Ladies and gentlemen,

The financial year to 30 September 2001 covered a very important period in the development of the Bank.

In December the proposed change in the shareholders was announced. Since March the Bank has been operating as part of the larger and dynamic Anglo Irish Bank Group.

The weakness in financial markets presented major challenges. In comparison with the previous year, there were large falls in equity markets, a decline in investor confidence and lower levels of activity.

Our investment approach for client portfolios, which emphasises caution and protection, helped to mitigate the impact of falling markets. The quality of investment management contributed to the bank recording results which were strong relative to our peers in the industry.

We are optimistic looking forward despite the prevailing period of high uncertainty. There are signs that investors are looking beyond the risks surrounding the scale of the global economic slowdown and the aftermath of the terrible events of September 11th.

The bank has a strong foundation from which to take advantage of improving conditions. The successful investment management style, the well qualified and dedicated staff and the benefit of support from the Anglo Irish Bank Group will help us achieve strong returns in the coming year.

Yves Burrus
Chairman of the Board of Directors
November 2001

Annual Report Anglo Irish Bank (Suisse) S.A.
Annual Report 2001

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