The auction, which will be on a bid-yield basis, will take place on Tuesday 24 January 2006 with a settlement date of Friday 27 January 2006. An additional €1.3 billion nominal of Notes will be allotted directly to the Bank of England. The Bank of England intends to sell €1 billion nominal of these Notes in a further auction taking the total amount on offer across the two auctions to €3 billion nominal; the expected date for the second auction is Tuesday 28 March 2006. The remaining €300 million nominal will be retained by the Bank of England and may be made available for sale and repurchase operations with the market makers for the Bank of England Euro Note programme. A copy of the auction notice published by the Bank is attached.