BoI's principal markets' growth above EU average

The Bank of Ireland has said that trading for the first three months of the year was 'satisfactory' despite uncertainty in the global economic and equity markets.

Governor Laurence Crowley said that the growth rate for the bank's two principal markets - Ireland and Britain - was expected to outstrip the EU average.

Crowley intimated that sales of life and pensions products remain difficult despite some improvement in stock market performance in the second quarter of 2003.

He also warned that the strengthening of the euro against sterling would have a negative effect on the translation of BOI's overseas earnings.

"We are confident that we can face these challenges and, based on stock markets and exchange rates remaining at current levels, we foresee a continued good performance in the current year," Crowley said.

He was speaking at the BOI's Annual General Court held in Dublin today.