Banco Bilbao Vizcaya Argentaria (BBVA) 20-F 2003 FY Annual report (foreign)

EXHIBIT 8.1

Consolidated Companies Composing Registrant

EXHIBIT 8.1 PART I

ADDITIONAL INFORMATION ON CONSOLIDATED SUBSIDIARIES

COMPOSING THE BANCO BILBAO VIZCAYA ARGENTARIA GROUP

AS OF DECEMBER 31, 2003

Company	Location	Line of Business	Direct	Indirect	Total		Capital Stock	Reserves	Net Income (Loss) for 2003	Net Investment G.E.
	Percentage of voting power							Thousands of Euros(*)
ADMINISTRAD. DE FONDOS PARA EL RETIRO-BANCOMER,S.A DE C.V.	MEXICO	PENSIONS	17.50	82.50	100.00		11,063	66,283	77,509	354,414
ADMINISTRADORA DE FONDOS DE PENSIONES PROVIDA(AFP PROVIDA)	CHILE	PENSIONS	12.70	51.62	64.32		112,809	93,401	41,063	180,423
AEROCER, S.A. DE C.V.	MEXICO	SERVICES	0.00	100.00	100.00		3,647	4,473	-137	7,520
AFP CRECER, S.A.	EL SALVADOR	PENSIONS	0.00	62.08	62.08		18,641	-204	6,112	17,101
AFP GENESIS ADMINISTRADORA DE FONDOS, S.A.	ECUADOR	PENSIONS	0.00	100.00	100.00		934	460	536	1,869
AFP HORIZONTE, S.A.	PERU	PENSIONS	24.85	75.15	100.00		4,166	4,460	17,916	26,910
AFP PORVENIR S.A. REPUBLICA DOMINICANA	REPUBLICA DOMINICANA	PENSIONS	0.00	100.00	100.00		6,299	-1513	-730	698
AFP PREVISION BBV-ADM.DE FONDOS DE PENSIONES S.A.	BOLIVIA	PENSIONS	75.00	5.00	80.00		2,182	345	3,154	2,063
ALGORTA, S.A.	SPAIN	PORTFOLIO	100.00	0.00	100.00		3,010	3,186	88	6,197
ALMACENES GENERALES DE DEPOSITO, S.A.E. DE	SPAIN	PORTFOLIO	83.90	16.10	100.00		14,934	13,876	6,676	12,649
ALTURA MARKETS, A.V., S.A.	SPAIN	SECURITIES DEALER	50.00	0.00	50.00		10,000	814	4,624	5,000
ANCLA INVESTMENTS, S.A.	PANAMA	PORTFOLIO	0.00	100.00	100.00		8	88,571	8,754	8,142
APOYO MERCANTIL S.A. DE C.V.	MEXICO	INSTRUM. REAL EST..	0.00	100.00	100.00		513	-484	-4	0
ARAGON CAPITAL, S.L.	SPAIN	FINANCIAL SERVICES	70	0.00	99.90		4	26,077	-418	37,355
ARGENTARIA INTERNACIONAL DE PANAMA, S.A.	PANAMA	PENSIONS	0.00	100.00	100.00		998	59	159	1,254
ARGENTARIA SERVICIOS, S.A.	CHILE	SERVICIOS	100.00	0.00	100.00		1,151	170	71	676
ARGENTARIA, S.A.	SPAIN	PORTFOLIO	100.00	0.00	100.00		60	-2	1	59
BANC INTERNACIONAL D’ANDORRA, S.A.	ANDORRA	BANKING	0.00	51.00	51.00		42,407	239,361	71,119	15,528
BANC INTERNACIONAL OF ANDORRA (CAYMAN) LTD.	CAYMAN ISLANDS	BANKING	0.00	100.00	100.00		3,959	1,803	-18	3,989
BANCA MORA, S.A.	ANDORRA	BANKING	0.00	100.00	100.00	(1)	30,060	0	0	0
BANCO BILBAO VIZCAYA (DEUTSCHLAND), A.G.	GERMANY	BANKING	0.00	100.00	100.00		256	6,122	-1,390	279
BANCO BILBAO VIZCAYA ARGENTARIA (PANAMA), S.A.	PANAMA	BANKING	53.96	44.81	98.77		22,724	75,488	18,610	20,099
BANCO BILBAO VIZCAYA ARGENTARIA (PORTUGAL), S.A.	PORTUGAL	BANKING	9.52	90.48	100.00		125,000	53,761	5,481	183,916
BANCO BILBAO VIZCAYA ARGENTARIA CHILE, S.A.	CHILE	BANKING	59.35	6.92	66.27		204,937	113,899	34,780	263,476
BANCO BILBAO VIZCAYA ARGENTARIA PUERTO RICO	PUERTO RICO	BANKING	0.00	100.00	100.00		109,852	223,831	34,700	109,852
BANCO BILBAO VIZCAYA ARGENTARIA URUGUAY, S.A.	URUGUAY	BANKING	100.00	0.00	100.00		35,244	28,710	-19,571	42,693
BANCO CONTINENTAL, S.A.	PERU	BANKING	0.00	92.01	92.01		181,935	46,844	43,925	246,833
BANCO DE CREDITO LOCAL, S.A.	SPAIN	BANKING	100.00	0.00	100.00		151,043	118,345	58,320	509,597

