Bank of Ireland Global Markets' New Sterling and Euro Liquidity Funds Assigned Highest Moody's Ratings

Bank of Ireland Global Markets announced today Monday, 1 November that its two new liquidity funds, the Euro and Sterling funds, which were approved by IFSRA this week have been assigned AAA and MR1+ market ratings by Moody's Investors Service.

Mr. Mick Sweeney, Chief Executive of Bank of Ireland Global Markets said, "The success of our Liquidity funds in conjunction with our recent success managing the first International ACS (Asset Covered Securities) issue on behalf of Bank of Ireland Group, reflect Bank of Ireland Global Markets ambitious growth plans and reinforces our position as Ireland's number one treasury provider."

The ratings, follow the success of Bank of Ireland Global Markets, US Dollar Liquidity Fund, which was recently recognised as the top performing fund of its type worldwide by iMoneyNet (the leading market analysts in the money fund industry) and which outperformed 122 similar funds. The Euro and Sterling Liquidity Funds will triple the size of Bank of Ireland Global Markets liquidity funds under management to over USD2 billion by end 2005. The Funds will be targeted at existing and potential clients and are designed for multinationals, large Irish corporates, stockbrokers and financial institutions that hold a portion of their assets in cash deposits. The funds offer instant liquidity, and a higher yielding credit enhanced alternative to cash deposits.

"The money funds industry has experienced considerable growth over the last decade. Between Sterling, Euro and USD there is c.USD240 billion invested in 330 money market funds. We are capitalising on the growth of this industry. The Euro Liquidity Fund and Sterling Liquidity Fund are actively managed funds designed specifically to optimise returns from cash deposits while at the same time preserving capital. Their core added value is that they provide enhanced returns to corporates or institutions overall interest rate position by actively managing a section of assets that has traditionally been viewed as an administrative issue," Sweeney continued.

ENDS

1st November 2004

Anne Mathews
Media Relations Manager
Bank of Ireland Group
Tel:01 604 3836 / 087 2460358

Marie-Therese Culligan
Marketing Communications
Bank of Ireland Global Markets
Tel:01 609 3646

Profile of Bank of Ireland Global Markets

Bank of Ireland Global Markets is the number one treasury services provider in Ireland. Global Markets key offering is a comprehensive range of treasury and international banking services to Irish and international companies from its global headquarters in Dublin. Customers are provided with a single point of contact to handle all their treasury management needs from currency, interest rate and international trade risk management to treasury investment solutions and global payments. It has built up considerable expertise in risk management and has a reputation for innovation and price competitiveness in the marketplace. Bank of Ireland Global Markets' No. 1 position is recognised through award winning, including the iMoneyNet Offshore Money Fund Report (OMFR} Award for its US Dollar liquidity fund, the Irish Association of Corporate Treasurers (IACT), Euromoney and The Banker publications.