ASX Announcement - National Irish Bank's Response to the High Court Inspectors' Report - 30 July 2004

The Director of Corporate Enforcement in Ireland today released the report of the High Court Inspectors into certain past business activities of the National Irish Bank (a wholly owned subsidiary of the National Australia Bank Limited).

National Irish Bank Chief Executive Don Price said the Bank had been working for more than six years to address the issues in the Report, cooperate with the investigation, develop reimbursement schemes and implement a wide ranging compliance program.

Mr Price said:  "The events under investigation go back a long time.  We have literally rebuilt National Irish Bank from the ground up.  It is now a very different organisation.

"While cooperating and working with the investigation, we also instigated a comprehensive change program and introduced new systems and controls, transforming how we operate as a business."

Since the High Court Inspectors' investigation commenced in 1998, the National Australia Bank Group has already paid or provided for costs of €64 million (approximately A$109 million) associated with its involvement in the investigation and the remediation programs implemented or proposed by the bank.  National Australia Bank does not expect any further material costs to result from these programs.

The High Court Inspectors' Report can be accessed on the website of the Office of the Director of Corporate Enforcement (www.odce.ie) and more detailed information on the response of National Irish Bank to this report is available on www.nib.ie.

For further information:

Brandon Phillips    
Group Manager      
Group Corporate Relations   

03 8641 3857 work    
0419 369 058 mobile    

Samantha Evans   
Group Communications Adviser

03 8641 4982 work
0404 883 509 mobile