Results (US criteria)

Banco Bilbao Vizcaya Argentaria SA
11 July 2002



                        SIGNIFICANT EVENT COMMUNICATION

'BBVA, S.A.', pursuant to the provisions of section 82 of the Securities Market
Act, hereby announces the following

                               SIGNIFICANT EVENT

In view of the coverage that is being given in the media to the difference in
the Financial Results and in the Net Equity highlighted as a result of applying
US accounting criteria (US GAAP) to the financial statements of the BBVA, as
opposed to the results and equity derived from Spanish accounting procedure
(Spanish GAAP), BBVA wishes to state the following:

The SEC, in accordance with its regulations, requires all non-US companies
quoted on its markets to undertake a reconciliation of their financial
statements with US GAAP. This disparity in criteria has meant that, in business
year 2001 and under US GAAP, the Net Book Equity of the BBVA, which includes the
consolidated results for the business year, is higher by 7,503 million euros and
that the consolidated results for the business year attributable to the Group
are lower by 1,683 million euros than those recorded in the annual accounts of
the Group for the business year in question.

Insofar as BBVA is concerned, the main differences that are found are as
follows:


  • Goodwill.


 1. Pursuant to Spanish regulations, the merger with Argentaria was undertaken as
    a combination of businesses, although it was implemented as a take-over
    merger. The consequence of this was that the assets forthcoming from
    Argentaria were recorded at their book values and, therefore, no goodwill
    was entered. Under US GAAP, the method employed is that of purchase, whereby
    a goodwill was generated by the book entry at market value of the assets and
    liabilities forthcoming from the company acquired at the moment of merger.
    The unallocated difference between the market value of the company acquired
    and the book value constituted the goodwill that was recorded by a credit
    entry in reserves and which will be amortized over a maximum period of 25
    years. Said operation has had, in business year 2001, the effect of a
    reduced result of 396 million euros and of increased equity of 5,733 million
    euros.



 2. In general terms, the US GAAP do not allow the early amortization of
    Goodwill. Insofar as BBVA proceeded with the early amortization of some
    goodwill in prior business years, there arises a temporary difference of
    allocation, given that, under Spanish criteria, these values had already
    been addressed in the results of prior years, which means that they have
    already been included as reduced equity. In terms of the reconciliation with
    US GAAP, goodwill is reformulated, whereby a credit entry is made to
    reserves and their amortization is undertaken by results over a period of
    ten years, with both items amounting to 417 and 911 million euros in
    business year 2001.


  • Early retirements and Pensions. BBVA has set up, upon authorisation from
    the Bank of Spain, a fund for early retirements undertaken in business year
    2001 against reserves. Under US GAAP, said allocation should be made against
    the results for the year in which it is performed, whereby a reduction
    amounting to 782 million euros is recorded in the results.



(Pages F-106 and F-107 of the 20F deal with this reconciliation).









                                                               Bilbao, 10-7-2002



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