1

EXHIBIT 8.1 PART I

ADDITIONAL INFORMATION ON CONSOLIDATED SUBSIDIARIES

COMPOSING THE BANCO BILBAO VIZCAYA ARGENTARIA GROUP

AS OF DECEMBER 31, 2003

BANCO DE PROMOCION DE NEGOCIOS, S.A.	SPAIN	BANKING	0.00	99.79	99.79	14,039	17,981	455	15,126
BANCO DEPOSITARIO BBVA, S.A.	SPAIN	BANKING	0.00	100.00	100.00	5,412	19,958	36,850	1,595
BANCO FRANCES (CAYMAN), LTD	CAYMAN ISLANDS	BANKING	0.00	100.00	100.00	65,150	226,590	107,536	386,469
BANCO INDUSTRIAL DE BILBAO, S.A.	SPAIN	BANKING	0.00	99.92	99.92	32,775	142,992	13,711	97,211
BANCO OCCIDENTAL, S.A.	SPAIN	BANKING	49.43	50.57	100.00	11,630	3,007	329	14,953
BANCO PROVINCIAL OVERSEAS N.V.	DUTCH ANTILLES	BANKING	0.00	100.00	100.00	23,753	331	5,768	26,895
BANCO PROVINCIAL S.A. - BANCO UNIVERSAL	VENEZUELA	BANKING	1.85	53.74	55.59	45,513	163,171	159,458	168,146
BANCO UNO-E BRASIL, S.A.	BRAZIL	BANKING	100.00	0.00	100.00	12,436	1,625	1,652	15,615
BANCOMER ASSET MANAGEMENT INC.	U.S.	FINANCIAL SERVICES	0.00	100.00	100.00	4	-2	0	2
BANCOMER FINANCIAL SERVICES INC.	U.S.	FINANCIAL SERVICES	0.00	100.00	100.00	3,704	-246	59	3,512
BANCOMER FOREIGN EXCHANGE INC.	U.S.	FINANCIAL SERVICES	0.00	100.00	100.00	1,584	876	-149	2,328
BANCOMER PAYMENT SERVICES INC.	U.S.	FINANCIAL SERVICES	0.00	100.00	100.00	44	-10	-4	30
BANCOMER SECURITIES INTERNATIONAL, INC.	U.S.	FINANCIAL SERVICES	0.00	100.00	100.00	2,699	484	2,534	5,453
BANCOMER TRANSFER SERVICE	U.S.	FINANCIAL SERVICES	0.00	100.00	100.00	2,375	13,305	11,022	25,559
BANINBAO DE INVERSIONES, S.A.	SPAIN	PORTFOLIO	0.00	100.00	100.00	734	783	25	1,541
BBV AMERICA FUND MANAGER LTD	CAYMAN ISLANDS	FINANCIAL SERVICES	0.00	100.00	100.00	380	12,380	2577	402
BBV AMERICA, S.L.	SPAIN	PORTFOLIO	100.00	0.00	100.00	583,127	-134,005	-178,904	305,655
BBV BANCO DE FINANCIACION S.A.	SPAIN	BANKING	0.00	100.00	100.00	58,298	8,941	658	64,200
BBV GESTION DE CAPITALES, S.A. S.G.C.	SPAIN	FINANCIAL SERVICES	100.00	0.00	100.00	903	2,981	791	1,271
BBV PRIVANZA SERVICIOS PATRIMONIALES, S.L.	SPAIN	FINANCIAL SERVICES	80	20.00	100.00	3	370	18	1
BBV SECURITIES HOLDINGS, S.A.	SPAIN	PORTFOLIO	99.86	0.14	100.00	15,571	17,922	-1,445	32,049
BBVA & PARTNERS ALTERNATIVE INVESTMENT A.V., S.A.	SPAIN	SECURITIES DEALER	70.00	0.00	70.00	908	-15	301	967
BBVA ADMINISTRADORA GENERAL DE FONDOS S.A.	CHILE	FINANCIAL SERVICES	0.00	100.00	100.00	4,337	5,597	1670	11,664
BBVA AREA INMOBILIARIA, S.L.	SPAIN	INSTRUM. REAL EST..	100.00	0.00	100.00	72,475	52,587	11,164	109,537
BBVA BANCO FRANCES, S.A.	ARGENTINA	BANKING	40.71	38.89	79.60	98,972	445,753	-82,647	56,641
BBVA BANCO GANADERO, S.A.	COLOMBIA	BANKING	76.15	19.22	95.37	21,555	114,338	17,883	119,745
BBVA BANCOMER ASESORA DE FONDOS, S.A. DE C.V.	MEXICO	FINANCIAL SERVICES	0.00	100.00	100.00	4	-1	0	3
BBVA BANCOMER CAPITAL TRUST I.	U.S.	FINANCIAL SERVICES	0.00	100.00	100.00	12,244	0	0	12,251
BBVA BANCOMER GESTION, S.A. DE C.V.	MEXICO	FINANCIAL SERVICES	0.00	99.99	99.99	70	30	7,834	6,843
BBVA BANCOMER HOLDING CORPORATION	U.S.	PORTFOLIO	0.00	100.00	100.00	2,130	742	2,279	4,915
BBVA BANCOMER SERVICIOS ADMINISTRATIVOS, S.A. DE C.V.	MEXICO	FINANCIAL SERVICES	0.00	100.00	100.00	4	94	86	172
BBVA BANCOMER SERVICIOS, S.A.	MEXICO	BANKING	0.00	100.00	100.00	203,987	134,057	82,611	416,600
BBVA BANCOMER, S.A. DE C.V.	MEXICO	BANKING	0.00	100.00	100.00	269,792	2,612,271	502,311	3,317,839

