Company: BBVXF
Filing Date: 2025-02-27
Form Type: F-4/A
Source: 0001193125-25-037317
Chunk: 627

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-02-27
Form: F-4/A
Chunk 627
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 as a plan asset for the obligations insured by entities outside of the Group. Obligations of the pension plan insured by the Group’s associate entities are not considered plan assets. A Control Board has been created for the pension plan, formed of representatives of the sponsor and representatives of the participants and beneficiaries. This Control Board is the body responsible for supervising its operation and execution. Insurance contracts Insurance contracts generally cover certain commitments arising from the Collective Bargaining Agreement for Banks, including:

| – | Commitments that are expressly excluded from the Banco Sabadell employee pension plan (listed in the previous 
 section).                                                                                                     |

| – | Serving employees covered by a collective bargaining agreement of Banco Atlántico. |

| – | Pension commitments in respect of some serving employees not provided for under the collective bargaining agreement. |

| – | Commitments towards employees on extended leave of absence not covered with benefits accrued in the Banco Sabadell 
 employee pension plan.                                                                                             |

| – | Commitments towards early retirees. These may be partly financed with benefits accrued in the Banco Sabadell employee 
 pension plan.                                                                                                         |

A-507

These insurance policies have been arranged with insurers outside the Group, whose insured commitments are mainly those towards former Banco Atlántico employees, and with BanSabadell Vida, S.A. de Seguros y Reaseguros. Voluntary social welfare agency (Entidad de Previsión Social Voluntaria, or E.P.S.V.) The acquisition and subsequent merger of Banco Guipuzcoano resulted in the takeover of Gertakizun, E.P.S.V., which covers defined benefit commitments in respect of serving and former employees, who are insured by policies. It was set up by the aforesaid bank in 1991 as an agency with a separate legal personality. All of the pension commitments to serving and former employees are insured by entities outside the Group. Internal funds Internal funds are used to settle obligations with early retirees up to their legal retirement age and relate to employees previously working for Banco Sabadell. Accounting record of defined benefit obligations The “Provisions – Pensions and other post employment defined benefit obligations” heading on the liabilities side of the consolidated balance sheet includes the actuarial present value of pension commitments, which is calculated individually using the projected unit credit method on the basis of the financial and actuarial assumptions set out below. This is the same method used for the sensitivity analysis described in Note 22. From the obligations thus calculated, the fair value of the