Bank of Scotland (Ireland) is today launching Phoenix 1, a stock market linked deposit account which is a first for the bank in Ireland. Phoenix 1 enjoys the double benefit of 100% capital protection, and a 10% minimum return or 50% of any growth in the Dow Jones Euro Stoxx 50® index, whichever is higher.

Key features are:

• 100% capital protection at maturity
• 10% minimum return, or
• 50% of any growth in the Dow Jones Euro Stoxx 50® Index, whichever is higher
• No cap on potential returns
• Five year investment term
• Closing date 30th April 2009

The advantages of Phoenix 1 are three-fold: firstly, money on deposit with this account is 100% protected; secondly, there is a 10% minimum return (AER 1.9%); thirdly, above the minimum return, the investor will participate in 50% of any growth in the Dow Jones Euro Stoxx 50® with no caps or limits.

Commenting on the launch of Phoenix 1, Paul Martin, Head of Wealth Management in Bank of Scotland (Ireland), said: “We have a long history of providing innovative deposit, Payroll Services and investment products and this type of account is a first for us. In short, it’s a stock market investment with complete downside protection, a minimum return and uncapped potential growth in the Euro Stoxx 50® Index.”

Noel Griffin, Head of Group Deposits in Bank of Scotland (Ireland), added: “Our deposit customers are telling us they need capital security on their investments but they also want better returns as the ECB continues to cut rates. Phoenix 1 provides that and more. This will be the first in a series of deposit investment products that we intend to launch over the coming months.”

No withdrawals are permitted over the five year term and the minimum investment amount is €25,000 – there is no maximum investment amount. The closing date for investors is 30th April 2009 with the account maturing on 12th May 2014.