Bank of Ireland Annual General Court 2006 Governor's Statement

Addressing the Annual General Court today (21 July 2006) Richard Burrows, Governor said: "In 2005/2006 Bank of Ireland Group achieved an improved performance and delivered strong returns for our stockholders.

"Underlying earnings per share increased by 16%. The total dividend recommended to stockholders today is 15% higher than last year. The improved performance is based on strong organic growth in our main markets, effective implementation of a clear business strategy and progress ahead of target on our cost reduction programme.

"Overall, the global economic and demographic backdrop provides a positive trading environment for the Group and we expect this to continue. In Ireland, strong economic growth, a growing population, significant job creation and rising incomes are the factors underpinning our confidence while the UK economy continues to grow and provides a significant business opportunity for the Group.

"Looking ahead, this continuing strength of the economies in our main markets, the improved growth in 2005/06, the growing benefits of a sustained period of investment in people and new capabilities, and significant progress on the implementation of our Strategic Transformation Programme give us confidence for the future.

"I am happy to report that we had a strong trading performance for the first quarter of our year and this confirms our confidence in the guidance we provided at our recent Preliminary results announcement. We expect to deliver low to mid-teens percentage earnings growth this year".

Finally, the Governor thanked Mary Redmond, Roy Bailie and Mike Hodgkinson for their commitment to the work of the Court and its committees. All three retire from the Court at the end of today's meeting. Mary and Roy have served as Directors since 1994 and 1999 respectively and Mike Hodgkinson was appointed to the Court in 2004 in his capacity as Chairman of the Post Office Ltd in the UK.

End

Contact:

Dan Loughrey,
Head of Group Corporate Communications
Tel:00 353 1 604 3833

Geraldine Deighan,
Head of Group Investor Relations
Tel:00 353 1 604 3501