Bank of Ireland welcomes Budget announcement on extension of Guarantee and setting up of National Asset Management Agency

Bank of Ireland welcomes the initiatives announced by the Minister for Finance in the Budget speech today concerning the extension of the Government Guarantee of certain liabilities of Irish Banks and to set up a National Asset Management Agency, to be run by the NTMA, which will be involved in the management of land, property development and associated loans of Irish Banks.

On March 31 2009 Bank of Ireland announced that it had received an investment of €3.5billion in Core Tier 1 capital from the National Pension Reserve Fund following an extensive and detailed due diligence by the NPRF and its advisers.

Bank of Ireland will actively engage with the NTMA and the Government to explore how these initiatives will apply to Bank of Ireland and assist in continuing to support customers, aiding economic recovery and, over time, rebuilding value for stockholders.

Ends

07 April 2009