Avoid Financial heartache and hangovers this Christmas

- Bank of Ireland urges care and caution with cards and borrowings

"Christmas is the biggest spending time of the year but with so many attractive offers out there, it's important to be sensible about taking on additional borrowings" according to Pat Watt, Director of Customer and Market Management - Cards and Loans, Bank of Ireland. The Bank offers some useful advice to consumers on how to best manage their spending this Christmas.

"Christmas is a time when there are many additional expenses to budget for. Sensible borrowing is the key consideration at any time of year and particularly at Christmas. Anyone who needs to borrow should do so sensibly and match their needs to what they can afford so that they don't find themselves in an uncomfortable financial situation come January. Bank of Ireland has a network of financial advisors across the country, that can help customers to make the right financial decisions".

Bank of Ireland offers a full range of borrowing options to suit all customers' needs including overdrafts, personal loans and credit cards. One very simple but important piece of advice for any borrower - if the loan is just to fund Christmas spending, then repayments for any borrowings should be phased over 12 months or less.

"Security should also be a top priority for any consumer. Whether you are spending a little or a lot, using cash or plastic, shoppers are most vulnerable at this time to theft with crowded shops and streets full of people in a hurry, so stay alert at all times. Remember that a credit or debit card is effectively cash to the thief so make sure you look after them as if they were cash. And if the worst happens and your cards are lost or stolen call the relevant emergency number immediately so that the card can be blocked and your cash protected."

Overdrafts

An overdraft is quick and easy to arrange and is the perfect cushion to soften the blow of seasonal or unexpected demands on day-to-day cash flow. It makes sense for consumers to set up an overdraft if they have concerns about running out of funds over Christmas and possibly not having access to cash at ATMs over the holiday period.

Personal Loans

If this Christmas is going to be a big drain on resources then a loan might be the answer. Personal loans generally work out cheaper than credit cards or overdrafts and are repaid in fixed monthly instalments. If the loan is just to fund Christmas expenditure then it is advisable to phase the payments over a period of no more than 12 months.

Credit Cards

Credit cards are ideal for managing your gift purchases and are more secure than carrying cash. You should try and make use of deferred credit where possible. Most credit card providers will offer up to 56 days interest-free credit on purchases. Bank of Ireland's Advantage credit card has an introductory rate of 0% on all purchases for the first six months, making it an ideal way to pay for this Christmas and phase the costs over several months.

By keeping their cards and cash safe and by being realistic about borrowing, customers can ensure that this Christmas does not result in financial pain. Should any customers hit any financial trouble at any time, it is important that they go and talk to their bank and let us know the full extent of their troubles. We will help the customer to resolve the financial problem.

As a reminder, Bank of Ireland has produced a simple 'C.H.R.I.S.T.M.A.S' guide for customers to help them over the holiday period and the following sales.

Remember for a happy C.H.R.I.S.T.M.A.S:

C- Check your account balance- know what you can afford to spend

H- Have Bank of Ireland's Lost/Stolen Card telephone numbers
1850 333 333for Laser and ATM cards and1890 706 706for Credit Cards
to hand - save them into your mobile phone

R- Register for Bank of Ireland's 365 facility- manage your money anytime, anywhere

I- If you decide to borrow funds, talk to Bank of Ireland about which borrowing option is best for you - choose from an overdraft, credit card or personal loan

S- Sign your ATM/Laser/Credit Card immediately on receipt -protect your money

T- Treat any credit or debit card as you would cash in your wallet as they are just as valuable to any thief.

M- Memorize your P.I.N numbers - rather than writing them down

A- Always check your statements - if you don't recognise any transaction contact your branch immediately

S- Settle down, unwind and enjoy a Happy Christmas from all at Bank of Ireland

Ends

11th December 2003

For further information:

Pat Watt
Director of, Marketing, Sales and Service
Cards and Loans Business
Bank of Ireland
Tel: 01 6647544

Anne Mathews
Media Relations Manager
Group Corporate Communications
Bank of Ireland
Tel: 01 604 3836