29 June 2007

Issue of Debt

Bank of Ireland (Governor & Co)

29 June 2007

"The Governor and Company of the Bank of Ireland ("Bank of Ireland") issues $600 million dated callable step-up floating rate subordinated notes due July 2018."

Bank of Ireland announces that it has launched and priced an issue of $600 million dated callable step-up floating rate notes due July 2018 ("the notes") (Reg S only). The transaction is part of Bank of Ireland's normal capital management process. HSBC and UBS Investment Bank acted as joint lead managers on the transaction with Bank of Ireland Global Markets acting as Senior Co-Lead.

The notes have been priced with a coupon of 22 bps over 3 month US$ Libor and issued at 99.897%. Interest will be payable quarterly in arrears until 5 July 2013. The notes are callable at par at the option of Bank of Ireland, subject to regulatory approval, on 5 July 2013, and every coupon payment date thereafter. If the notes are not called on 5 July 2013 the coupon resets to a floating rate of 72 bps over 3 month US$ Libor.

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: 00 353 1 6043526

Geraldine Deighan,
Head of Investor Relations
Tel:00 353 1 6043501

Dan Loughrey,
Head of Group Corporate Communications
Tel: 00 353 1 6043833