BKIR.L Regulatory News (BKIR)

NOT FOR PUBLICATION OR DISTRIBUTION DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, JERSEY OR REPUBLIC OF SOUTH AFRICA OR IN ANY OTHER JURISDICTION IN WHICH OFFERS OR SALES WOULD BE PROHIBITED BY APPLICABLE LAW

The Governor and Company of the Bank of Ireland (the "Bank")

Results of Placing

The Bank announced earlier today a capital package (the "Capital Package") in relation to the 2009 Prefs, which had been agreed with the Irish State and the Central Bank of Ireland, comprising (i) the placing of new units of ordinary stock (the "Placing Stock") to generate proceeds of c. €537 million (net of expenses) ("the Placing"), to redeem c. €537 million of the 2009 Prefs and (ii) the sale by the NPRFC of €1.3 billion 2009 Prefs to private investors.

The Bank is pleased to announce the results of the Placing element of the Capital Package.

A total of 2,230,769,231 units of Placing Stock have been placed at a price of 26 cents per new unit of ordinary stock, raising gross proceeds of €580 million. The Placing Stock represents approximately 7.4 per cent. of the Bank's issued ordinary stock prior to the Placing.

The Placing Stock will rank pari passu in all respects with the existing ordinary stock of the Bank, including the right to receive all dividends and other distributions declared, made or paid on or in respect of such stock after the date of issue of the Placing Stock.

Applications have been made for the Placing Stock to be admitted to the premium listing segment of the Official List of the UK Listing Authority and to the primary listing segment of the official list of the Irish Stock Exchange and to be admitted to trading on the main market for listed securities of the London Stock Exchange plc and the regulated market for listed securities of the Irish Stock Exchange (together "Admission"). It is expected that Admission will take place at 8am on 9 December 2013, at which time dealings in the Placing Stock will commence. Settlement of the Placing is expected to occur on 9 December 2013.

Ends

For further information please contact:

Bank of Ireland

Andrew Keating Group Chief Financial Officer +353 (0)766 23 5141

Mark Spain Director of Group Investor Relations +353 (0)766 23 4850

Pat Farrell Head of Group Communications +353 (0)766 23 4770

Forward Looking Statement

This Announcement contains certain forward looking statements within the meaning of Section 21E of the US Securities Exchange Act of 1934 and Section 27A of the US Securities Act of 1933 with respect to certain of the Bank of Ireland Group's (the Group) plans and its current goals and expectations relating to its future financial condition and performance, the markets in which it operates, and its future capital requirements. These forward looking statements can be identified by the fact that they do not relate only to historical or current facts. Generally, but not always, words such as 'may,' 'could,' 'should,' 'will,' 'expect,' 'intend,' 'estimate,' 'anticipate,' 'assume,' 'believe,' 'plan,' 'seek,' 'continue,' 'target,' 'goal,' 'would', or their negative variations or similar expressions identify forward looking statements. Examples of forward looking statements include among others, statements regarding the Group's near term and longer term future capital requirements and ratios, loan to deposit ratios, level of ownership by the Irish Government, expected impairment charges, the level of the Group's assets, the Group's financial position, future income, business strategy, projected costs, margins, future payment of dividends, the implementation of changes in respect of certain of the Group's defined benefit pension schemes, estimates of capital expenditures, discussions with Irish, UK, European and other regulators and plans and objectives for future operations.

Such forward looking statements are inherently subject to risks and uncertainties, and hence actual results may differ materially from those expressed or implied by such forward looking statements. Such risks and uncertainties include, but are not limited to, the following: concerns on sovereign debt and financial uncertainties in the EU and in member countries and the potential effects of those uncertainties on the Group; general economic conditions in Ireland, the UK and the other markets in which the Group operates; the ability of the Group to generate additional liquidity and capital as required; the effects of the 2011 PCAR, the 2011 PLAR and the deleveraging reviews conducted by the Central Bank and any further capital assessments undertaken by regulators; changes in applicable laws, regulations and taxes in jurisdictions in which the Group operates particularly banking regulation by the Irish and UK Governments; the impact of further downgrades in the Group's and the Irish Government's credit rating; the impact of any exit arrangements by the State from the EU / IMF programme; the availability of customer deposits at sustainable pricing levels to fund the Group's loan portfolio and the outcome of the Group's disengagement from the Credit Institutions (Eligible Liabilities Guarantee) Scheme 2009 (ELG scheme); development and implementation of the Group's strategy, including the implementation of the Group's revised EU Commission restructuring plan; competition for customer deposits and the Group's ability to achieve estimated net interest margin increases and cost reductions; property market conditions in Ireland and the UK; the performance and volatility of international capital markets; the potential exposure of the Group to various types of market risks, such as interest rate risk, foreign exchange rate risk, credit risk and commodity price risk; the continued implementation of the Irish Government's austerity measures relating to the financial support package from the EU/IMF; the exercise by regulators of powers of regulation and oversight; the effects of the Irish Government's stockholding in the Group (through the NPRFC) and possible increases in the level of such stockholding; the outcome of any legal claims brought against the Group by third parties or legal or regulatory proceedings or any Irish banking inquiry more generally that may have implications for the Group; the potential requirement for further contributions to the Group pension schemes; potential deterioration in the credit quality of the Group's borrowers and counterparties; the impact of the implementation of significant regulatory developments such as Basel III, Capital Requirements Directive (CRD) IV and the Recovery and Resolution Directive; implications of the Personal Insolvency Act 2012 for distressed debt recovery and impairment provisions; and the Group's ability to address information technology issues.

Nothing in this Announcement should be considered to be a forecast of future profitability or financial position and none of the information in this Announcement is or is intended to be a profit forecast or profit estimate. Any forward looking statements speak only as at the date they are made. The Group does not undertake to release publicly any revision to these forward looking statements to reflect events, circumstances or unanticipated events occurring after the date hereof. The reader should however, consult any additional disclosures that the Group has made or may make in documents filed or submitted or may file or submit to the US Securities and Exchange Commission.

Other Information

This Announcement does not constitute an offer of securities and it is not a prospectus or a prospectus "equivalent" document. No offering document or prospectus has been or will be submitted to be approved by the Financial Conduct Authority or the Central Bank of Ireland in relation to the Placing.

The distribution of this Announcement and the offering of the Placing Stock in certain jurisdictions may be restricted by law. No action has been taken by the Bank that would permit an offering of such Placing Stock or possession or distribution of this Announcement or any other offering or publicity material relating to such Placing Stock in any jurisdiction where action for that purpose is required. Persons into whose possession this Announcement comes are required by the Bank to inform themselves about, and to observe, such restrictions.

This Announcement is not for publication, distribution or release, directly or indirectly, in or into the United States (including its territories and dependencies, any State of the United States and the District of Columbia). Neither the Placing Stock nor any other securities referred to herein have been or will be registered under the US Securities Act of 1933 (as amended) (the "Securities Act"), and may not be offered or sold in the United States or to, or for the account or benefit of, US persons except subject from an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. Neither this Announcement nor the information contained herein constitutes or forms part of an offer to sell or the solicitation of an offer to buy securities in the United States. There will be no public offer of any securities in the United States or in any other jurisdiction.

The price of Placing Stock and any income from them may go down as well as up and investors may not get back the full amount invested on disposal of such Placing Stock.

Neither the content of the Bank's website nor any website accessible by hyperlinks on the Bank's website is incorporated in, or forms part of, this Announcement.