Notice of the Redemption of Preference Stock

Bank of Ireland Group PLC

11 December 2023

 

Bank of Ireland Group plc (together with its subsidiaries, the "Group")

Notice of the Redemption of Preference Stock                                                              

11 December 2023

The Group is pleased to announce further progress in respect of the retirement of legacy perpetual instruments.

At an Extraordinary General Court of The Governor and Company of the Bank of Ireland ("GovCo") and class meetings of the holders of each of GovCo's 12% Euro Preference Stock and 12.625% Sterling Preference Stock (each an "Instrument" and together the "Instruments") held on 24 November 2023, the conversion of the Instruments to redeemable stock units was approved.

Following the expiry of an objection period for holders of the Instruments to object to the conversion of their individual holdings of the Instruments, the following amounts of the Instruments were converted to redeemable stock units at 7.00 pm on 8 December 2023 and redeemed at 7.00 am on 11 December 2023:

Instrument	Percentage redeemed	Amount redeemed (units / nominal amount)	Amount outstanding following redemption (units / nominal amount)
12% Euro Preference Stock (ISIN: IE0000730790)	26.52%	802,695 units / €1,019,212 nominal amount	2,223,903 units / €2,823,774 nominal amount
12.625% Sterling Preference Stock (ISIN: IE0000730808)	100%	1,876,090 units / £1,876,090 nominal amount	nil

Following the redemption, Bank of Ireland Nominee 3 Limited (a Group company) holds approximately 89.6% of the outstanding units of GovCo's 12% Euro Preference Stock.

The Group intends to explore further options to retire the remaining 12% Euro Preference Stock in the first half of 2024.

This announcement is made in accordance with Listing Rule 6.1.62(2) of the Euronext Dublin Listing Rules and Listing Rule 14.3.17(3) of the FCA Listing Rules.

Ends

For further information please contact:

Bank of Ireland

Mark Spain, Group Chief Financial Officer                                                            [phone] ext 43291

Eamonn Hughes, Chief Sustainability & Investor Relations Officer                      [phone]

Darach O'Leary, Head of Group Investor Relations                                              [phone]

Damien Garvey, Head of Group External Communications and Public Affairs     [phone]

 

END