11 January 2010

IRISH LIFE & PERMANENT p.l.c.

HIGH COURT SANCTION OF SCHEME

Further to recent announcements, Irish Life & Permanent p.l.c (the Company) confirms that the High Court has today sanctioned the scheme of arrangement (the Scheme) pursuant to which Irish Life & Permanent Group Holdings p.l.c (NEW ILP) will become the new holding company of the Irish Life & Permanent group. The Scheme will become effective upon the issue by the Registrar of Companies of a certificate of registration of the Court Order.

It is expected that the Court Order will be filed with the Registrar of Companies shortly after close of business on 15 January 2010 and that the Scheme will become effective on that date (the Effective Date). On this basis, it is expected that the Scheme Record Time, after which no transfers of the Company's ordinary shares (the OLD ILP Shares) will be registered, will be 5.15 p.m. on 15 January 2010. 

It is expected that cancellation of the listing of the OLD ILP Shares on the Irish Official List and the UK Official List will occur with effect from 6.30 a.m. and 8.00 a.m. respectively on 18 January 2010, and that the issued ordinary shares of NEW ILP (the New ILP Shares) will be admitted to the Irish Official List and to trading on the main market for listed securities of the ISE by 6.30 a.m. on 18 January 2010 and to the UK Official List and to trading on the main market for listed securities of the LSE by 8.00 a.m. on 18 January 2010.

As detailed in the circular sent to the Company's shareholders relating to the Scheme (the Scheme Circular), share certificates in respect of the New ILP Shares due under the Scheme to the holders of the Old ILP Shares who hold such Old ILP Shares in certificated form, will be posted no later than 29 January 2010, and it is expected that holders of Old ILP Shares in a CREST account will have their accounts credited with the New ILP Shares due to them under the Scheme on or about 18 January 2010.

Further Information:

Barry Walsh, Investor Relations

Tel: +353 (0)1 7042678

Conor Ryan, Corporate Affairs

Tel: +353 (0)1 8563828

Ray Gordon, Gordon MRM

Ph: +353 (0)1 6650452, Mobile: +353 (0)87 2417373