target market assessment) and
determining appropriate distribution channels.
Prohibition of sales to EEA retail investors The Preferred Securities shall not be offered, sold or
otherwise made available to any retail investor in the EEA. A retail investor means a person who is
one (or more) of: (i) a retail client as defined in point (11) of Article 4(1) of MiFID II; or (ii) a
customer within the meaning of Directive 2002/92/EC (as amended or superseded, the Insurance
Mediation Directive), where that customer would not qualify as a professional client as defined in
point (10) of Article 4(1) of MiFID II. Consequently, no key information document (KID) required by
Regulation (EU) No. 1286/2014 (the PRIIPs Regulation) for offering or selling the Preferred
Securities or otherwise making them available to retail investors in the EEA has been prepared and
therefore offering or selling the Preferred Securities or otherwise making them available to any retail
investor in the EEA may be unlawful under the PRIIPs Regulation.
Prohibition on marketing and sales to retail investors
The Preferred Securities are complex financial instruments and are not a suitable or appropriate
investment for all investors. In some jurisdictions, regulatory authorities have adopted or published
laws, regulations or guidance with respect to the offer or sale of securities such as the Preferred
Securities to retail investors (as defined above). Each of the Managers has represented and agreed
that offers of the Preferred Securities in the EEA shall only be directed specifically at or made to
professional clients (clientes profesionales) as defined in point (10) of Article 4(1) of MiFID II.
In particular, in June 2015, the United Kingdom Financial Conduct Authority (the FCA) published
the Product Intervention (Contingent Convertible Instruments and Mutual Society Shares) Instrument
4

2015, which took effect from 1st October, 2015 (the PI Instrument). In addition, (i) on 1st January,
2018, the PRIIPs Regulation became directly applicable in all EEA member states and (ii) MiFID II
was required to be implemented in EEA member states by 3rd January, 2018 and was implemented in
Spain through Royal Decree-Law 14/2018 of 28th September and Royal Decree 1464/2018 of 21st
December. Together the PI Instrument, the PRIIPs Regulation and MiFID II are referred to as the
Regulations.
The Regulations set out various obligations in relation to (i) the manufacture and distribution of
financial instruments and (ii) the offering, sale and distribution of packaged retail and insurance-
based investment products and certain contingent write-down or convertible securities such as the
Preferred Securities.
Each of the Bank and the Managers are required to comply with some or all of the Regulations. By
purchasing, or making or accepting an offer to purchase, any Preferred Securities (or a beneficial
interest in such Preferred Securities) from the Bank and/or any Managers, each prospective investor
will be deemed to represent, warrant, acknowledge, consent, accept, agree with and undertake to the
Bank and each of the Managers that:
(a)
it is not a retail client (as defined in MiFID II);
(b)
whether or not it is subject to the Regulations, it will not:
(I)
sell or offer the Preferred Securities (or any beneficial interests therein) to any retail
clients (as defined in MiFID II); or
(II)
communicate (including the distribution of this Prospectus) or approve an invitation
or inducement to participate in, acquire or underwrite the Preferred Securities (or
any beneficial interests therein) where that invitation or inducement is addressed to
or disseminated in such a way that it is likely to be received by a retail client (in each
case within the meaning of MiFID II).
In selling or offering the Preferred Securities or making or approving communications
relating to the Preferred Securities, it may not rely on the limited exemptions set out in the PI
Instrument; and
(c)
it will at all times comply with all applicable laws, regulations and regulatory guidance
(whether inside or outside the EEA) relating to the promotion, offering, distribution and/or
sale of the Preferred Securities (or any beneficial interests therein), including (without
limitation) MiFID II and any other applicable laws, regulations and regulatory guidance
relating to determining the appropriateness and/or suitability of an investment in the
Preferred Securities (or any beneficial interests therein) by investors in any relevant
jurisdiction.
Where acting as agent on behalf of a disclosed or undisclosed client when purchasing, or making or
accepting an offer to purchase, any Preferred Securities (or any beneficial interests therein) from the
Bank and/or the Managers, the foregoing representations, warranties, agreements and undertakings
will be given by and be binding upon both the agent and its underlying client.
Each prospective investor further acknowledges that:
(i)
the identified target market for the Preferred Securities (for the purposes of the product
governance obligations in MiFID II) is eligible counterparties and professional clients only;
(ii)
the target market assessment indicates that the Preferred Securities are incompatible with the
knowledge, experience, needs, characteristic and objectives of clients which are retail clients
5

