Stmnt re Pension Plan
Banco Bilbao Vizcaya Argentaria SA
28 September 2001
BBVA ADVANCES THE AMOUNT OF ITS COMMITMENTS
FOR COVERING THE EXTERNALIZATION OF THE SPANISH PERSONNEL
PENSION PLAN
* BBVA advances the holding amount, which makes ESP 101,000 million.
* With this decision, BBVA anticipates the schedule of redemption foreseen in
the agreement: within fourteen years.
BBVA has decided to bring in the whole holding amount, ESP 101,000 million, of
the Balancing Plan of the previous services, for exteriorising the pensions of
the Spanish personnel.
This decision means to advance the payment of the Balancing Plan, including all
the holding quotas of the Pension Plan. According to the collective agreement
about the social security system, dated 14 November 2000, among the firm and the
trade unions, this schedule was established in fourteen years, as maximum.
The same agreement also enabled to advance the payment of the holding amounts.
With this initiative, BBVA is consolidated as the pioneer financial entity
between the biggest groups of the Spanish financial system in the total
externalization of the personnel pensions.
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