UK Business Corporate Strctr

19 Feb 2007 10:00

Bank of Ireland(Governor&Co)19 February 2007 Bank of Ireland Group UK BUSINESS CORPORATE STRUCTURE19 February 2007 Bank of Ireland today announces that it intends to carry out an internalreorganisation of two of its UK businesses (the "Reorganisation") to simplifythe Bank of Ireland operating structure in the UK. The planned Reorganisation involves the transfer of the businesses of Bristol &West plc and Bank of Ireland Home Mortgages Ltd., to The Governor and Company ofthe Bank of Ireland (the "Bank"). Conditional on this Reorganisation, Bristol &West will seek High Court approval of a reduction in its capital so that thiscapital can be re-allocated to the Bank. As part of the Reorganisation Bank ofIreland will put in place appropriate arrangements to preserve the position ofBristol & West's listed bond holders, being those holding: Subordinated Bondsdue 2018 (LSE:BB84) and the Unsecured Perpetual Subordinated Bonds (LSE: BRS)("Bonds"); and to preserve the position of the holders of the Non-cumulativeNon-redeemable Preference Shares (LSE:BWSA "Preference Shares"). The Reorganisation will not involve any asset disposals to third parties outsidethe Bank. Additionally, the operations of these businesses will not alter as aconsequence of this Reorganisation and Bank of Ireland will continue to use the"Bristol & West", "Bank of Ireland Home Mortgages" and "Bank of IrelandMortgages" trading names and brands for UK mortgage products. The Reorganisation is conditional on obtaining the necessary High Court andother regulatory clearances and is expected to take effect in the second half of2007. Contacts: Geraldine Deighan, Head of Group Investor Relations Tel: + 353 (0) 1 604 3501Dan Loughrey, Head of Group Corporate Communications Tel: + 353 (0) 1 604 3833 This information is provided by RNS The company news service from the London Stock Exchange