2

EXHIBIT 8.1 PART I

ADDITIONAL INFORMATION ON CONSOLIDATED SUBSIDIARIES

COMPOSING THE BANCO BILBAO VIZCAYA ARGENTARIA GROUP

AS OF DECEMBER 31, 2003

BBVA CAPITAL FINANCE, S.A.	SPAIN	FINANCIAL SERVICES	100.00	0.00	100.00	60	0	159	60
BBVA CAPITAL FUNDING, LTD.	CAYMAN ISLANDS	FINANCIAL SERVICES	100.00	0.00	100.00	0	884	22595	0
BBVA CAPITAL MARKETS OF PUERTO RICO, INC	PUERTO RICO	FINANCIAL SERVICES	100.00	0.00	100.00	637	4,828	101	7,132
BBVA CARTERA DE INVERSION, SIMCAV	SPAIN	PORTFOLIO	60.16	0.00	60.16	69,732	99,064	2,916	46,876
BBVA CEME INVERSIONES, S.A. S.I.M.C.A.V	SPAIN	PORTFOLIO	61.00	0.00	61.00	15,982	1,765	142	3,766
BBVA COMMERCIAL PAPER BV	NETHERLANDS	FINANCIAL SERVICES	0.00	100.00	100.00	18	0	-10	18
BBVA COMMERCIAL PAPER, LIMITED	CAYMAN ISLANDS	FINANCIAL SERVICES	100.00	0.00	100.00	8	25	11	8
BBVA CORREDORES DE BOLSA, S.A.	CHILE	SECURITIES DEALER	0.00	100.00	100.00	8,707	2,781	1,928	13,456
BBVA CRECER AFP, S.A.	DOMINICAN REPUBLIC	FINANCIAL SERVICES	70.00	0.00	70.00	7,197	-357	-4,128	2,569
BBVA DINERO EXPRESS, S.A.	SPAIN	FINANCIAL SERVICES	100.00	0.00	100.00	3,306	-336	-784	2,188
BBVA E-COMMERCE, S.A.	SPAIN	SERVICES	100.00	0.00	100.00	60,000	-10,740	-11,040	38,221
BBVA FACTORING E.F.C., S.A.	SPAIN	FINANCIAL SERVICES	0.00	100.00	100.00	26,874	124,551	7,817	126,447
BBVA FIDUCIARIA, S.A.	COLOMBIA	FINANCIAL SERVICES	0.00	99.98	99.98	2,497	982	142	3,601
BBVA FINANCE (DELAWARE) INC.	U.S.	FINANCIAL SERVICES	100.00	0.00	100.00	119	325	-17	119
BBVA FINANCE (UK), LTD.	U.K.	FINANCIAL SERVICES	0.00	100.00	100.00	3,192	8051	382	3,324
BBVA FINANCE SPA.	ITALY	FINANCIAL SERVICES	100.00	0.00	100.00	4,648	417	75	4,648
BBVA FUNDOS	PORTUGAL	FINANCIAL SERVICES	0.00	100.00	100.00	1,000	3460	917	998
BBVA GEST	PORTUGAL	FINANCIAL SERVICES	0.00	100.00	100.00	1,000	5493	1,219	998
BBVA GESTION,SOCIEDAD ANONIMA, SGIIC	SPAIN	FINANCIAL SERVICES	17.00	83	100.00	2,140	79,024	48,230	11,436
BBVA GLOBAL FINANCE LTD.	CAYMAN ISLANDS	FINANCIAL SERVICES	100.00	0.00	100.00	1	2,453	331	0
BBVA HOLDING BV	NETHERLANDS	PORTFOLIO	100.00	0.00	100.00	18	45	-27	64
BBVA HORIZONTE PENSIONES Y CESANTIAS, S.A.	COLOMBIA	PENSIONS	78.52	1.76	80.28	9,893	10,120	6,720	20,941
BBVA HORIZONTE, S.A.	PANAMA	PENSIONS	90.00	0.00	90.00	3,959	0	299	3,563
BBVA IFC, S.A.(PORTUGAL)	PORTUGAL	FINANCIAL SERVICES	0.00	100.00	100.00	21,903	-976	-4,789	32,737
BBVA INTERNATIONAL FINANCE BV	NETHERLANDS	FINANCIAL SERVICES	0.00	100.00	100.00	18	0	0	18
BBVA INTERNATIONAL INVESTMENT CORPORATION	PUERTO RICO	FINANCIAL SERVICES	100.00	0.00	100.00	2,479,543	-117,474	-713	2,880,416
BBVA INTERNATIONAL LIMITED	CAYMAN ISLANDS	FINANCIAL SERVICES	100.00	0.00	100.00	1	3,041,087	18,5623	1
BBVA IRELAND PUBLIC LIMITED COMPANY	IRELAND	FINANCIAL SERVICES	100.00	0.00	100.00	312	237,200	14,992	180,381
BBVA PARAGUAY, S.A.	PARAGUAY	BANKING	99.99	0.00	99.99	5,327	5,884	7,608	17,862
BBVA PARTICIPACIONES INTERNACIONAL, S.L.	SPAIN	FINANCIAL SERVICES	92.69	7.31	100.00	53,307	252,157	5,115	272,724
BBVA PENSIONES CHILE, S.A.	CHILE	PENSIONS	32.23	67.77	100.00	204,556	56,255	15565	274,219
BBVA PENSIONES, SA, ENTIDAD GESTORA DE FONDOS DE PENSIONES	SPAIN	PENSIONS	100.00	0.00	100.00	12,922	13,016	58709	12,922
BBVA PREFERRED CAPITAL	CAYMAN ISLANDS	FINANCIAL SERVICES	100.00	0.00	100.00	1	208	16575	1

3

EXHIBIT 8.1 PART I

ADDITIONAL INFORMATION ON CONSOLIDATED SUBSIDIARIES

COMPOSING THE BANCO BILBAO VIZCAYA ARGENTARIA GROUP

AS OF DECEMBER 31, 2003

BBVA PRIVANZA BANK (JERSEY), LTD.	CHANNEL ISLANDS	BANKING	0.00	100.00	100.00	9,232	77,941	1,785	20,610
BBVA PRIVANZA GESTORA SGIIC, S.A.	SPAIN	FINANCIAL SERVICES	99.99	0.01	100.00	3,907	10,609	11,010	3,906
BBVA PRIVANZA INTERNATIONAL (GIBRALTAR),LTD	GIBRALTAR	BANKING	0.00	100.00	100.00	2,838	75,267	13,077	8,523
BBVA PROMOCIONES, S.A.	SPAIN	PORTFOLIO	0.00	100.00	100.00	285	98	248	354
BBVA REAL STATE 2003 S.I.I.	SPAIN	FINANCIAL SERVICES	100.00	0.00	100.00	9,018	0	0	9,018
BBVA RENTING, S.A.	SPAIN	FINANCIAL SERVICES	0.00	100.00	100.00	47,118	17,001	10,430	20,897
BBVA SECURITIES HOLDINGS (UK) LIMITED	U.K.	FINANCIAL SERVICES	0.00	100.00	100.00	26,389	-26,467	-158	0
BBVA SECURITIES INC.	U.S.	FINANCIAL SERVICES	0.00	100.00	100.00	0	30,641	-1,785	29,248
BBVA SECURITIES LTD.	U.K.	FINANCIAL SERVICES	0.00	100.00	100.00	30,839	-27,401	36	2,578
BBVA SENIOR FINANCE BV	NETHERLANDS	FINANCIAL SERVICES	0.00	100.00	100.00	100	0	-66	100
BBVA SOCIEDAD LEASING HABITACIONAL BHIF	CHILE	FINANCIAL SERVICES	0.00	97.48	97.48	2,433	2,853	333	5,491
BBVA SUBORDINATED CAPITAL BV	NETHERLANDS	FINANCIAL SERVICES	0.00	100.00	100.00	100	0	-65	100
BBVA SUIZA, S.A. (BBVA SWITZERLAND)	SWITZERLAND	BANKING	39.72	60.28	100.00	46,537	111,813	22,073	54,789
BBVA VALORES GANADERO, S.A. COMISIONISTA DE BOLSA	COLOMBIA	FINANCIAL SERVICES	0.00	100.00	100.00	1,106	1,038	160	2,287
BBVA, S.A.	SPAIN	PORTFOLIO	99.99	0.01	100.00	60	2	0	60
BBVAPR HOLDING CORPORATION	U.S.	PORTFOLIO	100.00	0.00	100.00	109,852	783	-27	275,876
BCL GLOBAL FUNDING BV	NETHERLANDS	FINANCIAL SERVICES	0.00	100.00	100.00	60	0	-10	61
BCL INTNAL. FINC. LTD.	CAYMAN ISLANDS	FINANCIAL SERVICES	0.00	100.00	100.00	0	277	133	0
BCL PARTICIPACIONES, S.L.	SPAIN	PORTFOLIO	0.00	100.00	100.00	1,350	5,744	-5,769	1,326
BEX AMERICA FINANCE INCORPORATED	U.S.	FINANCIAL SERVICES	100.00	0.00	100.00	1	0	0	0
BEXCARTERA, S.I.M.C.A.V., S.A.	SPAIN	PORTFOLIO	0.00	80.02	80.02	4,176	7,889	560	8,533
BHIF ASESORIAS Y SERVICIOS FINANCIEROS, S.A.	CHILE	FINANCIAL SERVICES	0.00	98.60	98.60	222	1,195	1,508	2,945
BI-BM GESTIO D’ACTIUS, S.A.	ANDORRA	FINANCIAL SERVICES	0.00	100.00	100.00	301	1,476	7,681	301
BILBAO VIZCAYA AMERICA B.V.	NETHERLANDS	FINANCIAL SERVICES	0.00	100.00	100.00	17	373,041	-114,628	571,563
BILBAO VIZCAYA HOLDING, S.A.	SPAIN	PORTFOLIO	89.00	11.00	100.00	35,549	-1,022	3,073	34,771
BILBAO VIZCAYA INVESTMENT ADVISORY COMPANY	LUXEMBURG	FINANCIAL SERVICES	100.00	0.00	100.00	75	8,640	1,055	77
BROOKLINE INVESTMENTS,S.L.	SPAIN	PORTFOLIO	100.00	0.00	100.00	3	31,618	-553	33,969
CANAL INTERNATIONAL HOLDING (NETHERLANDS) BV.	NETHERLANDS	PORTFOLIO	0.00	100.00	100.00	150	3,546	26	494
CANAL INTERNATIONAL HOLDING, S.A.	LUXEMBURG	PORTFOLIO	36.00	64.00	100.00	149,893	714,223	-35,668	255,843
CANAL REAL ESTATE, S.A.	PANAMA	FINANCIAL SERVICES	0.00	100.00	100.00	6,575	-1,713	-173	6,575
CANAL TRUST COMPANY, LTD.	CHANNEL ISLANDS	FINANCIAL SERVICES	0.00	100.00	100.00	35	145	538	35
CARTERA E INVERSIONES S.A., CIA DE	SPAIN	PORTFOLIO	100.00	0.00	100.00	132	102,408	76,794	60,541
CASA DE BOLSA BBV - PROBURSA, S.A. DE C.V.	MEXICO	FINANCIAL SERVICES	0.00	100.00	100.00	29,579	15,439	8,222	52,093

