RNS No 1626j
DEPFA BANK EUROPE PLC


FROM:     31 DECEMBER 1997

ISSUER:   DEPFA BANK EUROPE PLC
          
154) ITL 15,000,000,000 STEP-DOWN INSTRUMENTS DUE 2ND OCTOBER 2004

FULLY PAID
(Represented by Instruments to Bearer of ITL 5,000,000     each)

(Registered)

IP:        100%

Issuer:    CLIFFORD CHANCE

A copy of the above is available for inspection from the Company
Announcements office of the Stock Exchange, London.

END



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