This excerpt taken from the BBV 20-F filed Jun 30, 2005.
During 2004, we did not purchase any of our ordinary shares pursuant to a publicly announced plan or program. We also sold 282,161,848 of our ordinary shares during 2004 for an average price of €11.31 per share. On March 29, 2005, we announced that our Board of Directors had resolved to launch a share buy-back program of our own shares subject to the following conditions: (i) the number of such shares to be purchased shall not exceed 3.5% of our share capital, (ii) the purchase price shall not be higher than 14.5 per share and (iii) the period of the share buy-back program shall expire on September 30, 2005. Between April 18 and June 27, 2005, we purchased 11,213,799 of our ordinary shares pursuant to the share buy-back program, representing 0.33% of our capital stock.