Bank of Ireland Statement on Davy Management Buyout

Bank of Ireland Group today confirmed that it had received a conditional proposal from Davy management to acquire the Bank's 90.44% interest in Davy.

As this proposal is subject to certain conditions, including funding and regulatory approval, there can be no certainty that a transaction will be concluded with Davy management.

A further announcement will be made when appropriate.

Ends

15 September 2006

Contact:

Dan Loughrey, Head of Group Corporate Communications
Bank of Ireland
Tel: + 353 1 604 3833 / 086 2412470