IPM Irish Life&P.Gp

RNS Number:5034V
Irish Life & Permanent PLC
25 April 2007


Not for distribution to any U.S. person or in or into the United States or to
any person located or resident in the Republic of Italy (see "Offer and
Distribution Restrictions" below).


25 April 2007


             IRISH LIFE & PERMANENT PLC ANNOUNCES NEW ISSUE SPREAD


Irish Life & Permanent plc (the "Company") today announces the New Issue Spread
for its Exchange Offer for any or all of its Euro500 million 6.25% Subordinated
Notes due 2011 for new Euro denominated Fixed/Floating Rate Step-Up Callable
Subordinated Notes due 2017 (subject to the offer restrictions referred to in
"Offer and Distribution Restrictions" below). The final New Issue Spread is set
at 30bp over the 5 Year Mid-Swap Rate. Capitalised terms used and not otherwise
defined in this announcement have the meaning given in the Exchange Offer
Memorandum dated 18 April 2007.

The Exchange Offer will expire at 4:00 p.m. London time on 2 May 2007 and
pricing will occur at or around 10:00 a.m. London time on 4 May 2007. Settlement
is expected to be on 9 May 2007.

The Minimum New Issue Size is Euro300 million. Eligible holders of the Existing
Notes are advised to read carefully the Exchange Offer Memorandum for full
details of and information on the procedures for participating in the Exchange
Offer.

The Exchange Offer is not being made in the United States or Italy or to any
U.S. person or to any person located or resident in Italy and is also restricted
in other jurisdictions as more fully described below and in the Exchange offer
Memorandum.


Requests for information about the Exchange Offer should be directed to the:

                          Dealer Managers:

      Barclays Capital                Citigroup Global Markets Limited
   5 The North Colonnade                      Citigroup Centre
        Canary Wharf                            Canada Square
       London E14 4BB                           Canary Wharf
   Tel: +44 20 7773 8990                       London E14 5LB
 Attn: Liability Management                 Tel: +44 20 7986 8969
  Email: eu.lm@barcap.com             Attn: Liability Management Group
                               Email: liabilitymanagement.europe@citigroup.com


Requests for the Exchange Offer Memorandum should be directed to the:

                                Exchange Agent:

                                 Citibank, N.A.

                              Attn: Debt Exchanges

                             Tel: +44-20-7508-3867

                             Fax: +44-20-7508-3866

                       Email: exchange.gats@citigroup.com


A copy of the Exchange Offer Memorandum is available for inspection at the
Document Viewing Facility of the Financial Services Authority, 25 The North
Colonnade, London E14 5HS.


DISCLAIMER


No offer or invitation to acquire or exchange any securities is being made
pursuant to this announcement. Neither this announcement nor the Exchange Offer
Memorandum constitutes an invitation to participate in the Exchange Offer in any
jurisdiction in which, or to or from any person to or from whom, it is unlawful
to make such invitation under applicable securities laws and offers of Existing
Notes for exchange pursuant to the Exchange Offer will not be accepted from
Noteholders in any jurisdiction where such invitation is unlawful.


This announcement must be read in conjunction with the Exchange Offer Memorandum
which has been prepared by the Company in relation to the Exchange Offer. This
announcement and the Exchange Offer Memorandum contain important information
which should be read carefully before any decision is made with respect to the
Exchange Offer. If any Noteholder is in any doubt as to the action it should
take, it is recommended to seek its own financial advice, including in respect
of any tax consequences, immediately from its stockbroker, bank manager,
solicitor, accountant or other independent financial adviser. Any individual or
company whose Existing Notes are held on its behalf by a broker, dealer, bank,
custodian, trust company or other nominee must contact such entity if it wishes
to offer Existing Notes for exchange pursuant to the Exchange Offer. None of the
Company, the Dealer Managers or the Exchange Agent make any recommendation as to
whether holders of Existing Notes should offer Existing Notes for exchange.


The distribution of this announcement and the Exchange Offer Memorandum in
certain jurisdictions may be restricted by law. Persons into whose possession
this announcement and/or the Exchange Offer Memorandum comes are required by
each of the Company, the Dealer Managers and the Exchange Agent to inform
themselves about, and to observe, any such restrictions.


OFFER AND DISTRIBUTION RESTRICTIONS

United States

This announcement and the Exchange Offer is not being made and will not be made
directly or indirectly in or into, or by use of the mails of, or by any means or
instrumentality of interstate or foreign commerce of, or any facilities of a
national securities exchange of, the United States. This includes, but is not
limited to, facsimile transmission, electronic mail, telex, telephone and the
Internet. Accordingly, copies of this announcement, the Exchange Offer
Memorandum and any other documents or materials relating to the Exchange Offer
are not being, and must not be, directly or indirectly mailed or otherwise
transmitted, distributed or forwarded in or into the United States and Existing
Notes cannot be offered for exchange in the Exchange Offer by any such use,
means, instruments or facilities or from within the United States. Any purported
offer of Existing Notes for exchange resulting directly or indirectly from a
violation of these restrictions will be invalid and offers of Existing Notes for
exchange made by a person located in the United States or any agent, fiduciary
or other intermediary acting on a non-discretionary basis for a nominee giving
instructions from within the United States or any U.S. person (within the
meaning of Regulation S under the Securities Act) will not be accepted. The New
Notes and any Additional Notes have not been, and will not be, registered under
the Securities Act, or the securities laws of any state or other jurisdiction of
the United States, and may not be offered, sold or delivered, directly or
indirectly, in the United States or to, or for the account or benefit of, U.S.
persons.

Italy

This announcement and the Exchange Offer are not being made in the Republic of
Italy ("Italy"). The Exchange Offer, this announcement and the Exchange Offer
Memorandum have not been submitted to the clearance procedure of the Commissione
Nazionale per le Societa e la Borsa (CONSOB) or the Bank of Italy pursuant to
Italian laws and regulations. Accordingly, holders of Existing Notes are
notified that, to the extent such holders are located or resident in Italy, the
Exchange Offer is not available to them and they may not offer Existing Notes
for exchange in the Exchange Offer nor may the New Notes be offered, sold or
delivered in Italy and, as such, any Exchange Instruction received from or on
behalf of such persons shall be ineffective and void, and neither this
announcement, the Exchange Offer Memorandum or any other documents or materials
relating to the Exchange Offer, the Existing Notes or the New Notes may be
distributed or made available in Italy.

United Kingdom

The communication of this announcement, the Exchange Offer Memorandum and any
other documents or materials relating to the Exchange Offer is not being made
and such documents and/or materials have not been approved by an authorised
person for the purposes of section 21 of the Financial Services and Markets Act
2000. Accordingly, such documents and/or materials are not being distributed to,
and must not be passed on to, the general public in the United Kingdom. The
communication of such documents and/or materials as a financial promotion is
only being made to those persons in the United Kingdom falling within the
definition of investment professionals (as defined in Article 19(5) of the
Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the
"Order")) or persons who are within Article 43(2) of the Order or any other
persons to whom it may otherwise lawfully be made under the Order.

Other

The Exchange Offer is subject to futher offer and distribution restrictions in,
amongst other countries, France, Belgium and Switzerland as more fully set out
in the Exchange Offer Memorandum. The distribution of this announcement in those
jurisdictions is restricted by the laws of such jurisdictions. No action has
been or will be taken in any jurisdiction in relation to the Exchange Offer that
would permit a public offering of securities.



                      This information is provided by RNS
            The company news service from the London Stock Exchange

END
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