Global Credit Research
Rating Action
29 MAR 2004
Rating Action: Anglo Irish Bank Corporation Plc
MOODY'S UPGRADES TO A2 / P-1 / C+ FROM A3 / P-2 / C THE RATINGS OF ANGLO IRISH BANK CORPORATION PLC (REPUBLIC OF IRELAND).

London, 29 March 2004 -- Moody's Investors Service upgraded to A2 / P-1 from A3 / P-2 and to C+ from C the long term, short term and financial strength rating of Anglo Irish Bank Corporation plc (AIBC). The ratings had a positive outlook prior to the upgrade. The upgrade reflects the growth in the bank's franchise plus its continuing solid profitability which is built on strong operating efficiency levels and excellent asset quality. The new ratings have a stable outlook.

The upgrade takes account of the AIBC's on-going success in maintaining and indeed growing its position within the highly competitive Irish and UK commercial property lending markets. Importantly this growth has not been at the expense of asset quality which remains good, built as it is on precise underwriting standards. In particular we note that AIBC's lending for investment property lending is on pre-let properties and that its exposure to larger high profile properties is limited. Further most loans are secured on a portfolio of property cashflows.

Moody's commented that AIBC does not have a retail branch network, but the bank has continued to strengthen its funding profile. It has grown its share of Irish retail and personal deposits, as well as retail deposits in the Isle of Man, Austria and Geneva. In addition a large proportion of the bank's corporate deposits as "sticky deposits" as they are from Irish-based credit unions, charities, small and medium sized companies, and professionals. This is another factor underpinning the upgrade.

Anglo Irish Bank Corporation plc, headquartered in Dublin, Republic of Ireland, had total assets of Euro25.4 billion as of October 2003.
London
Samuel S. Theodore
Managing Director
Financial Institutions Group
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454
London
Edward Vincent
Vice President - Senior Analyst
Financial Institutions Group
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456 SUBSCRIBERS: 44 20 7772 5454 �

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30 March 2004