BANK OF IRELAND BUSINESS BANKING SUPPORTS THE LAUNCH OF A NEW BUSINESS MAGAZINE

- Bank of Ireland launches eur100m franchising fund -

A new business magazine for the thriving Irish franchise industry was launched today (Thursday, 24th June 2004) by the Dublin-based publishing firm Exact Media. Franchise Options is supported by Bank of Ireland Business Banking and coincides with its announcement of a new financial package aimed specifically at the franchising sector. This eur100 million Franchising Fund is designed to assist the expansion of franchise companies and to facilitate people who wish to start their own businesses through franchising.

Franchise Options is a joint venture between Exact Media, headed up by John McGee, former editor and managing editor of Business and Finance and Franchise Direct, one of the world's leading franchise information portals headed up by Sean McGarry.

Details of the 2004 edition of the Franchising in Ireland Survey, the most comprehensive overview of the Irish franchise industry, were revealed in the first edition of Franchise Options.

The survey findings show significant growth in the franchising industry over the last two years, with turnover for the sector increasing by 24% to eur1.27 billion. There has also been a 50% increase in employment with 18,000 people employed by Ireland's 201 franchise companies. The research shows that 10% of franchise companies operating in this market are Irish, with 40% from the US and 30% from the UK.

Bank of Ireland Business Banking's involvement with Franchise Options and its eur100 million fund is one of a series of initiatives to drive the growth of the industry. It includes nationwide briefings by Bank of Ireland Business Managers throughout the country and the publication of franchising guidebooks to facilitate assessment of franchise opportunities for potential franchise operators. These will shortly be available at any one of Bank of Ireland's 270 branches.

Mr. Dermot Nolan, Head of Business Marketing, Bank of Ireland commented," The expansion of the franchising industry mirrors that of the service economy, which is experiencing continued growth and is an increasingly important creator of wealth. Franchise Options is designed to meet the demand for informed comment, opinion and analysis on the franchising market in Ireland. Bank of Ireland Business Banking understands the growth potential of this market and our Franchising Fund is expected to meet the anticipated demand for franchise opportunities and to facilitate the continued expansion of the industry".

The first issue of Franchise Options profiles a number of leading franchisees in Ireland and highlights the success they have enjoyed running their own businesses. It also details a wide range of franchise opportunities for people looking to start their own business and it provides practical hands-on guidance from well-known industry experts.

Ends

24th June 2004

For reference:

Anne Mathews
Media Relations Manager
Bank of Ireland Group
Tel: 01 6043836/087 2460358

Dermot Nolan
Head of Business Marketing
Bank of Ireland Business Banking
Tel: 01 6653300

John McGee Tel: (01) 6789198

Tony Manson Tel: (01) 8512853

Sean McGarry Tel: (01) 4100667

Exact Media Ltd
6 Merrion Row
Dublin 2.