Ireland's first online banking service goes truly international as €10m investment delivers a suite of new services

Bank of Ireland today (Monday, 22nd October 2007) announced that following a €10m investment in its online banking service a range of new services are now live for customers of www.365online.com. The new options that will make Ireland's first and increasingly popular online banking service even more convenient for its 650,000 registered customers are:

The development of the online international payments service will be a major benefit to the migrant community living and working in Ireland and customers with overseas properties who hold overseas accounts or have a requirement to make regular fund transfers out of Ireland. Currently 80% of all international payments through the Bank's branch network are destined for EU countries with an estimated 25% of these going to Poland alone. Not surprisingly, many of these payments are made by customers who repeat the transaction on a weekly basis. The second most popular destination for funds is the UK at 8% followed by Spain, Lithuania and Germany at 6% each.

Commenting on the announcement, Brendan Nevin, Director of Strategy & Marketing, said: "With over 650,000 customers registered at www.365online.com to date we are in no doubt that the addition of these new services will further fuel demand for online banking. According to our research, the primary reason that customers do not use online banking is the mistaken perception that it is difficult to use. As a result of this insight we have also launched new online demonstrations in English, Polish and Chinese (Mandarin) which effectively demonstrates to potential users just how easy and convenient it is to use Bank of Ireland 365 Online and assists them in making their payments by translating key words into their own language.

Bank of Ireland's online banking service has grown enormously in popularity over the past number of years, with a 30% increase in the number of online transactions so far this year that saw over 4 million transactions conducted online between January and September. It's also proved hugely successful as a sales channel and we've witnessed a 150% increase over the last two years in the number of customers choosing to source their loan online", he added.

These online developments further enhance Bank of Ireland's customer proposition that now includes the options of transaction fee free banking and the recent introduction of credit interest on current accounts at 10.5% (10.92% EAR) - variable up to 24th February 2008, after which it reverts to 4% (4.06% EAR). Active online banking customers will benefit further from today's announcement as those who conduct three debit transactions from their personal current account each quarter will qualify for both transaction fee free banking and credit interest on cleared balances up to a maximum of €1,500. In addition, Bank of Ireland applies no minimum credit balance criteria. Customers can register for credit interest by contacting their branch or online at www.bankofireland.com.

ENDS

For further information contact:

Mary Brennan
Group Corporate Communications
Bank of Ireland
Tel:01 6043838
Mob:087 2833646
Email:Mary_C.Brennan@boimail.com

Brendan Nevin
Director of Strategy & Marketing
Bank of Ireland
Tel:01 6043681