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Echlin Chooses Bank of NY for Master Trust Services

9 July 1998

The Bank of New York Selected by Echlin Inc. to Provide Master Trust Services

    NEW YORK, July 9 -- The Bank of New York today announced that
Echlin Inc. has selected the Bank to provide them with Rabbi Trust master
trust services.
    Echlin Inc., headquartered in Branford, Connecticut is a leading producer
of quality automotive parts, with 28,000 employees and more than
140 operations spread over six continents.  Annual sales are $3.5 billion.
    Jon P. Leckerling, senior vice president of Echlin Inc. said, "Echlin
chose The Bank of New York both for its quality service reputation and because
it is the industry leader in these specialty trust relationships."
    Thomas P. Renyi, chairman and chief executive officer of The Bank of New
York stated, "We are delighted to have been chosen by Echlin Inc.  We believe
that our commitment to provide solutions for our investor and issuer clients
worldwide, through the use of leading edge technology and innovative services,
is the key to creating and maintaining important relationships."
    The Bank of New York was founded in 1784 by Alexander Hamilton and is the
nation's oldest bank operating under its original name.  It is the principal
subsidiary of The Bank of New York Company, Inc. .  With total
assets of $59 billion as of March 31, 1998, the Company provides a complete
range of banking and other financial services to corporations and individuals
worldwide through its basic businesses:  Securities Servicing and Cash
Processing; Corporate Banking; Asset Based Lending; Trust, Investment
Management and Private Banking; Retail Banking; and Financial Market Services.
Additional information on the Company is available at http://www.bankofny.com.