Bank of Ireland Private Banking delivers largest equity fundraising in Ireland

Newgrange Fund targets €500m from private investors

Bank of Ireland Private Banking, today (Sunday, December 3, 2006) announced that it plans to raise up to €500 million from private investors for the newly formed Newgrange Fund. The new fund is a concentrated equity fund designed for investors with significant risk appetite and €5 million or more to invest.

The Newgrange Fund will be run by Chris Reilly, former Chief Investment Officer of Bank of Ireland Asset Management (BIAM) and one of Ireland's best known and internationally renowned investors, with over 40 years' experience of investing in world markets.

BIAM has retained Chris Reilly to run the fund, which will be exclusively available from Bank of Ireland Private Banking. With a significant portion of the €500 million already raised by Bank of Ireland Private Banking, it is expected that the fund will achieve its target by the end of January 2007.

Commenting on the launch of the Newgrange Fund, Mark Cunningham, Managing Director, Bank of Ireland Private Banking, said:

"It goes without saying that lots of our clients have made dramatic gains from property markets in recent times. We continue to invest in property internationally but in recent times we have seen increased capital flows into the stock market, giving rise to a more balanced property-equity investment approach. Both our existing clients and many new investors have responded enthusiastically to this new fund: both in terms of the investment strategy and the experience and unique market insights that Chris Reilly can provide."

Chris Reilly added:
"This fund gives me an opportunity to back my conviction around a relatively small number of investment ideas. I will be managing the fund in a completely unconstrained way, so I won't be focussed on benchmarks or market indices - my only concern will be to generate substantial returns for investors. Right now, I believe that much of the untapped market opportunity is in the large cap area, where a significant number of stocks are currently undervalued."

Ends

Contact:

Kevin Quinn
Bank of Ireland Private Banking
Tel:087 2833240

Bernadette Godley
Bank of Ireland Asset Management
Tel:087 2833260