Before putting the Directors Report and Statutory Accounts for the year ended September last to the meeting for adoption, I would like to make a few observations on the Bank’s performance.

I am sure you will agree that the results for the year were truly outstanding, particularly given the more challenging economic environment which prevailed. The headline figures speak for themselves:-

. Pre tax profit increased by 46% to 194.8 million Euro
. EPS increased by 41% to 41.92 cent per share
. Total assets grew by 4.7 billion Euro to an all time high of 15.7 billion Euro
. The cost/income ratio fell to a new low of 30%
. And the all important return on ordinary shareholders funds jumped to 31% for the year

This is the sixteenth consecutive year of record earnings and profit growth. Indeed, your Bank has now grown EPS at a compound annual growth rate of 35% over the last five years. Having passed the 15 billion Euro milestone in Total Assets on the balance sheet, the Bank has achieved a new plateau of financial strength. This was recognised during the year by Moodys, the ratings agency, when they raised the Bank’s credit rating to A3 – a significant development.

All of the Bank’s divisions contributed to these excellent results. They flow from both the core lending operations, and from our non-risk asset fee earning businesses. They were achieved without dilution of our margins while maintaining our stringent risk management standards. Indeed, a particular highlight of the year’s performance was the quality of the Loan Book coupled with the high level of provisioning which is a source of considerable comfort. It is satisfying that these positive results are being reflected in the share price.

The main driver of this growth continues to be the strong customer service focus in our clearly defined lending markets where the majority of our new business comes from existing customers. This is the real measure of customer satisfaction. The growth is also being driven by the development of strong recurring income flows from fee based businesses that did not exist five years ago. They now represent 18% of the Bank's total income.

Continued progress was made in the geographic diversification of the Bank’s business. The acquisition last April of Banque Marcuard Cook, the Geneva based Private Bank, was a further step in this process. About one third of the Bank’s profits are now being generated outside of Ireland – in the UK lending operation (which comprises almost 40% of our total loan book) and in our Continental European Private Banking businesses.

Turning to a matter very close to the heart of all ordinary shareholders here this afternoon – the dividend. It is proposed that the total dividend for the year be increased by 20% to 10.44 cent per share. By comparison with any of our peers, this is a strong level of increase but nonetheless leaves the dividend cover at a very prudent four times.

I would like to say a few words about our capital base. Capital is a critical issue for any Bank and particularly so for a growing Bank like Anglo. We now have a broad source of funding and I am particularly pleased to report that in the last year, capital resources grew by some 64% to 1.6 billion Euro.

In the past few days, we announced a 5% share placing. The proceeds from this, which amounted to €64 million, will further strengthen our Balance Sheet and leave us well placed to capitalise on future acquisition opportunities.

Looking forward, it is the Board’s view that the Bank’s proven strategy of providing dedicated bespoke banking services to niche markets will continue to be the driver of success. We are focused on engaging in businesses only where we can add value to clients and where those clients value the relationship with Anglo Irish Bank. This relationship business model has delivered record profit growth over the last sixteen years and is sustainable for the future.

In terms of current trading, I am pleased to report to shareholders that the year has started very robustly, with good levels of activity in all our key lending areas. Trading is well above the first three months of last year and is in line with our demanding targets. It is felt that Anglo’s unique relationship banking model will mitigate the worst effects of any downsides arising from the slowdown in the global economy. Accordingly, based on our year-to-date trading experience coupled with management’s assessment of the short-term outlook, your Board is confident of another strong performance in the current year.

This is a year of significant change at Board level. Billy McCann retired from the Board having concluded his term of office. I wish to thank him for his wise counsel and invaluable contribution.

Anton Stanzel, a well-known Austrian businessman with international credentials, joined our Board. Ned Sullivan also joined the Board recently and he comes with an outstanding international marketing background. I am confident that both gentlemen will make a great contribution to the Bank’s deliberations.

My own term of office ends today and I feel very privileged to have presided over the Board in what was a very dynamic and growth orientated period for the Bank. The incoming Chairman is Peter Murray, who has long involvement with the Board, and I wish him every success.

On your behalf, I would like to express our appreciation to the management and staff of the Bank for another excellent year.

Before turning to the various Resolutions, I will now open the meeting to the floor and invite you to ask any questions or make observations as you so wish. I, together with my Board colleagues, will endeavour to provide you with answers.