FIRE Finance Ireland

RNS Number:5466O
Finance Ireland PLC
22 February 2008


22 February 2008

                 FINANCE IRELAND PLC ("FIRE" or "the Company")
                                 Trading Update


Due to the ongoing difficulties in the wholesale banking and mortgage
securitisation markets, FIRE announces the temporary withdrawal of its Lifetime
Mortgage products from the Irish market as from today's date.

Demand for the Company's Lifetime Mortgage products remains very strong,
however, due to the unavailability of reasonably priced wholesale funding, the
Board of the Company has temporarily withdrawn its Lifetime Mortgage products.
The Company continues to manage its existing mortgage and reversionary asset
portfolios and will honour all existing loan offers in issue.

The Company is seeking to re-commence the writing of new business for its
Lifetime Mortgage products once the wholesale banking market stabilises. The
Company will continue to have sufficient financial resources to operate its
current business. The Company will be announcing its audited full year results
for the year ended 31 December 2007 in early April 2008, and a further update
will be provided in that announcement.

Speaking today, Billy Kane, Chairman, said: "We're very comfortable with the
quality of both our reversionary asset and loan portfolios developed over the
last number of years. At a time when credit markets are all but closed it just
does not make financial sense for a niche player like ourselves to continue to
fund new lending. In that context, we believe the best approach is to
temporarily withdraw our offering from the market. This of course has absolutely
no impact on our existing customers. We expect to be in a position to
reintroduce the products - for which there is now a proven demand - when normal
credit conditions return."

Enquiries:

Billy Kane, Chairman
Finance Ireland Plc                       Tel: +353 1 634 7800

Sunil Sanikop
Alex Stanbury
Dawnay, Day Corporate Finance Limited     Tel: +44 (0)207 509 4570

Ray Gordon
MRPA KINMAN Communications                Tel: +353 1 678 8330 / 087 241 7373




                      This information is provided by RNS
            The company news service from the London Stock Exchange

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