Company: BBVXF
Filing Date: 2025-09-05
Form Type: F-4/A
Source: 0001193125-25-196513
Chunk: 379

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-09-05
Form: F-4/A
Chunk 379
---
) and the repayment of all liquidity from TLTRO III. |

| – | The Federal Reserve (Fed) cut the target range of the Fed funds rate by 100 basis points to 4.25%-4.50% and indicated that the pace of cuts going forward will be gradual. |

| – | The Bank of England (BoE) started its series of cuts by slashing the base rate by 25 basis points in August and 
 November, to 4.75%.                                                                                             |

| – | Financial markets once again performed well in 2024, building up from last year’s positive performance. |

| – | Yields on long-term government bonds of the main developed countries ended the year at levels above those of 2023 year-end, although with clear signs of volatility during the year as the market progressively adjusted its policy rate cut expectations. |

| – | The risk premiums on peripheral sovereign debt stood at levels lower than those seen at the end of 2023, underpinned                    
 by credit rating agencies’ positive actions, good activity data, the ECB’s emergency programmes and the disbursement of the NGEU funds. |

A-145

| – | Meanwhile, France’s risk premium significantly rebounded in the face of considerable political uncertainty, the 
 bad shape of its public finances and the negative actions of credit rating agencies.                            |

| – | The euro ended the year at more depreciated levels than the dollar, impacted by differences in monetary policy 
 between the Eurozone and the United States, as well as the US presidential elections.                          |

| – | As for the financial markets of emerging countries, sovereign risk premiums rose slightly, in an environment in which                                                                                                          
 tax risks continued to attract attention in countries such as Brazil and Colombia and in which political uncertainty increased in Mexico. This, compounded by falling oil prices, also weighed on these countries’ currencies. |

| – | The banking sector continued to improve its metrics amidst increased profitability, driven by the positive evolution 
 of net interest income and fee and commission income.                                                                |

| – | The financial authorities deemed that the risks associated with global financial stability had moderated. The main       
 concerns revolved around financial and geopolitical factors, while strictly macroeconomic concerns started to fade away. |

Political and regulatory environment DANA response measures In November 2024, the Spanish government launched the Immediate Response, Rebuilding and Relaunch Plan in the aftermath of the natural disaster caused by the isolated high altitude depression phenomenon known in Spain as DANA that took place last