FCE Bank PLC

As Agent Bank, please be advised of the following rate determined on: 26-Jan-2004

Issue               : FCE Bank PLC - Series 137
                      EUR75,000,000 (MTN) FRN due 28th July 2004
ISIN Number         : XS0100175214
Issue Nomin     EUR : 75,000,000.00
Period              : 28-Jan-2004 to 28-Apr-2004          Payment Date 28-Apr-2004
Number of Days      : 91
Rate                : 2.249
Denomination    EU  : 75,000,000.00

Amount Payable 
per Denomination    : 426,372.92

Institutional       Telephone   44(0) 1202 34 1286
Trust Services      Facsimile   44(0) 1202 34 7438