RNS Number:5649U
Anglo Irish Bank Corp PLC
23 January 2004


              Chairman's Address Annual General Meeting 23 January 2004

Good afternoon ladies and gentlemen. I would like to take this opportunity to
welcome you all to the 39th Annual General Meeting of Anglo Irish Bank
Corporation plc.

I will shortly put before you for consideration, the Directors Report and
Statutory Accounts for the year ended 30 September 2003. However, in advance of
doing so I wish to reflect on what has been another excellent year for the Bank.

2003 was the Bank's strongest year to date.  Pre-tax profits increased by 33% to
Euro346.5 million following record earnings in 2002.  These results were achieved
against the backdrop of moderate economic growth in our key markets.  The
performance underscores the strength of our focused business model.  Across a
range of key measures the Bank performed very strongly.  Financial highlights
for the year include:

*         Basic EPS rose by 34% to 78.03 cent
*         Dividends increased by 50% to 18.80 cent per share
*         Lending grew by 34% on a constant currency basis
*         Non inter-bank funding increased by 47% on a constant currency basis
*         Cost/income ratio: 29.3%
*         Return on equity: 31%
*         Tier one capital: 8.5%

I am sure that you will agree that all of the above clearly demonstrate the
quality of the Bank's performance in 2003 which brings the five-year compound
annual growth rate in earnings per share to 41% and extends to 18 years the
Bank's record of uninterrupted profit growth.

More importantly, this consistent performance has provided your Bank with an
excellent platform from which to deliver strong growth in 2004 and beyond.  As
Chairman of your Board, I am confident that the Bank will achieve this.


Business Lending

The Bank's earnings continue to be driven by its lending activities which
accounted for nearly 80% of total profits.  We continued to make significant
inroads into our target sectors and these have delivered a record Euro4.6 billion
of net new business in the year.  This clearly reflects the strength of our
franchise across our markets.

Loan balances in both of our core lending markets - Ireland and the UK - grew in
excess of 30%.  Boston continues to perform very strongly, albeit from a much
smaller base.  Total group lending exceeded Euro18 billion at 30 September 2003, an
increase of 34% over 2002 on a constant currency basis.  Margins continue to be
strong and asset quality, the cornerstone of year on year quality profit growth,
remains robust.


Treasury

The record growth in lending was complemented by a significant increase in
funding - the primary objective of our Treasury Division.  Excluding the impact
of currency movements, non inter-bank sources grew last year by Euro6.1 billion, an
increase of some 47% over 2002.  We continue to diversify our funding, thereby
enhancing overall quality.

Furthermore, the fees generated by our Treasury division, through the sale of
currency and interest rate products, provide a valuable and substantial source
of income to the Bank. Treasury has developed a successful, targeted and growing
franchise in each market in which it operates.


Wealth Management

We have also continued to invest in our Wealth Management division which
provides an excellent fit with the needs of our wide client base, generating a
very meaningful, low risk contribution to our profits.  The positioning and
strength of this business should enable it to take advantage of an improving
economic environment and strengthening equity markets in the coming period.

Our cost/income ratio remains below 30% - Euro70 of every Euro100 of incremental
revenues accrues to profit before bad debt provisions.  This demonstrates the
inherent strength of our business model which continues to generate significant
operational leverage and delivers superior returns.


Dividends

In recognition of the Bank's performance over recent years, our capital position
and our confidence for the future, the Board is on this occasion recommending
the establishment of a higher base from which to continue our progressive
dividend policy.    Accordingly, the Board recommends a final dividend of 13.93
cent per share, an increase of 67%.  This brings total dividends for the year to
18.80 cent per share, an increase of 50% over 2002.   Our dividend cover remains
strong at 4.2 times.


Strategy

Implementing our strategy has enabled the Bank to consistently deliver market
leading profit growth throughout the past 18 years.

A key element of our strategy remains our very clear focus.  We operate in
sectors and markets where our structure enables us to provide a tailored,
differentiated service.  We will continue to generate strong lending growth -
both in terms of volume and asset quality.  Income diversification will be
achieved through our growing Treasury and Wealth Management operations.  Most
importantly, the Bank's growth will be delivered with full regard for all issues
concerning risk.  The successful international application of our business model
is now well established.

Our strategy and objectives are based on organic growth.  We will continue to
look at acquisition opportunities as they arise but will only proceed with those
which match our long-term strategic objectives and meet the stringent criteria
we impose.


Outlook

Let me turn to 2004 and beyond and what I believe are the excellent prospects
available to your Bank.  The Board's confidence in the future was clearly
reflected in the proposed substantial increase in our final dividend.  I
reported to you in my recent Chairman's Statement on the promising start to the
current year highlighted by the significant work in progress of in excess of Euro3
billion, the highest level in the Bank's history.  I am very pleased to now
inform you that the Bank has enjoyed an excellent first quarter with profits
well up on the corresponding period last year and ahead of budget.

Lending activity has been strong and our pipeline has shown further growth.
Corporate treasury sales have been buoyant while Wealth Management fee income in
the period has also been pleasing.  Your Board is encouraged by the positive
initial performance achieved across all three divisions which points to a very
strong full year outturn for 2004.  Indeed, the strong lending activity to date
together with our current pipeline, given the term nature of our loan book, also
gives us real confidence in respect of the Bank's prospects for 2005.


Board

The Bank has been fortunate in attracting new talent to your Board over the
years and I was delighted to announce on Tuesday the Board's intention, subject
to regulatory approval from the Irish Financial Services Regulatory Authority
(IFSRA), to make two very welcome additional appointments.  Gary McGann will
join the Board as a Non-Executive Director.  Gary was appointed Chief Executive
Officer of the Jefferson Smurfit Group in November 2002 having previously held
various senior management positions in Irish industry in both the public and
private sector.

Tom Browne, who is a member of the Group's Strategic Management Board, will be
appointed to the Board as an Executive Director having first joined the Bank in
1990.  Tom currently leads the Bank's successful Wealth Management operations
having also played a pivotal role in the development of the Bank's lending
franchise as head of our Dublin Banking Division between 1997 and 2000.

I very much look forward to you both joining the Board.

I would also like to welcome our new Group Secretary, Bernard Daly, who took
over from his esteemed predecessor Ronan Murphy following his retirement in
2003.

Today also marks the occasion of the retirement from your Board of Peter Killen.
I know I speak on behalf of all my colleagues on the Board, and all those
connected with the Bank, when I say that it is difficult to overstate Peter's
contribution to the Bank during the past 22 years.  Peter was appointed to the
Board in 1989 and has been a key architect of the Bank's successful strategy,
both as Head of Banking and laterally as Head of Group Risk Management.  Peter,
you have been an outstanding colleague and I thank you sincerely on behalf of
the Board and all of our people for everything you have done in making Anglo
Irish Bank what it is today, and may we wish you every success and happiness in
your future.


People

Our success over the past several years and the reason for your Board's
confident vision for the future is based on our most important asset, our
people.  They have been the single most important ingredient in our success and
I thank them on behalf of all stakeholders.


Conclusion

May I conclude by reiterating our core objective - the creation of value for
you, our shareholders.



23 January 2004







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