BRISTOL AND WEST BOND-HOLDERS

That this House notes that English investors who took out Bristol andWest permanent interest-bearing shares did so inthe belief that these shares wouldbe treated underEnglish law; regrets that the Irish government is considering applying for a court order from the courts in Irelandwhich would reduce payments for bond-holders in orderto increase the equity capital of the Bank of Ireland in which it holds 15 per cent. of the shares, when theBank of Ireland, is, according to the Irish Government Finance Minister,already well capitalised; and calls on the Irish Government, in the interests offairnessto bond-holders, not to favour the interests of shareholders over bond-holders.