BANK OF IRELAND (GOV&CO.)

                          CALL OPTION NOTICE

THE GOVERNOR & COMPANY OF THE BANK OF IRELAND
GBP 200,000,000 SUBORDINATED FRN DUE 2009
ISIN: XS0073202649

PLEASE BE ADVISED THAT THE ISSUER HAS EXCERCISED THEIR OPTION TO REDEEM ALL
AMOUNTS OUTSTANDING IN FULL IN ACCORDANCE WITH CONDITION 12(a) OF THE NOTES ON
19th FEBRUARY 2004.

PLEASE ADVISE YOUR NOTEHOLDERS IMMEDIATELY.