Bank of Ireland Mortgage Bank Covered Bonds (ACS - Mortgages)

The Bank of Ireland Mortgage Bank ("BOIMB") Asset Covered Securities Programme was established in 2004 under the Irish Asset Covered Securities Act 2001 (as amended by, inter alia, the Asset Covered Securities (Amendment) Act 2007, the "Act") to issue up to €15 billion of ACS.  The Issuer is obligated to pay interest and principal on the ACS and in case of Issuer insolvency, the cover assets are available to repay principal and interest of the ACS subject to the Final Terms of each issue.