BKIR.L Regulatory News (BKIR)

BANK OF IRELAND OBTAINS REGULATORY AND LEGAL APPROVAL FOR THE LAUNCH OF ITS NEW WHOLLY OWNED UK BANKING SUBSIDIARY WHICH IS FULLY AUTHORISED AND REGULATED BY THE FINANCIAL SERVICES AUTHORITY (FSA).

Bank of Ireland announces today that the UK High Court of Justice has approved the Bank's proposal to transfer a substantial part of its UK banking business to a new, wholly owned UK subsidiary, Bank of Ireland (UK) plc (Bank of Ireland UK), regulated by the FSA. This approval is subject only to the provision to the Court of the final details of loans to be transferred, on the 29th October, when the final Order in respect of the transfer will be made.

The establishment of Bank of Ireland UK has been fully authorised by the Financial Services Authority. The transfer of selected UK businesses will take place on 1st November, 2010. The main businesses that will transfer are our joint venture with the Post Office, Post Office Financial Services, the branch business in Northern Ireland and UK Business Banking.

The establishment of Bank of Ireland UK demonstrates our commitment to the UK market. It will enable us to grow our business and continue to support our customers in the UK, including those of our highly successful joint venture with the Post Office, which has over two million customers.

As with other mainstream product providers in the UK, deposits with Bank of Ireland UK will be protected in accordance with the UK's Financial Services Compensation Scheme applicable to UK incorporated banks and building societies.

Further information about the transfer and Bank of Ireland UK can be found here:

http://www.bankofireland.com/about_us_new/about_the_group/worldwide_locations/General_Content_1000657.html