Bank of Ireland announces new divisional restructuring

Bank of Ireland today (Monday 18 September 2006) announced the formation of a Capital Markets Division incorporating the present Wholesale Financial Services and the Asset Management Services operating divisions. This new alignment provides a strategic coherence for a number of the main growth businesses in the Group and reflects the objective of growing the Bank's skill-based businesses internationally.

Denis Donovan, currently Chief Executive of the Wholesale Financial Services Division, becomes Chief Executive of the new Capital Markets Division. Kevin Dolan, Chief Executive of Asset Management Services, having refocused this business by broadening the portfolio into the alternative asset classes with a number of key acquisitions, is returning to London to rejoin his family.

Making the announcement, Group Chief Executive Brian Goggin said: "Creating a Capital Markets Division is a logical strategic development of our ambitious international growth strategy. The major businesses contained in the new Capital Markets Division operate in most of the Bank's markets and require a common range of specialist skills. This structure provides the coherence and strategic focus necessary to ensure we capitalise on the investment we have made in talent development in this area over recent years."

"Denis Donovan brings the experience, energy and reputation for delivery to drive the Capital Markets Division forward. I am confident that his leadership will help realise our growth objectives in the international arena. I would like to sincerely thank Kevin Dolan for his contribution to the development of our Asset Management business over the past two years and I wish him well in his future business endeavours."

Denis Donovan has been Chief Executive of the Wholesale Financial Services Division since April 2003. From 1999 to 2003, Denis was CEO of Bank of Ireland Global Markets, with responsibility for Bank of Ireland's treasury, offshore and international banking operations. Prior to moving to Global Markets, Denis was Chief Operating Officer - International in Bank of Ireland Asset Management and played a pivotal role over 14 years in developing BIAM's international business.

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Contact:
Dan Loughrey, Head of Group Corporate Communications - 00 353 1 604 3833 Geraldine Deighan, Head of Group Investor Relations - 00 353 1 604 3501