RNS No 7984k
ULSTER BANK FINANCE PLC

FROM:               18.12.97

45) JPY 1,000,000,000 FIXED TO REVERSE FLOATING RATE 
CALLABLE NOTES DUE 17.12.04.    


FULLY PAID
(Represented by Notes to Bearer of JPY 100,000,000  each)

Issue Price:        100.40%        

Issuer:             J P MORGAN           

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

END




RC TRBIBLLJBBLR


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