RNS NO 8933K
DEPFA-BANK EUROPE PLC

FROM 12/2/98

164) ITL 20,000,000,000  STEP-DOWN INSTRUMENTS DUE 18/2/04

FULLY PAID

(REPRESENTED BY NOTES TO BEARER OF ITL 5,000,000 EACH

IP 92.90%

ISSUER CLIFFORD CHANCE


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

END


PS FCDCDPDKDQBD
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