Company: BBVXF
Filing Date: 2025-02-27
Form Type: F-4/A
Source: 0001193125-25-037317
Chunk: 553

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-02-27
Form: F-4/A
Chunk 553
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 associated operational costs, amounted to 19 million euros as at 31 December 2023 (86 million euros as at 31 December 2022). During 2023, utilisations linked to legal 
 contingencies in TSB were recorded in the amount of 64 million euros.                                                                                                                                                                    |

| – | Provisions to cover the anticipated costs relating to restructuring in TSB and pending final implementation amounting                                 
 to 35 million euros as at 31 December 2023 (13 million euros as at 31 December 2022), of which 26 million euros were allocated in 2023 (see Note 33). |

The final disbursement amount and the payment schedule are uncertain due to the difficulties inherent in estimating the factors used to determine the amount of the provisions set aside. A-394

Pensions and similar obligations Defined benefit plans cover all existing commitments arising from the application of the Collective Bargaining Agreement for Banks (Convenio Colectivo de Banca). These commitments are financed through the following vehicles: Pension plan Banco Sabadell’s employee pension plan covers the benefits detailed above payable under the collective bargaining agreement with employees belonging to regulated groups, with the following exceptions:

| – | Additional commitments due to early retirement, as set out in the Collective Bargaining Agreement for Banks. |

| – | Supervening incapacity in certain circumstances. |

| – | Widowhood and orphanhood benefits arising from the death of a retired member of staff who began their employment 
 after 8 March 1980.                                                                                              |

Banco Sabadell’s employee pension plan is regarded to all intents and purposes 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 in particular:

| – | Commitments expressly excluded from Banco Sabadell’s employee pension plan (indicated in the previous section). |

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

| – | Pension commitments undertaken with certain serving employees not provided for under the collective bargaining 
 agreement.                                                                                                     |

| – | Commitments towards employees on extended leave of absence not covered with benefits accrued in Banco Sabad