BBVA Buy Back Programme

Banco Bilbao Vizcaya Argentaria SA
05 September 2005




'BBVA, S.A.', pursuant to the provisions of article 82 of the Spanish Securities
Market Act, proceeds by means of the present document to notify the following:



SIGNIFICANT EVENT



In connection with the buy back programme of BBVA shares announced by means of
the significant event number 56415 on March 29, 2005, and pursuant to article
4.4. of Regulation (CE) N(o) 2273/2003 of the European Commission, Banco Bilbao
Vizcaya Argentaria, S.A. announces that the company Corporacion Industrial y de
Servicios, S.L., fully owned subsidiary of the group BBVA, has conducted the
following trades in shares of  Banco Bilbao Vizcaya Argentaria, S.A. on
September 1 and 2, 2005:


         Date                Buy / Sell           N(o) of shares      Price

      1/09/2005                 Buy                   83,187          13.63
      1/09/2005                 Sell                  50,000          13.65
      1/09/2005                 Sell                  50,000          13.66
      1/09/2005                 Sell                  25,000          13.67
      1/09/2005                 Sell                  25,000          13.68
      1/09/2005                 Sell                  60,000          13.69
      1/09/2005                 Sell                  15,000          13.70
      2/09/2005                 Sell                  25,000          13.65
      2/09/2005                 Sell                  25,000          13.66
      2/09/2005                 Sell                  25,000          13.67
      2/09/2005                 Sell                  25,000          13.68
      2/09/2005                 Sell                  25,000          13.69
      2/09/2005                 Sell                  25,000          13.70
      2/09/2005                 Sell                  50,000          13.71
      2/09/2005                 Sell                  50,000          13.72
      2/09/2005                 Sell                  50,000          13.73
      2/09/2005                 Sell                  50,000          13.74
      2/09/2005                 Sell                  50,000          13.75
      2/09/2005                 Sell                  20,000          13.76





Madrid, September 5, 2005






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