This excerpt taken from the BBV 6-K filed Nov 20, 2006.
15. SFAS 140- Accounting For The Transfers And Servicing Of Financial Assets And Extinguishments Of Liabilities
In September 2000, the Financial Accounting Standards Board issued Statement No. 140 (SFAS 140), Accounting For The Transfers And Servicing Of Financial Assets And Extinguishments Of Liabilities, which replaces SFAS 125 (of the same title). SFAS 140 revises certain standards in the accounting for securitizations and other transfers of financial assets and collateral, and requires some disclosures relating to securitization transactions and collateral, but it carries over most of SFAS 125s provisions.
As explained in Note 2.2.S) the accounting of transfer of Financial Assets under IFRSs does not present significant differences with respect to U.S. GAAP. During 2006 and 2005 the Group transferred loans to securizitation funds (See Note 13.3).