Banco Bilbao Argentaria S.A (“BBVA”) provides users (the “User” or the “Users”) of this “BBVA Research” website (the “Website”) with the following general information, in accordance with article 10 of Law 34/2002, of 11 July, on Information Society Services and E-Commerce (the “LSSI”):

Company name: Banco Bilbao Vizcaya Argentaria, S.A.IRA

Tax Identification Number: CIF A-48265169

Registered Address: Plaza de San Nicolás, 4 48005 Bilbao (Vizcaya)


BBVA (Banco Bilbao Vizcaya Argentaria, S.A.) is registered in the Companies’ Registry of Vizcaya, Volume 2,083, Folio 1, Sheet BI-17-A, 1st entry.


BBVA is a Bank which is subject to the supervision of the Bank of Spain and is registered in the Administrative Register of the Bank of Spain under number 0182

Tax ID no. A-48265169

Contact email: For further information, the user may contact BBVA Research at the following email address

The terms and conditions of use of the Website (the “Terms of Use”), which Users must comply with at all times, are as follows.


Acceptance of Terms of Use

These Terms of Use govern the use of the Website that BBVA makes available to Users.

The Terms of Use, together with the Legal Notice, the Personal Data Processing Conditions and the Cookie Policy together constitute the terms and conditions which control the access to and use of the public and private part of the Website (the “Website Terms and Conditions”). Users have access to the private area of the Website once they have registered using a form (the “Registration Form”) and they have accepted the conditions for the processing of personal data, which set out the way in which the personal data provided by the user in the registration process will be processed (the “Personal Data Processing Conditions”).

The User’s access to and use of the Website implies that the User fully accepts and is obliged to fully comply with the Terms and Conditions of the Website. Therefore, the User must carefully read these Terms of Use as well as the other Terms and Conditions of the Website every time they intend to use the Website, as these may be amended and the Userinformed of any modifications upon further access. BBVA reserves the right to update, modify or remove these Website Terms and Conditions.

Terms of use of the Website

The BBVA Research website offers information on the type of activity, products and services it carries out. The User may register in the private area by creating an account in the BBVA Research Subscription Service section (the “Service”). Upon registration, the User will be sent a newsletter with the same content as on the Website, including links to publications with the same type of content as the Website (the “Publications”), and with the language and frequency determined by the User (“the Registered User”).

private area of the Website. If Users accept them, they agree to comply fully and at all times with the terms of this document. Once all the fields required for this purpose have been completed, BBVA will send an email to the address given by the User confirming the registration and authenticating the Registered User.

Users can register in and access the private area for free.

Upon registration, the User:

  • Subscribes to BBVA Research’s Publications exclusive content.
  • Will be able to manage the subscription by choosing the geographical areas, subjects and language of the Publications.
  • Can add comments to the Publications.
  • Will be able to manage the processing of their personal data.
  • Will receive a newsletter with the links to the Publications, with the chosen language and frequency.

The User undertakes to make proper use of the Website, “proper use” being understood to be that which is in accordance with current legislation, good faith and public order. The User undertakes not to use the Website for fraudulent purposes, and not to engage in any conduct that could damage the image, interests and rights of BBVA or third parties. The User undertakes not to do anything with the aim of damaging, invalidating or overloading the Website, or in any way preventing its normal use and operation.

Users are informed that if they fail to fulfil the content or obligations arising from the Terms and Conditions of the Website or any other particular terms or conditions contained in the Website, BBVA reserves the right to limit, suspend or terminate their access to the Website, adopting any technical measure that may be necessary for this purpose. BBVA also reserves the right to exercise such measures should it have reasonable grounds to believe that the User is violating any of the terms contained in the Website Terms and Conditions or any other particular terms or conditions contained in the Website.

BBVA reserves the right to update, modify or remove the information contained in the Website, including the contents and/or services included therein, and may also limit or deny access to said information, at any time and without prior notice. In particular, BBVA reserves the right to remove, limit or prevent access to the Website should technical difficulties arise due to events or circumstances beyond BBVA’ s control that, in its opinion, reduce or neutralise the levels of security or standards adopted for the Website to function correctly. To this end, BBVA reserves the right, at all times, to decide on the continuity of the information society services provided through the Website.

