Company: BBVXF
Filing Date: 2025-02-27
Form Type: F-4/A
Source: 0001193125-25-037317
Chunk: 468

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-02-27
Form: F-4/A
Chunk 468
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 alleviate the impacts of the energy crisis were noteworthy features.      |

| – | The European Commission approved the addendum to the Spanish Recovery Plan, which will mobilise an additional 
 94 billion euros from the Next Generation EU funds.                                                           |

| – | The emerging economies proved themselves resilient to the global economic landscape. Adjustment of the real estate 
 sector in China intensified, although the repercussions remain limited.                                            |

| – | In Mexico, the economy performed well. Investment grew at historic double-digit rates, partly due to nearshoring with 
 the United States.                                                                                                    |

| – | Global geopolitics continues to represent a vector of uncertainty for the economic environment. The outbreak of a new                  
 conflict between Israel and Hamas reignited instability in the Middle East, although the broader economic repercussions were marginal. |

| – | The financial sector suffered a temporary episode of instability, related to the collapse of US regional banks                                                                                                
 Silicon Valley Bank (SVB) and Signature Bank and the acquisition of Credit Suisse by UBS. The authorities managed to contain the financial contagion and, ultimately, the economic consequences were limited. |

| – | The developed nations’ central banks continued their cycle of interest rate hikes in 2023, although the pace was                        
 somewhat less intense than in 2022. In the latter part of the year, they signalled that the rate hike cycle could have reached its end. |

| – | The European Central Bank (ECB) implemented an unprecedented tightening of its monetary policy and ended up raising                                                        
 the deposit rate to a record high of 4.00%. The reduction of its balance sheet also continued, due to the maturity of TLTRO-III loans and the reduction of asset holdings. |

A-291

| – | For its part, the Federal Reserve (Fed) continued to pursue its rake hike cycle, with official interest rates at a                                                                        
 range of 5.25%-5.50%. With regard to its balance sheet, the reduction process continued, interrupted only briefly to respond to the episode of instability caused by the collapse of SVB. |

| – | The Bank of England (BoE) raised its base rate to 5.25% and continued with its balance sheet reduction programme. |

| – | The financial markets performed better in 2023 than the previous year, when a large portion of financial assets 
 posted heavy losses.                                                                                            |

| – | Long-term government bond yields continued on an upward trend for much of the year. They were driven by pressure