Yes definitely a colour ring of the sort commonly used for science as opposed to hoop-like falconers' rings. Peregrine projects using a blue ring with white letters include projects in England, Ireland and Spain. The original uncompressed photo will almost definitely show the code up clearly, and could be reported to the matching project out of these five candidates (blue ring, left leg, white code):
http://www.cr-birding.org/node/3071 (England)
http://www.cr-birding.org/node/3684 (Ireland)
http://www.cr-birding.org/node/3713 (Spain)
http://www.cr-birding.org/node/3712 (Spain)
http://www.cr-birding.org/node/3739 (Poland)
Eds: this is a black on blue ring, part of Ed Drewitt's scheme (node 3071 as above), used in a variety of places in SW & W of England.
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