RNS Number:6974S
First Active PLC
01 December 2003


NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN, INTO OR
FROM UNITED STATES, AUSTRALIA, CANADA OR JAPAN


First Active plc

1 December 2003


     Recommended Acquisition of First Active plc by Ulster Bank Limited, a
        wholly-owned subsidiary of The Royal Bank of Scotland Group plc

by means of a Scheme of Arrangement under Section 201 of the Companies Act, 1963
of Ireland



               ifsra approval received and court hearing date set


First Active plc ('First Active' or the 'Company') announces that the Irish
Financial Services Regulatory Authority ('IFSRA') has given its approval in
respect of the Acquisition of the Company by Ulster Bank Limited.

First Active also announces that by order of the High Court on 1 December 2003,
the hearing of the petition to sanction the Scheme has been fixed for 15
December 2003 at 11.00 am (the "Court Hearing Date").

Subject to the sanction of the Scheme and confirmation of the reduction of
capital involved therein by the High Court on the Court Hearing Date and subject
to the satisfaction or waiver of all other conditions applicable to the
Acquisition, the Scheme is expected to become effective on 5 January 2004.


Expected Timetable of Principal Events


Event                                                                             Time and/or date

Date for Court Hearing (of the petition to
sanction the Scheme, including the proposed reduction of capital)*                11.00 am on 15 December 2003

Last day of dealings in First Active Shares *                                     2 January 2004

Scheme Record Time *                                                              6.00 pm on 2 January 2004

Effective Date of the Scheme *                                                    5 January 2004

Cancellation of listing by Irish Stock Exchange and UK Listing Authority and of
trading on Irish Stock Exchange and London Stock Exchange markets for listed
securities of First Active Shares*                                                5 January 2004

Payments credited to CREST accounts in respect of First Active Shares held in
uncertificated form (as appropriate)*                                             By 19 January 2004

Despatch of payment in respect of First Active Shares held in certificated form
(as appropriate)*                                                                 By 19 January 2004




* These dates and times are indicative only and will depend on, inter alia, the
date upon which the High Court sanctions the Scheme and confirms the reduction
of capital that forms part of the Scheme




Responsibility Statement

The directors of First Active accept responsibility for the information
contained in this announcement. To the best of the knowledge and belief of the
directors of First Active, the information contained in this announcement is in
accordance with the facts and does not omit anything likely to affect the import
of such information.


The directors of RBS accept responsibility for the information contained in this
announcement insofar as it relates to members of the RBS Group. To the best of
the knowledge and belief of the directors of RBS, the information contained in
this announcement for which they accept responsibility is in accordance with the
facts and does not omit anything likely to affect the import of such
information.




JPMorgan and Davy Corporate Finance are acting for First Active and no-one else
in connection with the Acquisition and will not be responsible to anyone other
than First Active for providing the protections afforded to clients of JPMorgan
and Davy Corporate Finance or for providing advice in relation to the
Acquisition.


Merrill Lynch is acting for RBS and no-one else in connection with the
Acquisition and will not be responsible to anyone other than RBS for providing
the protections afforded to clients of Merrill Lynch or for providing advice in
relation to the Acquisition.

Terms defined in the Scheme Circular have the same meaning in this announcement.




Enquiries:

JPMORGAN
Telephone: +44 20 7742 4000
Terence Eccles
Alexander Justham

DAVY CORPORATE FINANCE
Telephone: +353 1 679 6363
Hugh McCutcheon
Eugenee Mulhern

GIBNEY COMMUNICATIONS
Telephone: +353 1 661 0402
(PR Advisers to First Active)
Ita Gibney
Jamie Kennedy

THE ROYAL BANK OF SCOTLAND
Howard Moody (Press Enquiries)
Telephone: +44 131 523 2056
Richard O'Connor (Investor Relations)
Telephone: +44 20 7672 1758

MERRILL LYNCH
Telephone: +44 20 7628 1000
Matthew Greenburgh
Henrietta Baldock


END


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

ACQGGMGZKMFGFZM