4

EXHIBIT 8.1 PART I

ADDITIONAL INFORMATION ON CONSOLIDATED SUBSIDIARIES

COMPOSING THE BANCO BILBAO VIZCAYA ARGENTARIA GROUP

AS OF DECEMBER 31, 2003

CASA DE CAMBIO PROBURSA, S.A. DE C.V.	MEXICO	INSTRUM. REAL EST..	0.00	89.56	89.56	6	7	0	12
CATYA INVESTMENTS LIMITED	CAYMAN ISLANDS	FINANCIAL SERVICES	0.00	100.00	100.00	8	125	0	8
CIA. GLOBAL DE MANDATOS Y REPRESENTACIONES, S.A.	URUGUAY	FINANCIAL SERVICES	0.00	100.00	100.00	2,922	-838	-2,016	356
CIDESSA DOS, S.L.	SPAIN	PORTFOLIO	0.00	100.00	100.00	72	9,346	837	10,255
CIDESSA UNO, S.L.	SPAIN	PORTFOLIO	0.00	100.00	100.00	60	32,119	47,655	4,754
CIERVANA, S.L.	SPAIN	PORTFOLIO	100.00	0.00	100.00	6,026	41,793	4,941	52,593
COMPAÑÍA CHILENA DE INVERSIONES, S.L.	SPAIN	FINANCIAL SERVICES	100.00	0.00	100.00	3	169,402	-2,913	243,252
CONSOLIDAR A.F.J.P., S.A.	ARGENTINA	PENSIONS	46.11	53.89	100.00	948	59,712	4,676	62,992
CONSULTORES DE PENSIONES BBV, S.A.	SPAIN	PENSIONS	0.00	100	100.00	60	989	-50	175
CONTABILIDAD Y ADMIN. DE NEGOCIOS, S.A. DE C.V. (EN LIQ.)	MEXICO	SERVICES	0.00	96.00	96.00	0	5	-5	0
CONTINENTAL BOLSA, SDAD. AGENTE DE BOLSA S.A.	PERU	SECURITIES DEALER	0.00	100.00	100.00	1,265	106	72	1,376
CONTINENTAL S. TITULIZADORA	PERU	SERVICES	0.00	100.00	100.00	640	-4	16	649
CONTINENTAL S.A. SOCIEDAD ADMINISTRADORA DE FONDOS	PERU	FINANCIAL SERVICES	0.00	100.00	100.00	2,258	128	276	2,551
CORPORACION AREA INMOBILIARIA BBVA, S.L.	SPAIN	PORTFOLIO	0.00	100.00	100.00	97,455	63,247	30,140	164,703
CORPORACION DE ALIMENTACION Y BEBIDAS, S.A.	SPAIN	PORTFOLIO	0.00	100.00	100.00	54,090	92,445	-1,220	138,508
CORPORACION DE SERVICIOS LOGISTICOS, S.A.	SPAIN	PORTFOLIO	87.64	12.36	100.00	2,009	-1,002	-21	986
CORPORACION GENERAL FINANCIERA, S.A.	SPAIN	PORTFOLIO	100	0.00	100.00	149,152	830,466	95,323	541,251
CORPORACION IBV PARTICIPACIONES EMPRESARIALES, S.A.	SPAIN	PORTFOLIO	0.00	50.00	50.00	228,446	29,126	136,362	137,385
CORPORACION IBV SERVICIOS Y TECNOLOGIAS, S.A.	SPAIN	PORTFOLIO	0.00	50.00	50.00	265,642	213,412	112,410	137,031
CORPORACION INDUSTRIAL Y DE SERVICIOS, S.L.	SPAIN	PORTFOLIO	0.00	100.00	100.00	60	284	-126,338	1,251
CREDILOGROS COMPAÑÍA FINANCIERA, S.A.	ARGENTINA	FINANCIAL SERVICES	29.96	70.04	100.00	15,351	-3,836	-3,486	8,962
DESARROLLO OMEGA, S.A.	PANAMA	PORTFOLIO	0.00	100.00	100.00	8	486	111	8
DESITEL TECNOLOGIA Y SISTEMAS, S.A. DE C.V.	MEXICO	SERVICES	0.00	100.00	100.00	210	901	54	1,158
DEUSTO, S.A. DE INVERSION MOBILIARIA	SPAIN	PORTFOLIO	0.00	100.00	100.00	3,624	6,679	960	11,263
E-VENTURES CAPITAL INTERNET, S.A.	SPAIN	FINANCIAL SERVICES	0.00	50.00	50.00	3,012	11,600	-1,628	64,678
ELANCHOVE, S.A.	SPAIN	PORTFOLIO	100.00	0.00	100.00	1,204	1,312	1,035	1,500
ESPANHOLA COMERCIAL E SERVIÇOS, LTDA.	BRAZIL	FINANCIAL SERVICES	100.00	0.00	100.00	912	-865	78	0
EUROPEA DE TITULIZACION, S.A., SDAD.GEST.DE FDOS.DE TITUL.	SPAIN	FINANCIAL SERVICES	82.97	0.00	82.97	1,803	1,292	1,772	1,506
FACTOR MULTIBA, S.A. DE C.V.	MEXICO	FINANCIAL SERVICES	0.00	100.00	100.00	1,418	-1,397	0	0
FACTORAJE PROBURSA, S.A. DE C.V.	MEXICO	INSTRUM. REAL EST..	0.00	100.00	100.00	2,333	-1,760	0	572
FAMIARO, S.A.	PANAMA	INSTRUM. REAL EST..	0.00	100.00	100.00	296	-105	-27	166
FINANCIERA ESPAÑOLA, S.A.	SPAIN	PORTFOLIO	85.85	14.15	100.00	4,495	929	1,003	5,590

