Bank of Ireland announces Combination Equity Bond Series 15

Bank of Ireland Savings & Bancassurance has announced details of its latest combination tracker bond, the Combination Equity Bond Series 15, which offers customers total capital security along with potential for growth. It combines an optional one-year premium fixed rate deposit, offering 6% gross p.a. with a 5 year, 11 month tracker. The deposit element allows emergency access of up to 10% of the investment or Eur6,349, whichever is greater. The minimum investment is Eur5,000 and the maximum is Eur250,000.

The tracker element of the product has no upper limit on the potential return and offers the option to invest 100% of total funds or a minimum of 75%. The tracker will be apportioned equally between the FTSE 100, NIKKEI 225, SMI and S&P 500. Customers will benefit from 60% of the growth of these indices over the first 6 months and last 12 months of the investment, thus protecting against a short-term drop in markets both at the outset and as the investment nears maturity.

Commenting at the announcement, Gareth McQuillan, Head of Marketing, Bank of Ireland Savings and Bancassurance said; "This product is designed to offer customers total peace of mind in that their investment is secure. Customers have the added attraction of access to the potential benefits of stock market growth through the tracker element, while still retaining flexibility and access to their funds after 1 year under the deposit element. This avoids customers having to tie all their money up for the full 5 year, 11 month term while paying them a very attractive rate of interest on the deposit element. The product also legislates for those unforeseen financial circumstances or needs that customers can face by allowing emergency access to up to 10% of the deposit at no charge. We believe this is an attractive product which provides peace of mind and strong potential, which is a hallmark of the Bank of Ireland customer approach."

The investment period will commence on 28th July 2003, with the deposit expiring on 28th July 2004 and the tracker expiring on 28th June 2009. A cooling off period of seven days will apply.
Customers can obtain advice and information on the Combination Equity Bond Series 15 from Bank of Ireland's 1900 qualified Savings and Investment Managers at branches nationwide.

July 1st 2003

For reference contact:

Gareth McQuillan
Head of Savings & Bancassurance Marketing
Bank of Ireland Life
Tel: 01 617 2360
Mobile: 086 818 8413

Ms. Anne Mathews
Media Relations Manager
Group Corporate Communications
Bank of Ireland
Tel: 01 604 3836
Mobile: 087 246 0358