BBVA buy back programme

Banco Bilbao Vizcaya Argentaria SA
26 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:

SIGNIFICANT 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 22
and 25, 2005:


        Date              Buy / Sell               No of shares            Price

     22/07/2005             Sell                          500,000           13.52
     22/07/2005             Sell                           15,000           13.58
     22/07/2005             Sell                           35,000           13.59
     22/07/2005             Sell                           70,000           13.60
     22/07/2005             Sell                           35,000           13.61
     22/07/2005             Sell                           65,000           13.62
     22/07/2005             Sell                           35,000           13.63
     22/07/2005             Sell                           35,000           13.64
     22/07/2005             Sell                           35,000           13.65
     22/07/2005             Sell                           35,000           13.66
     22/07/2005             Sell                           35,000           13.67
     22/07/2005             Sell                           35,000           13.68
     22/07/2005             Sell                           65,000           13.69
     22/07/2005             Sell                           65,000           13.70
     22/07/2005             Sell                           30,000           13.71
     22/07/2005             Sell                           30,000           13.72
     22/07/2005             Sell                           30,000           13.73
     22/07/2005             Sell                           30,000           13.74
     22/07/2005             Sell                           80,000           13.75
     22/07/2005             Sell                           30,000           13.76
     22/07/2005             Sell                           30,000           13.77
     22/07/2005             Sell                           30,000           13.78
     22/07/2005             Sell                           30,000           13.79
     25/07/2005             Sell                          240,000           13.48
     25/07/2005             Sell                           15,000           13.62
     25/07/2005             Sell                            5,000           13.63
     25/07/2005             Sell                           12,314           13.64
     25/07/2005             Sell                           11,306           13.65


Madrid, July 26, 2005



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