BBVA buy back programme

Banco Bilbao Vizcaya Argentaria SA
15 July 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:



                                 RELEVANT EVENT



In connection with the buy back programme of BBVA shares announced by means of
the relevant event number 56415 on March 29, 2005, and pursuant to article 4.4.
of Regulation (CE) No 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 July 13
and 14, 2005:


          Date                Buy / Sell                No of shares           Price

       13/07/2005               Sell                         100,000           13.00
       13/07/2005               Sell                         140,000           13.01

       13/07/2005               Sell                          25,000           13.02
       13/07/2005               Sell                          25,000           13.03
       13/07/2005               Sell                          85,000           13.04
       13/07/2005               Sell                          25,000           13.05
       13/07/2005               Sell                          25,000           13.06

       13/07/2005               Sell                           5,000           13.07
       14/07/2005               Sell                          20,000           13.08
       14/07/2005               Sell                          20,000           13.09
       14/07/2005               Sell                          45,000           13.10
       14/07/2005               Sell                         115,000           13.11

       14/07/2005               Sell                          45,000           13.12
       14/07/2005               Sell                          50,000           13.13
       14/07/2005               Sell                          20,000           13.14
       14/07/2005               Sell                          67,362           13.15
       14/07/2005               Sell                          20,000           13.16

       14/07/2005               Sell                          70,000           13.17
       14/07/2005               Sell                          20,000           13.18
       14/07/2005               Sell                           7,638           13.19




Madrid, July 15, 2005



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