The tracker bond is a combination of an optional one-year premium fixed rate deposit, offering 6% gross p.a. and a 5 year, 11 month tracker. The bank says the deposit element allows emergency access of up to 10% of the investment or 6,349 euros, whichever is the larger amount. The minimum investment is 5,000 euros and the maximum is 250,000 euros.

There is no upper limit on the potential return of the tracker element of the product and it offers the flexibility to invest 100% of total funds or a minimum of 75%. The tracker is to be be spread equally over the FTSE 100, NIKKEI 225, SMI and the S&P 500. According to the bank investors will benefit from 65% of the growth of these indices over the first 6 months and last 12 months of the investment which is intended to protect them against a short-term drop in markets both at the outset and as the investment nears maturity.

Gareth McQuillan, Head of Marketing, Bank of Ireland Savings and Investments comments: "This product is designed to offer customers total peace of mind in that their investment is secure."

"Customers have the added attraction of access to the potential benefits of stock market growth through the tracker element, while still retaining flexibility and access to their funds after 1 year under the deposit element," McQuillan continues, adding: "This avoids customers having to tie all their money up for the full 5 year, 11 month term while paying them a very attractive rate of interest on the deposit element."

"The product also legislates for those unforeseen financial circumstances or needs that customers can face by allowing emergency access to up to 10% of the deposit at no charge," explained McQuillan.