5

EXHIBIT 8.1 PART I

ADDITIONAL INFORMATION ON CONSOLIDATED SUBSIDIARIES

COMPOSING THE BANCO BILBAO VIZCAYA ARGENTARIA GROUP

AS OF DECEMBER 31, 2003

FINANZIA RENTING, S.A.	SPAIN	FINANCIAL SERVICES	0.00	100.00	100.00	60	3,322	1,875	79
FINANZIA TRUCK, EFC, S.A.	SPAIN	FINANCIAL SERVICES	0.00	100.00	100.00	5,416	3,728	117	8,596
FINANZIA, BANCO DE CREDITO, S.A.	SPAIN	BANKING	0.00	100.00	100.00	14,983	79,361	11,549	56,203
FINIDES SDAD. COMANDITARIA POR ACCIONES	FRANCE	PORTFOLIO	0.00	100.00	100.00	8	1	389	360
FRANCES ADMINISTRADORA DE INVERSIONES, S.A. G.F.C.INVERS.	ARGENTINA	FINANCIAL SERVICES	0.00	100.00	100.00	27	2,481	640	3,094
FRANCES VALORES SOCIEDAD DE BOLSA, S.A.	ARGENTINA	FINANCIAL SERVICES	0.00	100.00	100.00	430	1,209	395	1,993
FRECCIA HOLDING, S.A.	PANAMA	INSTRUM. REAL EST..	0.00	100.00	100.00	8	-110	-99	-184
FRONARINA, S.A.	PANAMA	INSTRUM. REAL EST..	0.00	100.00	100.00	8	-107	-65	-150
GESTION DE PREVISION Y PENSIONES, S.A.	SPAIN	PENSIONS	70.00	0.00	70.00	13	5	2	9
GESTION Y ADMINISTRACION DE RECIBOS, S.A.	SPAIN	SERVICES	0.00	100.00	100.00	150	112	166	150
GFB SERVICIOS, S.A. DE C.V.	MEXICO	SERVICES	0.00	100.00	100.00	621	870	3	1
GRAN JORGE JUAN, S.A.	SPAIN	REAL ESTATE	100.00	0.00	100.00	13	-3	0	10
GRELAR GALICIA, S.A.	SPAIN	PORTFOLIO	0.00	100.00	100.00	3	902	66	4
GRUPO FINANCIERO BBVA BANCOMER, S.A. DE C.V.	MEXICO	FINANCIAL SERVICES	8.40	51.03	59.43	72	3,708,796	627	2,865,161
HOLDING CONTINENTAL, S.A.	PERU	PORTFOLIO	50.00	0.00	50.00	242	8	30	112
INMOBILIARIA ASUDI, S.A.	SPAIN	INSTRUM. REAL EST..	99.99	0.01	100.00	84	3	18	3
INMOBILIARIA BERNARDO, S.A.	SPAIN	INSTRUM. REAL EST..	51.22	48.78	100.00	736	4	225	3
INMUEBLES Y RECUPERACIONES CONTINENTAL	PERU	INSTRUM. REAL EST..	0.00	100.00	100.00	39	-9	-5	26
INVERAHORRO, S.L.	SPAIN	PORTFOLIO	100.00	0.00	100.00	61	401	7	467
INVERSIONES BANPRO INTERNATIONAL INC. N.V.	DUTCH ANTILLES	FINANCIAL SERVICES	48.01	0.00	48.01	27	486	6	10
INVERSIONES BAPROBA, C.A.	VENEZUELA	SERVICES	100.00	0.00	100.00	752	321	232	1
INVERSIONES MOBILIARIAS, S.L.	SPAIN	PORTFOLIO	100.00	0.00	100.00	489	144	14	648
INVERSIONS I SERVEIS INTERNACIONALS, S.A. COMPANYIA DE	ANDORRA	PORTFOLIO	0.00	100.00	100.00	3	0	0	3
INVERSORA OTAR, S.A.	ARGENTINA	PORTFOLIO	0.00	99.91	99.91	17	67	-12	2
KANTARA LIMITED	CHANNEL ISLANDS	INSTRUM. REAL EST..	0.00	100.00	100.00	2	2	-94	2
LEASIMO—SOCIEDADE DE LOCACAO FINANCEIRA, S.A.	PORTUGAL	FINANCIAL SERVICES	0.00	100.00	100.00	8	9	726	12
LEHKA	PANAMA	INSTRUM. REAL EST..	0.00	100.00	100.00	236	-6	-21	236
MERCURY BANK & TRUST LTD.	CAYMAN ISLANDS	BANKING	0.00	100.00	100.00	3	751	-160	4
MILANO GESTIONI, SRL.	ITALY	INSTRUM. REAL EST..	0.00	100.00	100.00	46	166	5	46
OCCIVAL, S.A.	SPAIN	PORTFOLIO	100.00	0.00	100.00	3	4	1	8
OLIMAR, S.A.	SPAIN	PORTFOLIO	0.00	100.00	100.00	619	2	50	2
OPCION VOLCAN, S.A.	MEXICO	INSTRUM. REAL EST..	0.00	100.00	100.00	18	32	8	57
PARTICIPACIONES ARENAL, S.L.	SPAIN	PORTFOLIO	0.00	100.00	100.00	5	1	94	6