(as defined in MiFID II) and accordingly the Preferred Securities shall not be offered or sold
to any retail clients; and
(iii)
no key information document (KID) under the PRIIPs Regulation has been prepared and
therefore offering or selling the Preferred Securities or otherwise making them available to
any retail investor in the EEA may be unlawful under the PRIIPs Regulation.
Each potential investor in the Preferred Securities should inform itself of, and comply with, any
applicable laws, regulations or regulatory guidance with respect to any resale of the Preferred
Securities (or any beneficial interests therein), including the Regulations.
Where acting as agent on behalf of a disclosed or undisclosed client when purchasing, or making or
accepting an offer to purchase, any Preferred Securities (or any beneficial interests therein) from the
Bank and/or the Managers the foregoing representations, warranties, agreements and undertakings
will be given by and be binding upon both the agent and its underlying client.
Product Classification Pursuant to Section 309B of the Securities and Futures Act (Chapter 289 Of
Singapore)
In connection with Section 309B of the Securities and Futures Act (Chapter 289) of Singapore and the
Securities and Futures (Capital Markets Products) Regulations 2018 of Singapore (the CMP
Regulations 2018), the Bank has determined the classification of the Preferred Securities as
prescribed capital markets products (as defined in the CMP Regulations 2018) and Excluded
Investment Products (as defined in the Monetary Authority of Singapore (the MAS) Notice SFA 04-
N12: Notice on the Sale of Investment Products and the MAS Notice FAA-N16: Notice on
Recommendations on Investment Products).

6

CONTENTS
Summary of the Preferred Securities ................................................................................................................. 8
Overview of the Offering ................................................................................................................................. 27
Risk Factors ..................................................................................................................................................... 33
Documents Incorporated by Reference ............................................................................................................ 88
Capital Adequacy ............................................................................................................................................. 90
Description of Banco Bilbao Vizcaya Argentaria, S.A.................................................................................... 92
Conditions of the Preferred Securities ........................................................................................................... 110
Use of Proceeds.............................................................................................................................................. 153
Taxation ......................................................................................................................................................... 154
Subscription, Sale and Transfer ..................................................................................................................... 166
Additional Information .................................................................................................................................. 171
Signature ........................................................................................................................................................ 173
7

SUMMARY OF THE PREFERRED SECURITIES
Summaries are made up of disclosure requirements known as "Elements". These Elements are
numbered in Sections A E (A.1 E.7). This Summary contains all the Elements required to be
included in a summary for the Preferred Securities and the Bank. Because some Elements are not
required to be addressed, there may be gaps in the numbering sequence of the Elements. Even though
an Element may be required to be inserted in a summary because of the type of securities and issuer, it
is possible that no relevant information can be given regarding the Element. In this case a short
description of the Element should be included in the summary explaining why it is not applicable.
Section A Introduction and warnings

Element

A.1
This summary should be read as an introduction to the Prospectus.
Any decision to invest in any Preferred Securities should be based on a consideration of
this Prospectus as a whole, including any documents incorporated by reference.
Where a claim relating to information contained in the Prospectus is brought before a
court in a Member State of the European Economic Area, the plaintiff may, under the
national legislation of the Member State where the claim is brought, be required to bear
the costs of translating the Prospectus before the legal proceedings are initiated.
Civil liability attaches to the Bank solely on the basis of this summary, including any
translation of it, but only if the summary is misleading, inaccurate or inconsistent when
read together with the other parts of this Prospectus or, following the implementation of
the relevant provisions of Directive 2010/73/EU in the relevant Member State, it does not
provide, when read together with the other parts of this Prospectus, key information in
order to aid investors when considering whether to invest in the Preferred Securities.
A.2
Not Applicable - the Preferred Securities are being offered in circumstances where there is an
exemption from the obligation under the Prospectus Directive to publish a prospectus.
8

