Bank of Ireland(Governor&Co)
19 February 2007



Bank of Ireland Group

                        UK BUSINESS CORPORATE STRUCTURE
19 February 2007

Bank of Ireland today announces that it intends to carry out an internal
reorganisation of two of its UK businesses (the 'Reorganisation') to simplify
the 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 of
the Bank of Ireland (the 'Bank'). Conditional on this Reorganisation, Bristol &
West will seek High Court approval of a reduction in its capital so that this
capital can be re-allocated to the Bank. As part of the Reorganisation Bank of
Ireland will put in place appropriate arrangements to preserve the position of
Bristol & West's listed bond holders, being those holding: Subordinated Bonds
due 2018 (LSE:BB84) and the Unsecured Perpetual Subordinated Bonds (LSE: BRS)
('Bonds'); and to preserve the position of the holders of the Non-cumulative
Non-redeemable Preference Shares (LSE:BWSA 'Preference Shares').

The Reorganisation will not involve any asset disposals to third parties outside
the Bank. Additionally, the operations of these businesses will not alter as a
consequence of this Reorganisation and Bank of Ireland will continue to use the
'Bristol & West', 'Bank of Ireland Home Mortgages' and 'Bank of Ireland
Mortgages' trading names and brands for UK mortgage products.

The Reorganisation is conditional on obtaining the necessary High Court and
other regulatory clearances and is expected to take effect in the second half of
2007.


Contacts:

Geraldine Deighan, Head of Group Investor Relations Tel: + 353 (0) 1 604 3501
Dan Loughrey, Head of Group Corporate Communications Tel: + 353 (0) 1 604 3833



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