ASX Announcement - National Completes Sale of Irish Banks - 1 March 2005

The National today announced the completion of the sale of Northern Bank and National Irish Bank to Danske Bank.

The purchase was subject to certain conditions, which included obtaining certain regulator consents.  These conditions have been satisfied and completion occurred on terms consistent with the original sale announcement on 14 December 2004.

The banks were sold for A$2.5 billion, generating a profit on sale of approximately A$1.1 billion.  As a result of the sale, the National's Adjusted Common Equity capital will increase by approximately A$1.8 billion.

Transitional services will be provided by the National to Danske in respect of the Northern Bank and National Irish Bank operations to assist in the smooth transition of ownership of those businesses.  These transitional services will be provided at cost and are expected to be in place for up to 18 months.

For further information:

Brandon Phillips
Group Manager, Group Corporate Relations
03 8641 3857 work
0419 369 058 mobile 

Samantha Evans
Group Communications Adviser, Group Corporate Relations
03 8641 4982 work
0404 883 509 mobile

Callum Davidson
Head of Group Investor Relations
03 8641 4964 work
0411 117 984 mobile 

Hany Messieh
Manager, Investor Relations
03 8641 2312 work
0414 446 876 mobile