Bristol & West PLC
19 February 2007


Bristol & West plc

                   TRANSFER OF BUSINESSES TO BANK OF IRELAND
19 February 2007

Bristol & West today announces that its ultimate parent company, the Governor
and Company of the Bank of Ireland, intends to carry out an internal
reorganisation of its UK businesses (the 'Reorganisation'), including those
operated by Bristol & West, to simplify the Bank of Ireland operating structure
in the UK.

The planned Reorganisation involves the transfer of the Bristol & West business
and the business of its wholly owned subsidiary, Bank of Ireland Home Mortgages
Limited, to The Governor and Company of the Bank of Ireland (the 'Bank').
Conditional on this Reorganisation, Bristol & West will seek High Court approval
for 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:

Bank of Ireland
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

Bristol & West plc
Richard Holden, Company Secretary Tel: + 44 (0) 117 979 2222






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