FCE Bank PLC

As Agent Bank, please be advised of the following rate determined on: 23-Dec-2003

Issue               : FCE Bank Plc - Series AM
                      EUR 850,000,000(MTN) FRN Due 28 June 2006
ISIN Number         : XS0131626896
Issue Nomin     EUR : 850,000,000.00
Period              : 29-Dec-2003 to 29-March-2004          Payment Date 29-March-2004
Number of Days      : 91
Rate                : 2.542
Denomination    EUR : 1,000.00     10,000.00    100,000.00

Amount Payable 
per Denomination    : 6.43         64.26        642.56 

Institutional       Telephone   44(0) 1202 34 1286
Trust Services      Facsimile   44(0) 1202 34 7438