Irish Life & Permanent PLC & COMIT Gruppe Implement State of the Art Asset and Liability Management System

DUBLIN, IRELAND – September 23rd 2002 – Irish Life & Permanent has completed implementation of a state-of-the-art Asset & Liability management system. The new system enables the bank to monitor and measure risk positions in the banking balance sheet of the group.

Richard Pike, Director of COMIT Gruppe (Ireland & UK) said "Irish Life & Permanent have been a client of ours for a number of years and we are very pleased to implement a new ALM system for them. These systems are traditionally slow and cumbersome so we brought some of our experience of scenario based risk systems to bear on this project. This means that the bank can easily create scenarios based on new business or different market rates and quickly see the results in terms of the balance sheet and P&L."

Irish Life & Permanent and COMIT Gruppe staff collaborated to outline the project. Having extensively documented the processes required to perform the required functionality, COMIT Gruppe generated a fixed price proposal for the system. This proposal guaranteed that the system was developed, according to the specification, at a fixed cost and was delivered on a set date, thus apportioning most of the project delivery risk to the COMIT Gruppe.

David Gantly, Group Treasurer of Irish Life & Permanent Plc said, "The starting point for risk management is the accurate and timely collection of data. We worked in partnership with COMIT and are very satisfied with the completed ALM system. COMIT successfully combined their technical know-how with a comprehensive understanding of the business issues we faced; they consistently delivered on schedule at a fixed price, which was critical for us in managing the business process. We would welcome the opportunity to work with COMIT in the future."

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