Bank of Ireland Group plc (the "Group")

Bank of Ireland commences share buyback programme

The Group today announces the commencement of a share buyback programme (the "programme") whereby it will repurchase ordinary shares of the Group (the "shares") for up to a maximum aggregate consideration of €50 million. On 28 February 2022, the Group announced its intention to commence the programme, subject to regulatory approval, which has now been obtained. The purpose of the programme is to reduce the Group's share capital in line with this announcement.

The Group has entered into a non-discretionary agreement with UBS AG ("UBS"), acting as principal, to conduct the programme and to repurchase shares on the Group's behalf and to make trading decisions under the programme independently of the Group in accordance with certain pre-set parameters.  

The programme will commence today, 6 April 2022, and end no later than 25 May 2022. The maximum number of shares that can be repurchased under the programme is 50,000,000 (based on the €1.00 per share minimum repurchase price under the Group's existing AGM authority). The shares will be repurchased on Euronext Dublin and will be cancelled. The programme is subject to customary early termination rights, including if termination is necessary to comply with ongoing capital requirements or if regulatory approval is withdrawn.

The programme will at all times be conducted in accordance with (and within the parameters prescribed by):

(i)     the Group's general authority to repurchase shares (which authorises the repurchase of up to 107,882,287 shares, being approximately 10% of the issued share capital of the Group), as approved by shareholders at the Group's AGM on 25 May 2021; and

(ii)       the Market Abuse Regulation (EU) No 596/2014 and the Commission Delegated Regulation (EU) No 2016/1052 (including as each of them forms part of retained EU law in the United Kingdom ("UK") from time to time, including, where relevant, pursuant to the UK's European Union (Withdrawal) Act 2018 and Market Abuse (Amendment) (EU Exit) Regulations 2019) as well as the applicable laws and regulations of Euronext Dublin and the UK Financial Conduct Authority.

Ends

For further information please contact:

Bank of Ireland

Mark Spain, Group Chief Financial Officer                                                       +353 (0)1 2508900 ext. 43291

Darach O'Leary, Head of Group Investor Relations                                         +353 (0)1 2508900 ext. 44711

Damien Garvey , Head of Group External Communications and Public Affairs +353 (0)86 8314435

Forward Looking Statement

This announcement contains forward-looking statements with respect to certain of Bank of Ireland Group plc ('BOIG plc') and its subsidiaries' (collectively the 'Group') plans and its current goals and expectations relating to its future financial condition and performance, the markets in which it operates and its future capital requirements. These forward-looking statements often can be identified by the fact that they do not relate only to historical or current facts. Generally, but not always, words such as 'may,' 'could,' 'should,' 'will,' 'expect,' 'intend,' 'estimate,' 'anticipate,' 'assume,' 'believe,' 'plan,' 'seek,' 'continue,' 'target,' 'goal,' 'would,' or their negative variations or similar expressions identify forward-looking statements, but their absence does not mean that a statement is not forward-looking.

Examples of forward-looking statements include, among others: statements regarding the Group's near term and longer term future  capital requirements and ratios, level of ownership by the Irish Government, loan to deposit ratios, expected impairment losses, the level of the Group's assets, the Group's financial position, future income, business strategy, projected costs, margins, future payment of dividends, the implementation of changes in respect of certain of the Group's pension schemes, estimates of capital expenditures, discussions with Irish, United Kingdom, European and other regulators and plans and objectives for future operations. Such forward-looking statements are inherently subject to risks and uncertainties, and hence actual results may differ materially from those expressed or implied by such forward-looking statements.

Nothing in this announcement should be considered to be a forecast of future profitability, dividends or financial position of the Group and none of the information in this announcement is or is intended to be a profit forecast, dividend forecast or profit estimate. Any forward-looking statement speaks only as at the date it is made. The Group does not undertake to release publicly any revision to these forward-looking statements to reflect events, circumstances or unanticipated events occurring after the date hereof.