6

EXHIBIT 8.1 PART I

ADDITIONAL INFORMATION ON CONSOLIDATED SUBSIDIARIES

COMPOSING THE BANCO BILBAO VIZCAYA ARGENTARIA GROUP

AS OF DECEMBER 31, 2003

PARTIDES SDAD. COMANDITARIA POR ACCIONES	FRANCE	PORTFOLIO	0.00	100.00	100.00	8	1	296	628
PILOT INVEST.SECS CORP.	CAYMAN ISLANDS	PORTFOLIO	100.00	0.00	100.00	0	0	2	0
PROMOCION EMPRESARIAL XX, S.A.	SPAIN	FINANCIAL SERVICES	100.00	0.00	100.00	2	329	23	2
PROMOCIONES INMOBILIARIAS ARJONA, S.A.	SPAIN	INSTRUM. REAL EST..	100.00	0.00	100.00	1	240	17	1
PROMOTORA PROMEX, S.A. DE C.V. (EN LIQ.)	MEXICO	FINANCIAL SERVICES	0.00	100.00	100.00	39	-11	-3	25
PROVIDA INTERNACIONAL, S.A.	CHILE	PENSIONS	0.00	100.00	100.00	30	6	19	53
PROVINCIAL CORREDOR DE BOLSA DE PRODUCTOS AGRICOLAS, C.A.	VENEZUELA	SECURITIES DEALER	0.00	100.00	100.00	25	-18	-5	2
PROVINCIAL DE VALORES CASA DE BOLSA	VENEZUELA	FINANCIAL SERVICES	0.00	90.00	90.00	1	786	1	3
PROVINCIAL SDAD.ADMIN.DE ENTIDADES DE INV.COLECTIVA, C.A.	VENEZUELA	FINANCIAL SERVICES	0.00	100.00	100.00	817	126	-69	889
PROVIVIENDA, ENTIDAD RECAUDADORA Y ADMIN.DE APORTES, S.A.	BOLIVIA	PENSIONS	0.00	100.00	100.00	109	71	-24	158
PROYECTOS INDUSTRIALES CONJUNTOS, S.A. DE	SPAIN	PORTFOLIO	0.00	100.00	100.00	3	352	50	3
PSA FINANCE ARGENTINA COMPAÑÍA FINANCIERA, S.A.	ARGENTINA	FINANCIAL SERVICES	0.00	50.00	50.00	5	2	-1	3
S.GESTORA FONDO PUBL.REGUL.MERCADO HIPOTECARIO, S.A.	SPAIN	FINANCIAL SERVICES	77.20	0.00	77.20	150	29	-22	138
S.I.P.I.E.M.S.A. (EN LIQ.)	MOROCCO	PORTFOLIO	0.00	100.00	100.00	1	-1	0	0
SCALDIS FINANCE, S.A.	BELGIUM	PORTFOLIO	0.00	100.00	100.00	3	393	5	3
SERVICIOS CORPORATIVOS BANCOMER, S.A. DE C.V.	MEXICO	PENSIONS	0.00	100.00	100.00	4	202	18	220
SERVICIOS EXTERNOS DE APOYO EMPRESARIAL, S.A DE C.V.	MEXICO	SERVICES	0.00	100.00	100.00	535	611	36	1
SOCIEDAD DE ESTUDIOS Y ANALISIS FINANC.,S.A.	SPAIN	PORTFOLIO	100.00	0.00	100.00	1	171	2	115
SOCIETAT GENERAL D’INVERSIONS, S.L.	ANDORRA	PORTFOLIO	0.00	100.00	100.00	1	1	59	1
SOCIETE HISPANO-MAROCAINE DE SERVICES, S.A. (EN LIQ.)	MOROCCO	PORTFOLIO	0.00	100.00	100.00	1	-185	0	0
SPORT CLUB 18, S.A.	SPAIN	PORTFOLIO	99.98	0.02	100.00	60	-1	7	12
TRANSITORY CO	PANAMA	INSTRUM. REAL EST..	0.00	100	100.00	8	-226	-558	-710
UNO-E BANK, S.A.	SPAIN	BANKING	34.35	32.65	67.00	80	36	-5	73

Information on foreign companies at exchange rate on 12/31/03

(1) Consolidated with Banc Internacional D’Andorra, S.A.

(*) Unaudited data

7

EXHIBIT 8.1 PART II

ADDITIONAL INFORMATION ON OWNERSHIP INTERESTS HELD

BY THE BANCO BILBAO VIZCAYA ARGENTARIA GROUP

AS OF DECEMBER 31, 2003

(Including the most significant companies which, taken as a whole, represent 98% of the total investment in this connection)

			Percentage of Ownership
Company	Location (*)	Line of Business	Direct	Indirect	Total		Capital Stock	Reserves	Net Income (Loss)		Consolidated Cost
							Thousands of Euros
	A. COMPANIES ACCOUNTED FOR BY THE EQUITY METHOD
LISTED COMPANIES
ACERINOX, S.A.	SPAIN	INDUSTRIAL	0.99	5.01	6.00	(2)	65,800	1,359,974	175,465	(1)	109,478
BANCA NAZIONALE DEL LAVORO, S.P.A.	ITALY	BANKING	14.37	0.00	14.37		1,087,555	2,451,096	90,738	(1)	548,872
BANCO ATLANTICO, S.A.	SPAIN	BANKING	24.37	0.00	24.37		125,568	385,648	52,574	(1)	147,879
BANCO BRADESCO, S.A.	BRAZIL	BANKING	5.00	0.00	5.00		1,400,714	1,288,905	255,087	(1)	190,149
BRUNARA SIMCAV, S.A.	SPAIN	PORTFOLIO	0.54	16.03	16.57		28,026	351,054	-55,011		29,642
CEMENTOS LEMONA, S.A.	SPAIN	INDUSTRIAL	6.54	0.00	6.54		6,160	83,137	15,756	(1)	7,486
GAMESA CORPORATIVA, S.A.	SPAIN	INDUSTRIAL	1.16	15.89	17.05	(3)	40,550	215,751	135,610	(1)	108,177
GAS NATURAL SDG, S.A.	SPAIN	SERVICES	3,36	0,11	3,47	(4)	444,776	2,739,208	805,865	(1)	162,639
IBERDROLA, S.A.	SPAIN	SERVICES	2.91	5.31	8.22	(5)	2,704,648	4,612,277	968,644	(1)	850,116
IBERIA LINEAS AEREAS DE ESPAÑA, S.A.	SPAIN	SERVICES	7.48	0.00	7.48	(6)	712,110	448,507	157,120	(1)	138,287
REPSOL YPF Y EMPRESAS VINCULADAS	SPAIN	SERVICES	6.10	0.00	6.10	(7)	1,220,863	10,596,000	1,952,000	(1)	977,951
SOGECABLE, S.A.	SPAIN	SERVICES	0.16	3.88	4.04	(8)	194,048	158,573	-54,240	(1)	22,250
TELEFONICA, S.A.	SPAIN	SERVICES	1.81	4.28	6.09	(9)	4,860,661	17,711,805	-5,576,800	(1)	1,814,158
TUBOS REUNIDOS, S.A.	SPAIN	INDUSTRIAL	0.00	24.26	24.26		17,078	123,998	13,442	(1)	17,937
VIDRALA, S.A.	SPAIN	INDUSTRIAL	15.66	1.53	17.19		21,318	92,712	15,516	(1)	24,038

