We study the general equations determining BPS black holes by using a
solvable Lie algebra representation for the homogeneous scalar manifol
d U/H of extended supergravity. In particular we focus on the N = 8 ca
se and we perform a general group-theoretical analysis of the Killing
spinor equation enforcing the BPS condition. Its solutions parametrize
the U-duality orbits of BPS solutions that are characterized by havin
g 40 of the 70 scalars fixed to constant values. These scalars belong
to hypermultiplets in the N = 2 decomposition of the N = 8 theory. Ind
eed, it is shown that those decompositions of the solvable Lie algebra
into appropriate subalgebras which are enforced by the existence of B
PS black holes are the same that single out consistent truncations of
the N = 8 theory to interacting theories with lower supersymmetry. As
an exemplification of the method we consider the simplified case where
the only non-zero fields are in the Cartan subalgebra H subset of Sol
v(U/H) and correspond to the radii of string toroidal compactification
. Here we derive and solve the mixed system of first and second order
non-linear differential equations obeyed by the metric and by the scal
ar fields. Doing so we retrieve the generating solutions of heterotic
black holes with two charges. Finally, we show that the general N = 8
generating solution is based on the six-dimensional solvable subalgebr
a Solv[(SL(2,R)/U(1))(3)]. (C) 1998 Elsevier Science B.V.