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20th March 2006

Roly Alden to Retire as Managing Director of Bank of Ireland Offshore

Bank of Ireland has announced that Roly Alden, Chief Executive Officer of Bank of Ireland (I.O.M.) Limited, will be retiring at the end of the month, although he will continue to serve as a non-executive director of the company. Roly will be succeeded by Michael McKay, who was appointed Chief Operating Officer of Bank of Ireland (I.O.M.) Limited at the beginning of this year. Brendan Kerin, Head of Business and Retail Banking of the UK Financial Services Division of Bank of Ireland, has assumed the responsibility for the sales focus of the offshore business and will be working closely with Michael going forward.

Roly has spent over 38 years as a career banker with Barclays Bank, Royal Bank of Canada, and since 2000 with Bank of Ireland. During his time at the helm, Roly has successfully managed Bank of Ireland Offshore through a period of considerable change. The company has passed a number of significant milestones under his leadership, including the substantial re-engineering of the offshore operations, successfully adapting to major changes in global financial legislation, and achieving the prestigious “Investors in People Award” in 2003.

Bank of Ireland Offshore has established itself as a major player in the international financial services sector, managing assets in the region of £2bn and serving the needs of thousands of investors around the world. Roly’s contribution to the business was recognised at a lunch held at the Hilton Hotel in Douglas, Isle of Man, which was attended by a senior group director and a number of leading local business figures.

“I would like to express my gratitude to Roly for his years of dedication to Bank of Ireland Offshore, our customers and employees,” said Michael McKay, the new Chief Operating Officer. “I look forward to the challenges ahead in my new role and will work with our strong management team and employees in continuing to deliver on the things that matter most to our customers.”

Michael McKay has worked in the offshore finance industry in the Isle of Man, Jersey and Guernsey for nearly twenty years and is a qualified accountant. He joined the Bank of Ireland in 1999, was appointed Director in 2001, and for the past year has been heading up Bristol & West International, the Guernsey branch of Bank of Ireland (I.O.M.) Limited.

Roly responded, “As this chapter in my life draws to a close, I am delighted to be handing over the reigns to someone of Michael’s excellent personal and professional calibre, he has been a significant support to me. We are a tremendous company and I believe we are ready to make the transition to new leadership. I have been privileged to lead and direct a team that has accomplished so much during the past six years, and I believe we have taken the appropriate steps to position Bank of Ireland Offshore for continued growth, competitiveness and success in the future.’