New Loan Agreement

21 June 2004

The Taverners Trust PLC ("the Company")

The Company is pleased to announce that it has arranged a three year £3,000,000
Bilateral Term Loan Agreement (the "New Loan Agreement") with Allied Irish Banks
PLC (the "Bank").  The Company's existing £2,500,000 Term Loan with the Bank has
been repaid today in accordance with the original agreement dated 21 June 1999
and £2,500,000 has been re-drawn under the terms of the New Loan Agreement with
the interest rate having been fixed by way of an interest rate swap at an all-in
rate of 6.41%.

A £500,000 revolving credit facility remains available for drawing by the
Company in the future under the terms of the New Loan Agreement.