Supplement Offering Circular

Banco Bilbao Vizcaya Argentaria SA
22 March 2006




Publication of Final Terms



The following Final Terms have been approved by the UK Listing Authority and are
available for viewing:




BBVA Subordinated Capital, S.A. Unipersonal issue of £300,000,000 Callable
Subordinated Step-Up Notes due 2016 guaranteed by Banco Bilbao Vizcaya
Argentaria, S.A.





To view the full document, please paste the following URL into the address bar
of your browser.


http://www.rns-pdf.londonstockexchange.com/rns/2090a_-2006-3-22.


For further information, please contact





BBVA Subordinated Capital, S.A. Unipersonal
Manuel NAVEIRA BARRERO
Phone: [phone]
Paseo de la Castellana, 81 - (28046) - MADRID





DISCLAIMER - INTENDED ADDRESSEES



Please note that the information contained in the Prospectus may be addressed to
and/or targeted at persons who are residents of particular countries (specified
in the Prospectus) only and is not intended for use and should not be relied
upon by any person outside these countries and/or to whom the offer contained in
the Prospectus is not addressed. Prior to relying on the information contained
in the Prospectus you must ascertain from the Prospectus whether or not you are
part of the intended addressees of the information contained therein.



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