BRISTOL AND WEST PERMANENT INTEREST-BEARING SHARES OFFER BY BANK OF IRELAND

That this House notes the offer of 20 pencein cash being made to small stakeholders by the Bank of Ireland for their erstwhile Bristol and West permanent interest-bearing share bonds; finds it unusual that the Irish Government's equity stake is being protected whilst smaller bondholders, some of whom paid over 2 each per bond, are expected to sell their bonds at a greater discount; finds it unfair that the smaller holders, who comprise over 97 per cent. of the register, are prevented from participating in the debt for equity offer at 40 pence; further notes that the scheduled meeting venue is too small to allow any reasonable number of bondholders to attend; and calls on the Bank of Ireland to withdraw the offer and reissue an offer which allows retail holders to fully participate and which has a meeting venue which is large enough for them to attend.