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16 Jan 2007

    Issue of Debt

    Bank of Ireland (Governor & Co)

    15 January 2007

    "The Governor and Company of the Bank of Ireland ("Bank of Ireland") issues €750 million dated callable step-up floating rate subordinated notes due January 2017."

    Bank of Ireland announces that it has launched and priced an issue of €750 million dated callable step-up floating rate notes due January 2017 ("the notes"). The transaction is part of Bank of Ireland's normal capital management process. BNP Paribas and JPMorgan Cazenove acted as joint lead managers on the transaction with Davy acting as Senior Co-Lead.

    The notes have been priced with a coupon of 20 bps over 3 month Euribor and issued at 99.863%. Interest will be payable quarterly in arrears until 24 January 2012. The notes are callable at par at the option of Bank of Ireland, subject to regulatory approval, on 24 January 2012, and every coupon payment date thereafter. If the notes are not called on 24 January 2012 the coupon resets to a floating rate of 70 bps over 3 month Euribor.

    Application will be made to the Irish Stock Exchange for admission of the notes to the Official list with stabilisation in accordance with article 9(2) of Commission Regulation (EC) No. 2273/2003 implementing the Market Abuse Directive (2003/6/EC).

    Enquiries:

    Brian Kealy,
    Head of Capital Management
    Tel: 00353 1 6043526

    Geraldine Deighan,
    Head of Investor Relations
    Tel: 00353 1 6043501

    Dan Loughrey,
    Head of Group Corporate Communications
    Tel: 00353 1 6043833

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