Website Content

BBVA is the owner or legitimate licensee of the intellectual and industrial property rights over the Website and all its items at any given time, including graphics, texts, photographs, videos, sound files, trademarks and other distinguishing signs, computer programs and sui generis rights over the underlying databases, the graphic design and user interface (look & feel) and the underlying computer programs (including source and object codes) (the “Contents“), except for reports that are located and which can be accessed by the user through the website (the “Documents”) whose intellectual property is regulated as set out at the end of this section.

The use of the Website by Users does not grant them any right over the intellectual and industrial property rights for the Website and its Contents, except what is stipulated for the Documents, in accordance with the regulation contained at the end of this paragraph.

Documents as referred to in the previous paragraph. BBVA reserves the right to take legal action against Users who violate or infringe its intellectual and/or industrial property rights.

BBVA grants Users who respect the Terms and Conditions of the Website authorisation to use the Website, on a non-exclusive basis, for the maximum period of validity of the intellectual and industrial property rights as established in the applicable laws (unless access to the Website is suspended for a justified reason) and to enable the User to use the Website as stipulated herein.

BBVA also DECLARES the following:

  • The information contained in the Website is for information purposes only and does not provide any type of recommendation. It can never be considered to be legal, fiscal, financial, investment, or technical advice, nor an offer or guarantee by BBVA, nor should it be construed as a recommendation to carry out operations, nor used as a basis for a decision to be taken in a specific direction. BBVA will not be held liable for the use that may be made of the information contained in the Website in this regard, and it must be specifically understood that such information, subject to applicable Spanish laws, is not intended for those Users who act under other jurisdictions of other States that require different requirements to be met for the provision, disclosure or advertising of information of this type.
  • The information provided by BBVA on the Website is not a technical opinion given by BBVA.
  • BBVA assumes no responsibility as to whether the information on the Website is what the User was expecting. BBVA is not responsible for the truthfulness, accuracy, sufficiency, completeness or updating of information that is not its own and for which another source is indicated. Nor is BBVA responsible for any opinions or comments that may appear on the Website, as they may be personal comments made by Users or come from the sources indicated.
  • BBVA reserves the right to update, modify or eliminate the information contained in the Website in the terms indicated above, and does not undertake to inform Users of any changes or modify the content thereof.

The use and divulgation of the Documents referred to above and found on the website are regulated under the terms and conditions of the Creative Commons Reconocimiento-NoComercial-SinObraDerivada (CC BY-NC.ND)license. According to the terms of this CC license, the User may download, copy and redistribute the Documents, in any medium or format, provided that BBVA’s authorship, as well as the terms and conditions of this license, are properly acknowledged. The Documents must never be used for commercial purposes nor may the derived work created using the Documents be redistributed, by remixing, transforming and/or partially incorporating the Documents.

The User ACKNOWLEDGES AND ACCEPTS the declarations made by BBVA above, and, additionally, GUARANTEES that they will abide by the regulation applicable to them in their status of User of this Website.

Links Policy

Creating links with the Web Site

Users are forbidden from creating links to the Website, unless previously authorised by BBVA. If a link has been authorised by BBVA, then it must be created in the following way:

  • The link may not consist of frames that allow the Website to be viewed through Internet addresses other than those of the Website or that in any other way show the Website information together with that included on other websites.
  • No false, inaccurate or incorrect statements about the Website and/or BBVA will be made from the website that introduces the link (the “Referring Site”).
  • The authorisation granted by BBVA will never be construed to mean that: (i) BBVA sponsors, collaborates with, verifies or supervises the content and/or services provided through the Referring Site; nor (ii) that BBVA is in any way responsible for the content of the Referring Site.
  • The Referring Site must faithfully comply with applicable laws and may never host content, own or third-party, which: (i) is unlawful, which damages the rights of third parties, is harmful, denigrating, violent, inappropriate or in any other way immoral or indecent (pornographic, racist, etc.); (ii) induces or may induce in the User the misconception that BBVA subscribes to, endorses, adheres to or in any way supports the referrer’s ideas, statements or expressions, whether lawful or unlawful; and (iii) is inappropriate or not pertinent in relation to the activity of BBVA Research.

Should the User fail to comply with any of the aforementioned terms, BBVA may adopt the appropriate legal measures to this effect.

