•  The improvement in confidence, not the least on the financial markets, is increasingly being supported by hard facts.
3.2  Banco Bilbao Vizcaya Argentaria’s application for authorization to acquire control of BNL  On 18 March 2005 BBVA gave the Bank of Italy prior notification of its intention to acquire a controlling interest in BNL by means of a voluntary exchange tender offer for all of BNL’s ordinary shares.