8

EXHIBIT 8.1 PART II

ADDITIONAL INFORMATION ON OWNERSHIP INTERESTS HELD

BY THE BANCO BILBAO VIZCAYA ARGENTARIA GROUP

AS OF DECEMBER 31, 2003

(Including the most significant companies which, taken as a whole, represent 98% of the total investment in this connection)

			Percentage of Ownership
Company	Location	Line of Business	Direct	Indirect	Total	Capital Stock	Reserves	Net Income (Loss)		Consolidated Cost
						Thousands of Euros
UNLISTED COMPANIES
AZERTIA, TECNOLOGIAS DE LA INFORMACION, S.A.	SPAIN	SERVICES	0.00	50.00	50.00	36,132	1,440	-6,705		16,772
COMPAÑÍA ESPAÑOLA DE FINANCIACION DEL DESARROLLO S.A.	SPAIN	SERVICES	21.82	0.00	21.82	39,396	6,278	450		10,062
CONCESION SABANA DE OCCIDENTE, S.A.	COLOMBIA	SERVICES	0.00	47.20	47.20	5,224	8,699	2,463		7,961
CONSERVAS GARAVILLA, S.A.	SPAIN	INDUSTRIAL	0.00	41.17	41.17	8,270	40,771	-1,984	(1)	18,010
G.H. ELECTROTERMIA, S.A.	SPAIN	SERVICES	0.00	39.25	39.25	1,641	12,196	1,514		6,389
GRUBARGES INVERSION HOTELERA, S.L.	SPAIN	SERVICES	33.33	0.00	33.33	259,410	12,466	-8,529	(1)	88,138
HILO DIRECT SEGUROS Y REASEGUROS, S.A.	SPAIN	INSURANCE	0.00	50.00	50.00	38,145	0	4,318		22,179
HOLDING DE PARTICIPACIONES INDUSTRIALES 2000, S.A.	SPAIN	PORTFOLIO	0.00	50.00	50.00	41,469	4,022	-1,896		22,273
INENSUR BRUNETE, S.L.	SPAIN	REAL STATE	0.00	50.00	50.00	7,410	0	-39		9,581
LANDATA PAYMA, S.A.	SPAIN	SERVICES	0.00	50.00	50.00	15,380	44,180	11,096		31,093
ONEXA, S.A. DE C.V.	MEXICO	FINANCIAL SERVICES	0.00	49.8	49.80	246,277	-172,501	-77,650	(1)	37,767
PROMOTORA METROVACESA, S.L.	SPAIN	REAL STATE	0.00	50.00	50.00	18,278	1,718	77		10,025
TECNICAS REUNIDAS, S.A.	SPAIN	SERVICES	0.00	25.00	25.00	5,687	67,878	21,183	(1)	31,268
TELTRONIC, S.A.	SPAIN	INDUSTRIAL	0.00	50.00	50.00	247	15,553	3,389		9,638
URBAPLAN 2.001, S.A.	SPAIN	REAL STATE	0.00	33.33	33.33	18,030	-11	-258		6,076
OTHER COMPANIES										117,293
								TOTAL		5,593,224

Data taken from the latest financial statements approved as of the date of preparation of this annual report, generally relating to 2002

(1) Consolidated data

(2) 5.01% of which relates to the long-term holding

(3) 15.89% of which relates to the long-term holding

9

EXHIBIT 8.1 PART II

ADDITIONAL INFORMATION ON OWNERSHIP INTERESTS HELD

BY THE BANCO BILBAO VIZCAYA ARGENTARIA GROUP

AS OF DECEMBER 31, 2003

(4) 3.24% of which relates to the long-term holding

(5) 5.37% of which relates to the long-term holding

(6) 7.25% of which relates to the long-term holding

(7) 5.61% of which relates to the long-term holding

(8) 3.87% of which relates to the long-term holding,

(9) 5.17% of which relates to the long-term holding, including 1.82% which is not accounted for by the equity method because its market risk is hedged with derivatives.

10

EXHIBIT 8.1 PART III

ADDITIONAL INFORMATION ON COMPANIES IN THE NON-CONSOLIDABLE GROUP

OF THE BANCO BILBAO VIZCAYA ARGENTARIA GROUP

AS OF DECEMBER 31, 2003

(Including the most significant companies which, taken as a whole, represent 91% of total investment in this connection)