Linked Sites

In order to help the User find additional information, BBVA may include various technical link devices that allow the User to access other websites (the “Linked Sites”). In these cases, BBVA acts as a provider of intermediation services, in accordance with article 17 of Law 34/2002, on Information Society Services and E-Commerce. In accordance with the provisions of the aforementioned legislation, BBVA shall not be liable for the services and content provided through the Linked Sites, unless it is actually aware of the illegal activity and has failed to disable the link with due diligence.

The fact that there are Linked Sites will never imply that BBVA recommends, promotes, identifies or complies with the statements, content or services provided through the Linked Sites. Consequently, BBVA is not responsible for the content of the Linked Sites, nor for their conditions of use and privacy policies, and the User alone is responsible for checking and accepting them each time they are accessed or used.

Reporting of illegal and inappropriate activities

If the User or any other Internet User becomes aware that any type of information or content on or provided through the Website is unlawful, harmful, denigrating, violent, inappropriate, contrary to what is established in these Terms of Use or, in any other way, is immoral or indecent, they may contact BBVA , indicating the following points:

  • personal data of the person reporting: name, address, telephone number and e-mail address;
  • a description of the facts showing the illegal or improper nature of the content or information and the specific address where it is available;
  • if third party rights, such as intellectual and industrial property, are violated, the data of the owner of the infringed right must be provided when this person is not the reporting party. They must also provide the title accrediting the ownership of the rights infringed and, where appropriate, the representation to act on behalf of the owner when that person is not the reporting person.

The receipt by BBVA of the communication provided for in this clause, in accordance with the provisions of the Law 34/2002, on Information Society Services and E-Commerce, does not imply that it is actually aware of the activities and/or contents indicated by the reporting person when this is not obvious or apparent. BBVA invariably reserves the right to suspend or withdraw content that, even if it is not illegal, is not aligned with the rules established in these Terms of Use, weighing up the conflicting legal rights in each case.

BBVA’s responsibility

The User must be aware that communications over open networks are exposed to many different threats which can undermine their security. It is the User’s responsibility to take all appropriate technical measures to reasonably control these threats, including having updated detection systems for malicious software, such as viruses, Trojan horses, etc., and also updating the security patches of the browsers used. For more information, refer to the BBVA Security Policy or go to your Internet access service provider who can provide you with solutions tailored to your needs. To the maximum extent permitted by applicable laws, BBVA shall not be held liable for damages caused to the User as a result of risks inherent to the medium used, nor those caused by vulnerabilities in its systems and tools. Nor can BBVA guarantee that its systems are totally secure, as, although it has adopted the appropriate security measures, vulnerabilities cannot be completely ruled out and, consequently, the User must exercise caution when interacting with the Website.

In particular, BBVA shall not be liable for:

  • Damages of any kind caused to the User’s computer equipment by viruses, worms, Trojan horses or any other harmful element.
  • The damages of any type caused to the User by failures or disconnections in the telecommunications networks that might suspend, cancel or interrupt the Website service while it is being used. The User acknowledges that access to the Web Site requires services provided by third parties outside BBVA’s control (such as telecommunications network operators, access providers, etc.) whose reliability, quality, continuity and operation is not the responsibility of BBVA nor is it its responsibility to guarantee the availability of the service.
  • Information from third parties in cases in which BBVA acts as a provider of intermediation services within the meaning of the Law 34/2002, on Information Society Services and E-Commerce, except when it is actually aware of it and the information in question has not been withdrawn.

BBVA shall also not be liable for any direct or indirect damages that Users may suffer as a result of inappropriate use of this Website or its content, nor shall it undertake to disclose changes or modify its content.

Protection of personal data

Questions concerning the personal data processing of the Users through the use of the Website are regulated in the Personal Data Processingdocument.

Use of Cookies

We use a technology called “cookies” on our Website. For more detailed information on how BBVA uses cookies, please refer to the Cookies Policy here.

Applicable laws

In accordance with article 3 of the Law 34/2002, on Information Society Services and E-Commerce, the laws applicable to the information society services provided by BBVA through the Website will be those of Spain. Therefore, for any disputes regarding this Website or any conflicts concerning it between the Registered User and BBVA, Spanish law shall apply.