Statement re Formal Enquiry

Banco Bilbao Vizcaya Argentaria SA
22 March 2002


BBVA has received notice from the Bank of Spain that it has opened a formal 
enquiry into certain matters.

The enquiry related to certain funds derived principally from gains made by the
former BBV on the sale of shares acquired in Banco de Vizcaya and Argentaria
which were not accounted for until the financial year ended 31 December 2000.

BBVA took the decision on its own account to correctly reflect these sums
(amounting to some € 225 million) as an extraordinary profit for the financial
year ended 31 December 2000, thereby regularising the position, and immediately
informed the Bank of Spain.

BBVA has responded to all requests from the Bank of Spain and believes that the 
outcome of the enquiry will not have a material impact for the Bank.




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