FCE Bank PLC

As Agent Bank, please be advised of the following rate determined on: 18-Dec-2003

Issue               : FCE Bank Plc - Series A1
                      USD 250,000,000 (MTN) FRN due 21 Mar 2006
ISIN Number         : XS0126309649
Issue Nomin     USD : 250,000,000.00
Period              : 22-Dec-2003 to 22-Mar-2004        Payment Date 22-Mar-2004
Number of Days      : 91
Rate                : 1.47
Denomination    US  : 1,000.00      10,000.00   100,000.00    

Amount Payable 
per Denomination    : 3.72          37.16       371.58

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