Bank of Ireland backs Celtic Roads Group in 1bn Euro Irish infrastructure PPP contract

Bank of Ireland Global Project Finance today (3 July 2007) announced that financial close has occurred on the €300m M7 / M8 Portlaoise Motorway PPP Project, with Bank of Ireland as Mandated Lead Arranger.

Celtic Roads Group (CRG) secured the contract to extend the existing M7/M8 south from Portlaoise, a National Roads Authority Scheme which is a critical element of the national road network, forming part of the N7 Dublin-Limerick route and the N8 Dublin Cork route. This new section of Motorway which will include a toll plaza south of Portlaoise is scheduled to be completed by September 2010.

Donal Murphy, Head of Origination-Ireland for Global Project Finance at Bank of Ireland commented: "We are very pleased to have secured a Mandated Lead Arranger role in this project. While we have extensive experience internationally in large infrastructural transactions of this nature, this represents a major milestone for us in the Irish infrastructure sector. It is a benchmark deal for Bank of Ireland and marks the beginning of what we believe will be a substantial pipeline of activity for us in the Irish infrastructure sector, in particular given the burgeoning pipeline of PPP projects. It also signifies the value that our local expertise combined with our international experience and reputation can bring."

Bank of Ireland has also been appointed Agent and Account Bank to the project.

Ends

Contact:
Cora Whyte
Group Corporate Communications
Bank of Ireland
Ph: 01 604 3324 / 086 8102807

Carol Gregory
Marketing Manager
Bank of Ireland Corporate Banking
Ph: 01 604 4091

Notes to Editors

Bank of Ireland has built a strong portfolio of transactions in large infrastructure transactions internationally, for example:
- Lakeside Waste to Energy UK £152m
- Richmond Airport Vancouver Link Canada Can$602m
- Glen Water Northern Ireland £180m
- Global Renewables Lancashire UK £358m
- National Roadside Telecommunications Services UK £172m
- Lusoscut (IP5) Portugal €1,069.9m

Global Project Finance:

Bank of Ireland's Global Project Finance team was established in 1996 and is engaged in arranging, underwriting and participating in project finance transactions in the UK, Ireland, Europe, the Middle East and North America.
The team has particular expertise in PFI (Private Finance Initiatives) and PPP (Public Private Partnerships) where it is recognised as one of the top five banks in the UK arena.

The Global Project Finance deal book now has c120 transactions amounting to over €3.0bn. Recently the team has provided financing for dozens of deals ranging from one of the first major PPP projects in Canada to the largest ever underwriting in the UK waste sector to date.

Global Project Finance is part of Bank of Ireland's corporate banking offering, which provides innovative relationship driven advice and financing solutions to businesses across the globe.