SCHEDULE 11                                  

HEADLINE: NOTIFICATION OF INTERESTS OF DIRECTORS
AND CONNECTED PERSONS

1) Name of company

INVESCO RECOVERY TRUST 2005 PLC

2) Name of director

THE RT. HON. THE LORD MICHAEL NASEBY

3) Please state whether notification indicates that it is in respect of holding
of the shareholder named in 2 above or in respect of a non-beneficial interest
or in the case of an individual holder if it is a holding of that person's
spouse or children under the age of 18 or in respect of a non-beneficial
interest

NOTIFICATION IS IN RESPECT OF THE DIRECTOR NAMED IN 2 ABOVE

4) Name of the registered holder(s) and, if more than one holder, the number of
shares held by each of them (if notified)

NOT KNOWN

5) Please state whether notification relates to a person(s) connected with the
Director named in 2 above and identify the connected person(s)

N/A

6) Please state the nature of the transaction. For PEP transactions please
indicate whether general/single co PEP and if discretionary/non discretionary

NOT KNOWN

7) Number of shares/amount of stock acquired

7000

8) Percentage of issued class

0.04%

9) Number of shares/amount of stock disposed

N/A

10) Percentage of issued class

N/A

11) Class of security

Ordinary Shares

12) Price per share

38.50p

13) Date of transaction

17 MARCH 2003

14) Date company informed

26 MARCH 2003

15) Total holding following this notification

14,000

16) Total percentage holding of issued class following this notification

0.081%

If a director has been granted options by the company please complete the

following boxes

17) Date of grant

N/A

18) Period during which or date on which exercisable

N/A

19) Total amount paid (if any) for grant of the option

N/A

20) Description of shares or debentures involved: class, number

N/A

21) Exercise price (if fixed at time of grant) or indication that price is to
be fixed at time of exercise

N/A

22) Total number of shares or debentures over which options held following this
notification

N/A

23) Any additional information

24) Name of contact and telephone number for queries

JO MILNER

020 7065 3691

25) Name and signature of authorised company official responsible for making
this notification

KARINA BRYANT

FOR INVESCO ASSET MANAGEMENT LIMITED - SECRETARIES

Date of Notification

26 MARCH 2003



END