6-K 1 d418797d6k.htm FORM 6-K Form 6-K

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

FORM 6-K

 

 

REPORT OF FOREIGN ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of September, 2012

Commission file number: 1-10110

 

 

BANCO BILBAO VIZCAYA ARGENTARIA, S.A.

(Exact name of Registrant as specified in its charter)

 

 

BANK BILBAO VIZCAYA ARGENTARIA, S.A.

(Translation of Registrant’s name into English)

 

 

Paseo de la Castellana, 81

28046 Madrid

Spain

(Address of principal executive offices)

 

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

Form 20-F  x             Form 40-F  ¨

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):

Yes  ¨             No  x

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):

Yes  ¨             No  x

 

 

 

LOGO

Banco Bilbao Vizcaya Argentaria, S.A. (BBVA), pursuant to the provisions of the Spanish Securities Market Act, hereby proceeds by means of the present document to notify the following:

RELEVANT INFORMATION

The results of the Spanish banking sector stress test made by the independent consulting firm Oliver Wyman have been disclosed today by the Bank of Spain. The test results pertaining to the BBVA group published by the Bank of Spain are attached hereto.

Under the stress test, the capital ratio of the group in the worst case scenario would be 9,6%.

The results show that even in the worst case scenario of the test, BBVA’s capital ratio would remain over the minimum required.

Madrid, September 28, 2012

ANEXO

Results of the bottom up Stress Test Exercise

 

Name of the Entity:    BBVA           
          mill. €      % RWA               
December 2011 figures    Profit generation capacity (1)      6.157         1,8 %      
   Risk Weighted Assets (RWA)      336.944         100,0 %      
   Common Equity Tier (CET) 1 (2)      32.299         9,6 %      
          Base Scenario     Adverse Scenario  
          mill. €      % Assets     mill. €      % Assets  

A) Estimated credit losses in each scenario

    A1. Spanish Current Credit Book      14.409         7,4 %      24.544         12,6 % 
     

 

 

       

 

 

     
  

Non-Financial Firms

           
  

Real Estate Developers

      4.679         25,9 %      7.409         40,9 % 
  

Corporate (3)

      6.727         8,9 %      11.191         14,8 % 
  

Retail

           
  

Secured retail (4)

      1.508         1,7 %      3.506         3,9 % 
  

Non secured retail

      1.495         12,5 %      2.438         20,3 % 
     

 

 

       

 

 

     
   A2. Foreclosed assets      5.185         52,5 %      6.010         60,9 % 
     

 

 

       

 

 

     
  

Land

      2.828         71,3 %      3.139         79,2 % 
  

Building in progress

      442         55,4 %      519         65,0 % 
  

Finished property

      1.916         37,5 %      2.353         46,1 % 
     

 

 

       

 

 

     
   A3. Total losses current book (A1 +A2)      19.594         9,6 %      30.554         14,9 % 
     

 

 

       

 

 

     
   A4. New Credit Book (5)      743           743      
     

 

 

       

 

 

     
   A5. Total Losses (A3+A4)      20.338           31.297      
     

 

 

       

 

 

     
          Base Scenario            Adverse Scenario         
          mill. €            mill. €         

B) Estimated loss absorption capacity in each scenario

    B1. Existing provisions (6)      10.019           10.019      
   B2. Asset protection schemes      1.065           1.667      
   B3. Profit generation capacity 2012-14 (1)      16.742           14.414      
   B4. Tax impact      92           2.961      
   B5. Capital buffer (7)      3.364           13.419      
     

 

 

       

 

 

     
   B6. Total loss absorption capacity (B1+B2+B3+B4+B5)      31.282           42.480      
     

 

 

       

 

 

     
          Base Scenario     Adverse Scenario  
          mill. €      % RWA 2014     mill. €      % RWA 2014  

C) Estimated capital excess / shortfall in each scenario

    C1. Common Equity Tier (CET) 1 2014      39.880         12,4 %      30.063         9,6 % 
   C2. Capital excess/shortfall in relation to CET1 standards (B6-A5)      10.945         3,4 %      11.183         3,6 % 

 

(1) Includes pre-provisioning profit of the Spanish business, and attributed post-provisioning and post-tax profit of international businesses
(2) Includes CET 1 capital as of December 2011 plus realised capital actions before 31 August 2012
(3) Includes Public Works, Large Corporates, SMEs & Self-Employed
(4) Includes first mortgage collateral and other secured retail
(5) New credit origination backloaded towards the end of the period; hence percentage of cumulative losses not comparable with that of the back book
(6) Existing provisions as of December 2011 and registered provisions from 1H12 in business combinations
(7) Excess available capital above 9% CET1 base scenario / 6% CET1 adverse scenario, using estimated RWA level in each scenario

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

  Banco Bilbao Vizcaya Argentaria, S.A.

Date: September 28, 2012

   By:  

/s/ Eduardo Avila Zaragoza

  Name:   Eduardo Avila Zaragoza
  Title:   Head of Global Accounting