25 October 2007

Issue of Debt

Bank of Ireland has announced today that it has successfully completed a €400 million embedded value securities issue, which references the emergence of value in force from its life assurance subsidiary New Ireland Assurance plc.

The transaction was completed through Avondale Securities SA.

It is expected that the transaction, subject to confirmation by the Financial Regulator, will result in the enhancement of the Bank's Core Tier 1 capital due to the reclassification of certain capital reserves from Tier 2 capital.

Enquiries:

Lewis Love,
Head of Asset & Liability Management
Tel: 003531 - 6043418

Brian Kealy,
Head of Capital Management
Tel: 003531 - 6043537

Geraldine Deighan,
Head of Investor Relations
Tel: 003531 - 6043501

Dan Loughrey,
Head of Group Corporate Communications
Tel: 003531 - 6043833