			Percentage of voting power
Company	Location	Line of Business	Direct	Indirect	Total	Capital Stock	Reserves	Net Income (Loss)	Consolidated Cost
							Thousands of Euros
LISTED COMPANIES
ASSEGURANCES PRINCIPAT, S.A.	ANDORRA	INSURANCE	0.00	100.00	100.00	1,503	1,622	848	4,229
AUTOMERCANTIL-COMERCIO E ALUGER DE VEICULOS AUTOM., LDA.	PORTUGAL	SERVICE	0.00	100.00	100.00	1,247	6,562	-4,401	13,400
BBVA CONSOLIDAR SEGUROS, S.A.	ARGENTINA	INSURANCE	87.78	12.22	100.00	1,166	5,391	251	9,605
BBVA DESARROLLOS INMOBILIARIOS, S.L.	SPAIN	REAL ESTATE	0.00	100.00	100.00	35,976	7,594	855	110,145
BBVA SEGUROS DE VIDA, S.A.	CHILE	INSURANCE	0.00	100.00	100.00	4,008	294	164	13,385
BBVA SEGUROS GANADERO COMPAÑÍA DE SEGUROS DE VIDA, S.A.	COLOMBIA	INSURANCE	94.00	6.00	100.00	6,306	256	990	7,53
BBVA SEGUROS, S.A.	SPAIN	INSURANCE	97.15	2.78	99.93	180,378	114,294	98,695	419,924
BBVA TRADE, S.A.	SPAIN	SERVICES	0.00	100.00	100.00	1,803	8,575	1,119	17,111
CONSOLIDAR ASEGURADORA DE RIESGOS DEL TRABAJO, S.A.	ARGENTINA	SERVICES	87.50	12.50	100.00	933	27,127	-1,960	31,643
CONSOLIDAR CIA. DE SEGUROS DE RETIRO, S.A.	ARGENTINA	SERVICES	33.33	66.67	100.00	777	11,553	-1,751	10,278
CONSOLIDAR CIA. DE SEGUROS DE VIDA, S.A.	ARGENTINA	SERVICES	34.04	65.96	100.00	933	10,375	445	13,306
DESARROLLO URBANISTICO DE CHAMARTIN, S.A.	SPAIN	REAL ESTATE	0.00	72.50	72.50	73,625	-767	142	20,084
EDIFICIO LINARES, S.L.	SPAIN	REAL ESTATE	100.00	0.00	100.00	4,988	100	-592	4,592
EL ENCINAR METROPOLITANO, S.A.	SPAIN	REAL ESTATE	0.00	98.76	98.76	64	7,596	67	6,682
FINANZIA AUTORENTING, S.A.	SPAIN	SERVICES	0.00	85.00	85.00	6,880	4,280	2,124	13,072
INMOBILIARIA BILBAO, S.A.	SPAIN	REAL ESTATE	0.00	100.00	100.00	1,746	1,704	51	3,466
INMOBILIARIA Y PROMOTORA RURAL MEXIQUENSE, S.A DE C.V.	MEXICO	REAL ESTATE	0.00	73.66	73.66	11,890	12,784	-837	8,499
LARRABEZUA INMOBILIARIA, S.L.	SPAIN	REAL ESTATE	0.00	100.00	100.00	3	4,073	222	46,35
PENSIONES BANCOMER, S.A. DE C.V.	MEXICO	INSURANCE	0.00	100.00	100.00	10,420	19,191	16,660	53,024
SEGUROS BANCOMER, S.A. DE C.V.	MEXICO	INSURANCE	24.99	75.01	100.00	16,386	45,458	25,989	89,647
SEGUROS PROVINCIAL, C.A.	VENEZUELA	INSURANCE	0.00	100.00	100.00	1,307	1,560	2,750	6,008
SENORTE VIDA Y PENSIONES, S.A. CIA.DE SEGUROS Y REASEG.	SPAIN	INSURANCE	0.00	100.00	100.00	33,356	7,277	2,514	42,624
UNITARIA INMOBILIARIA, S.L.	SPAIN	REAL ESTATE	0.00	100.00	100.00	42,071	5,446	9,616	51,294
URBANIZADORA TINERFEÑA, S.A.	SPAIN	REAL ESTATE	0.00	100.00	100.00	6,987	1,569	188	8,889
OTHER COMPANIES									91,79
								TOTAL	1,054,869

11

EXHIBIT 8.1 PART II

ADDITIONAL INFORMATION ON OWNERSHIP INTERESTS HELD

BY THE BANCO BILBAO VIZCAYA ARGENTARIA GROUP

AS OF DECEMBER 31, 2003

Data taken from the latest financial statements approved as of the date of preparation of this annual report, generally relating to 2002

In the case of foreign companies, the exchange rate as of the reference date is applied.

12

EXHIBIT 8.1 PART II

ADDITIONAL INFORMATION ON OWNERSHIP INTERESTS HELD

BY THE BANCO BILBAO VIZCAYA ARGENTARIA GROUP

AS OF DECEMBER 31, 2003

Investee	Line of Business	Net Percentage Acquired/ (Sold) in the Year	Percentage at Year- End	Date of Notification to Investee
	Percentage of voting power
Acquisitions in 2002
ACERINOX, S.A.	INDUSTRIAL	-4.12	9.69	12.17.02
ACESA INFRAESTRUCTURAS, S,A.	SERVICES	-5.28	0.12	10.15.02
ARGENTARIA AHORRO, S.A., SIMCAV(1)	PORTFOLIO	-74.31	0,00	02.18.02 and 01.17.03
BBV CEME MONETARIO, S.A., SIMCAV	PORTFOLIO	56.67	56.67	07.16.02 and 01.17.03
BBV SAN IGNACIO, S.A.(2)	REAL ESTATE	-67.5	0,00	03.20.02 and 04.16.02
BBV URDANIBIA, S.A.	REAL ESTATE	5.50	75,00	03.20.02
BBVA & PARTNERS ALTERNATIVE INVESTMENT A.V., S.A.	SECURITIES DEALER	6.16	70,00	08.16.02
BOLSAS Y MERCADOS ESPAÑOLES SDAD.HOLDING MERCAD.Y SIT.FIN.	FINANCIAL SERVICES	10.45	10.45	12.16.02
ECUALITY E-COMMERCE QUALITY, S.A.	SERVICES	28,00	28,00	02.18.02
GLADIUS CONSULTING, S.L.	REAL ESTATE	10,00	36,00	01.10.03
METROVACESA, S.A.	REAL ESTATE	-28.28	0.58	07.17.02
PROYECTOS INDUSTRIALES CONJUNTOS, S.A. DE	PORTFOLIO	50,00	100,00	02.18.02
RESIDENCIAL O’DONNELL, S.A.(2)	REAL ESTATE	-75,00	0,00	04.16.02
Acquisitions in 2003
ASISTENCIA EN GESTION TRIBUTARIA, S.A.	SERVICES	15,00	100,00	06.11.03 and 10.07.03
BBV URDANIBIA, S.A. (3)	REAL ESTATE	25,00	0,00	04.10.03
BBVA CEME INVERSIONES, S.A. S.I.M.C.A.V	PORTFOLIO	4.33	61,00	07.10.03
BEXCARTERA, S.I.M.C.A.V., S.A.	PORTFOLIO	0.11	80.02	11.12.03

13

EXHIBIT 8.1 PART II

ADDITIONAL INFORMATION ON OWNERSHIP INTERESTS HELD

BY THE BANCO BILBAO VIZCAYA ARGENTARIA GROUP

AS OF DECEMBER 31, 2003

DESARROLLO INMOBILIARIO DE LANZAROTE S.A.	REAL ESTATE	40.80	40.80	03.10.03
EDIFICACIONES NERVION, S.A.	REAL ESTATE	9.43	60,00	12.10.03
ELECTRONICA BASICA, S.A.	SERVICES	12.50	50,00	01.26.04
HISPANO INDONESIA DE PESCA, S.A.	FINANCIAL SERVICES	50,00	50,00	09.12.03
INENSUR BRUNETE, S.L.	REAL ESTATE	50,00	50,00	07.10.03

(1) Company absorbed by BBV CEME Monetario, S.A., SIMCAV in December 2002

(2) Company absorbed by BBV URDANIBIA, S.A. in December 2002

(3) Company absorbed by BBVA Desarrollos Inmobiliarios, S.L. in December 2003

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