RNS No 0209h
ULSTER BANK FINANCE PLC


FROM: 18-09-97

33) JPY 500,000,000 STEP-UP CALLABLE NOTES DUE 18-09-02

FULLY PAID
(Represented by Notes to Bearer of JPY 10,000,000 each)

IP 100%

ISSUER: J P MORGAN


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

END
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