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To: Johnny Canuck who wrote (45116)	11/5/2008 2:56:05 AM
From: Johnny Canuck	Read Replies (1) \| Respond to of 71378

2:50AM Allied Irish Banks cuts earnings target (UK:ALBK, AIB) by Simon Kennedy LONDON (MarketWatch) -- Allied Irish Banks (UK:ALBK)(AIB) on Wednesday cut its earnings target for the year to around 1.20 euros per share from a range of 1.85 euros to 1.90 euros given in July, citing rising bad debt charges, higher funding costs and the likely cost of the Irish government's deposit guarantee scheme. The bank said deterioration in its Irish residential loan book was the main driver behind a revised bad debt charge of 0.75 percentage points of average loans in 2008. The group said its funding position remains strong, but the increased cost of wholesale funding is expected to be around 200 million euros above the level paid in 2007. For 2009 the group said it expects total bad debt provision in the range of 0.9% to 1.1% of average loans. The bank said it is targeting a 7% core Tier 1 ratio over time and a ratio of around 6% at the end of 2008. This target assumes no final cash dividend is paid.