Stmnt re Redemption of Loans

Banco Bilbao Vizcaya Argentaria SA
11 December 2001

RELEVANT EVENT

According to the law in force, BANCO BILBAO VIZCAYA ARGENTARIA, S.A. informs 
that with reference to the loans made to the Executive Directors and members of 
the Senior Management of the Bank in order to acquire BBVA shares with hedging 
(which was communicated as part of the Relevant Event of 25 July 2000), the 
Delegated Standing Committee has authorised the possibility of redeeming in 
advance the whole or a part of the principal of the loan selling the shares 
acquired with that funding whenever it was established for these purposes, i.e. 
31 December 2001 or 30 June 2002, or at the maturity of the loan, expected for 
31 December 2002, being a free choice.