Remuneration Plan

Banco Santander Central Hispano SA
30 December 1999

MATERIAL EVENT

Banco Santander Central Hispano, SA reports that, in line with its management
remuneration policy, a remuneration plan has been approved based on the Bank's
own shares and linked to the fulfilment of the objectives set out in PROGRAM ONE

This plan includes the following characteristics

     It will affect 1,070 managers of the Santander Central Hispano Group.

     The plan will be limited to a number of the Bank's shares currently in     
    circulation, up to a maximum of 0.15% of issued capital

     The shares will be able to be acquired by the selected managers at book    
    value (2.29 Euros per share)

     The options may be executed by the selected managers during a period of    
    up to 3 years as from 31st December 2001.

Madrid 29th December 1999