Senior Appointment to Bank of Ireland Asset Management Investment Team

Bank of Ireland Asset Management (BIAM) today announced a senior appointment to its investment team.

Paul Boyne, who is currently a managing director with Morgan Stanley Investment Management in London, is joining BIAM as a Director* with specific responsibility for managing global equities. Paul will take up his new role early in the New Year.

Paul has been with Morgan Stanley since 1993 where he gained a wealth of investment experience. He is a senior member of the team that manages Morgan Stanley's USD5 billion global value equity portfolio. Prior to joining Morgan Stanley, he spent a number of years with Grant Thornton International, Chartered Accountants.

A native of Dublin, Paul is a graduate of the Michael Smurfit Graduate School of Business, UCD and a Fellow of the Association of Chartered Accountants. "BIAM has a significant global equity capability and I very much look forward to working with the team and making a positive contribution to the performance we achieve on behalf of clients," said Paul Boyne.

Commenting on today's announcement, Kevin Dolan, Chief Executive of BIAM said: "I am delighted that we have attracted someone of Paul's calibre to join Chris Reilly and the investment team. Paul brings with him a depth of investment knowledge, plus a proven track record, which I believe will add significant value to our investment process."

This announcement follows the appointment of Ivan Fox as a senior member of the investment team earlier this month.

*All board appointments are subject to IFSRA approval.

Ends.

December 21, 2004

For further information contact:

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

Bernadette Godley,
Bank of Ireland Asset Management
Tel:+353 1 637 8000