SOURCE: Allied Irish Banks, p.l.c.

January 30, 2006 04:52 ET

AIB ANNOUNCES COMPLETION OF ARK LIFE TRANSACTION

DUBLIN 4, UK -- (MARKET WIRE) -- January 30, 2006 -- Allied Irish Banks, p.l.c. ("AIB") (NYSE: AIB) announced on 22 November 2005 that it had entered into a contract for a new bancassurance joint venture between Hibernian Life & Pensions Limited ("Hibernian Life & Pensions"), the third largest company in the Irish long-term savings market, and Ark Life Assurance Company Limited ("Ark Life"), the fourth largest, owned by Allied Irish Banks, p.l.c. ("AIB").

AIB today confirms the completion of this transaction, following the approval of the European Commission and the Financial Regulator.

Alan Kelly
Head of Group Investor Relations
AIB Group
Bankcentre
Dublin 4
Tel: +353-1-6412162

Catherine Burke
Head of Corporate Relations
AIB Group
Bankcentre
Dublin 4
Tel: +353-1-6413894

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