Company: BBVXF
Filing Date: 2025-02-27
Form Type: F-4/A
Source: 0001193125-25-037317
Chunk: 279

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-02-27
Form: F-4/A
Chunk 279
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GEU funds. |

A-56

| – | 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 October and mainly affected the Community of Valencia. This plan was initially implemented through Royal Decree-Law6/2024 of 5 November, followed by Royal Decree-Law7/2024 of 11 November, and finally by Royal Decree-Law8/2024 of 28 November. These decrees include a set of measures aimed at addressing the liquidity needs of households, self-employed professionals and businesses, such as the rollout of the ICO-DANAline of guarantees, furnished with up to 5 billion euros, and statutory moratoria. Specifically, the Spanish Ministry of Economy, Trade and Business, at a meeting of the Council of Ministers held on 11 November 2024, adopted an agreement establishing the terms and conditions of the first tranche of this line of guarantees for 1 billion euros, setting the guarantee’s percentage at 80% of the capital. In addition, the aforementioned agreement allows obligors released under Article 29 of Royal Decree-Law8/2020 of 17 March, Article 1 of Royal Decree-Law25/2020 of 3 July and Article 29 of