Section B Issuer

Element Title

B.1
Legal and commercial
The legal name of the issuer is Banco Bilbao Vizcaya Argentaria,
name of the issuer
S.A (the Bank). It conducts its business under the commercial name
`BBVA'.
B.2
Domicile/ legal form/
The Bank is a limited liability company (a sociedad anónima or S.A.)
legislation/ country of
and was incorporated under the Spanish Corporations Law on 1st
incorporation
October, 1988. It has its registered office at Plaza de San Nicolás 4,
48005 Bilbao, Spain, and has its main place of business at Calle Azul,
4, 28050, Madrid, Spain.
B.3
Key factors relating to
The Bank is a highly diversified international financial group, with
the nature of the issuer's strengths in the traditional banking businesses of retail banking, asset
current operations and its management, private banking and wholesale banking. It also has
principal activities
investments in some of Spain's leading companies.
Set forth below are the Group's current seven operating segments:
Banking Activity in Spain
Non-Core Real Estate (until March 2017, this operating segment
was named Real Estate Activity in Spain)
Turkey
Rest of Eurasia
Mexico
South America
United States
In addition to the operating segments referred to above, the Group has
a Corporate Center which includes those items that have not been
allocated to an operating segment.
B.4a
Trend information
Not Applicable There are no known trends, uncertainties, demands,
commitments or events that are reasonably likely to have a material
effect on the Bank's prospects for its current financial year.
B.5
Description of the Group The Group is a highly diversified international financial group, with
strengths in the traditional banking businesses of retail banking, asset
management, private banking and wholesale banking. It also has
investments in some of Spain's leading companies.
As of 31st December, 2018, the Group was composed of 297
consolidated entities and 66 entities accounted for using the equity
method.
The companies are principally domiciled in the following countries:
Argentina, Belgium, Bolivia, Brazil, Chile, Colombia, France,
Germany, Ireland, Italy, Mexico, Netherlands, Peru, Poland, Spain,
Switzerland, Turkey, United Kingdom, United States of America,
9

Element Title

Uruguay and Venezuela. In addition, BBVA has an active presence in
Asia.
B.6
Interest in the issuer's
On 18th October, 2017, Blackrock, Inc. communicated that it held an
capital or voting rights
indirect interest of 5.939 per cent. in the Bank's share capital. As of
31st December, 2018, no other person, corporation or government
beneficially owned, directly or indirectly, five per cent. or more of the
Bank's share capital. The Bank's major shareholders do not have
voting rights which are different from those held by the rest of its
shareholders. To the extent known to the Bank, the Bank is not
controlled, directly or indirectly, by any other corporation, government
or any other natural or legal person.
B.7
Selected historical key financial information:
The following tables summarise the Bank's consolidated income statements and balance sheets as
at and for each of the years ended 31 December 2018, 2017 and 2016. The financial information
for the years ended 31 December 2018, 2017 and 2016 was extracted without material adjustment
from the Bank's consolidated audited financial statements as at and for the years ended 31
December 2018, 2017 and 2016.
Income Statements

For the year ended 31st December
EUR million
2018
2017
2016
Gross income ................................................................23,747
25,270
24,653

Administration costs .........................................................
(10,494)
(11,112)
(11,366)
Depreciation and amortization ................................
(1,208)
(1,387)
(1,426)
Provisions or reversal of provisions
(373)
(745)
(1,186)
Impairment or reversal of impairment on

financial assets not measured at fair value

through profit or loss or net gains by

modification
(3,981)
(4,803)
(3,801)
Net Operating Income ................................
7,691
7,222
6,874

Impairment or reversal of impairment of
investments in subsidiaries, joint ventures

and associates) ..............................................................
-
-
-
Impairment or reversal of impairment on

non-financial asset
(138)
(364)
(521)
Gains (losses) on derecognition of non-

financial assets, net ...........................................................
78
47
70
Profit (loss) from non-current assets and

disposal groups classified as held for sale

not
815
qualifying as discontinued operations ..............................
26
(31)
Profit or loss before tax from continuing

operations before tax ......................................................8,446
6,931
6,392
Tax expense or income related to profit or

loss from continuing operation ................................
(2,295)
(2,169)
(1,699)
10