BANK OF IRELAND BUSINESS BANKING'S JOB INDEX RECORDS HIGHEST NUMBER OF RECRUITMENT ADVERTISEMENTS SINCE MARCH '02

19,681 recruitment advertisements were placed in the national daily and Sunday newspapers in September, according to Bank of Ireland Business Banking's job index published today (Sunday, 10th October 2004). This is the highest number of recruitment advertisements recorded since the job index began in March 2002.

The figure represents a 7% increase over September 2003 with the highest monthly increases in the IT/Tech (+52%), healthcare (+29%) and professional (+26%) sectors. There were also significant increases in the education (+23%) and retail (+16%) sectors.

Despite the overall increases, there have been some sectoral declines compared to September 2003, particularly in the financial (-26%) and manufacturing (-24%) sectors. The leisure sector (-10%) continued its downward trend while recruitment in the construction sector was also down (-6%).

On a quarterly basis, the Job Index shows an overall 2% increase (to 52,580) for the three months to September compared to the corresponding period last year. The findings show a significant increase in recruitment in the professional sector (+38%) and a recovery in the IT/Tech sector (+11%). Other sectors that have recorded increases over the period include healthcare (+9%), retail (+7%) and education (+2%). The most significant fall was in the financial sector (-41%) while manufacturing fell by 30%, leisure by 14% and a marginal decline in the construction sector of 2%.

Commenting on the findings of the Job Index, Mr. Cathal Muckian, Director, Bank of Ireland Business Banking said: "The findings of this month's Job Index and for the previous quarter are extremely positive for business. September saw the highest number of recruitment advertisements placed since March 2002, which is consistent with economic growth over the last two months. This growth is set to continue and it is feasible that we will reach a point where we will have to look toward the EU accession states to satisfy the demand for labour which will ensure that economic growth is maintained. Bank of Ireland Business Banking is already seeing the results of recent growth with 100 businesses around the country now receiving finance from us every day. This is set to continue into the future, with a healthy loan pipeline in place".

Dr Dan McLaughlin, Group Chief Economist, Bank of Ireland said, "Irish economic growth slowed somewhat in the second quarter of the year, to 4.1% from 6.1% in Q1, and the impact of this is visible in Business Banking's Job Index, with recruitment growth slowing over the summer months. The downward pressure on unemployment also slowed -the Live Register actually rose from May to July. The last two months has seen a renewal of the downward trend in the Register consistent with a pick up in growth and the pace of job creation, a perception given some support by the upturn in the September Job index. The global economy too appears to be re-accelerating after a soft patch in Q2, which augurs well for Irish employment in the latter months of 2004".

Anne Mathews
Media Relations Manager
Bank of Ireland Group
Tel: 01 6043836 / 087 2460358

Dermot Nolan
Head of Business Marketing
Bank of Ireland Business Banking
Tel: 01 604 3349 / 086-2429167

Bank of Ireland is the number one Bank for business in Ireland with dedicated business managers available through each of its 270 strong nationwide branch network. Bank of Ireland Business Banking now provides almost 100 business loans per day to all types of businesses ranging from start-ups to high-growth firms. The Bank of Ireland business offer encompasses the full range of day-to-day business banking services as well as specialist Treasury, Commercial Finance, Credit card, Life Assurance planning services and Venture Capital. These business services are complemented by Bank of Ireland's Specialist Business Bank (SBB), a dedicated unit which assists Bank of Ireland branches and customers with more complex and specialist financial packages. Over 60,000 customers have registered for its "Business On Line" service.