BRISTOL AND WEST BANK AND THE IRISH GOVERNMENT

That this House notes the recent offer of the Bank of Ireland to purchase the erstwhile Bristol and West Permanent Interest Bearing Shares; thanks the Bank for recognising the retail nature of this security and making an offer which is optional; further notes with concern that the Bank is indicating that the Irish Government may apply for an order in the Courts in the Republic of Ireland to change the contractual terms of the bonds in a manner which would be detrimental to the thousands of UK citizens who hold this bond which is now issued by a UK branch of the Bank of Ireland and overwhelmingly held by UK citizens; and requests the Irish Government to consult with the bond holders before taking such an unprecedented step given that over 80 per cent. of the Bank of Ireland's equity is held privately.