- Report of Foreign Issuer (6-K)

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934

July 15, 2011

Commission File Number: 001-10110

Banco Bilbao Vizcaya Argentaria, S.A. ———————————————————————————————————
(Translation of registrant’s name into English)

Kingdom of Spain ———————————————————————————————————
(Jurisdiction of incorporation or organization)

Plaza San Nicolás 4 48005 - BILBAO (SPAIN)
——————————————————————————————————— (Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F: [ x ] Form 20-F [ ] Form 40-F

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): [ ]

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): [ ]

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934: [ ] Yes [ x ] No

If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): n/a

Banco Bilbao Vizcaya Argentaria, S.A. (BBVA), in compliance with the Securities
Exchange legislation, hereby files the following


RELEVANT EVENT


Banco Bilbao Vizcaya Argentaria S.A. was subject to the 2011 EU-wide stress test
conducted by the European Banking Authority (EBA), in cooperation with the Banco
de España, the European Central Bank (ECB), the European Commission (EC) and the
European Systemic Risk Board (ESRB).
Banco Bilbao Vizcaya Argentaria S.A. notes the announcements made today by the
EBA and Banco de España on the EU-wide stress test and fully acknowledges the
outcomes of this exercise.
The EU-wide stress test, carried out across 91 banks covering over 65% of the EU
banking system total assets, seeks to assess the resilience of European banks to
severe shocks and their specific solvency to hypothetical stress events under
certain restrictive conditions.
The assumptions and methodology were established to assess banks’ capital
adequacy against a 5% Core Tier 1 capital benchmark and are intended to restore
confidence in the resilience of the banks tested. The adverse stress test
scenario was set by the ECB and covers a two-year time horizon (2011-2012). The
stress test has been carried out using a static balance sheet assumption as at
December 2010. The stress test does not take into account future business
strategies and management actions and is not a forecast of Banco Bilbao Vizcaya
Argentaria S.A. profits.
As a result of the assumed shock, the estimated consolidated Core Tier 1 capital
ratio of Banco Bilbao Vizcaya Argentaria S.A. would change to 9.2% under the
adverse scenario in 2012 compared to 8.0% as of end of 2010. This result does
not take into account future mitigating actions planned by Banco Bilbao Vizcaya
Argentaria S.A.. In addition, taking into account the anticipated conversion of
the €2,000 million mandatory convertible bonds approved by the Administration
Board on June 22, the Core Tier 1 capital ratio of Banco Bilbao Vizcaya
Argentaria S.A. would increase by 0.6% under the adverse scenario in



2012. The countercyclical provisions constitute an additional support raising
our ratio in this scenario to 10.2%.
Following completion of the EU-wide stress test, the results determine that
Banco Bilbao Vizcaya Argentaria S.A. meets the capital benchmark set out for the
purpose of the stress test. The bank will continue to ensure that appropriate
capital level must be maintained.


Madrid, July 15, 2011



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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.