UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 6-K Report of Foreign Private Issuer Pursuant to Rule 13a-16 or 15d-16 under the Securities Exchange Act of 1934 For the date of 28 February, 2006 ALLIED IRISH BANKS, public limited company Bankcentre, Ballsbridge, Dublin 4, Republic of Ireland Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F. Form 20-F..X... Form 40-F..... Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934. Yes ..... No ..X... If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82- ________ FOR IMMEDIATE RELEASE 28 February, 2006 ALLIED IRISH BANKS, p.l.c. - Euro denominated Covered Bond Allied Irish Banks, p.l.c. ("AIB") (NYSE:AIB) has mandated AIB Global Treasury, Barclays Capital, Deutsche Bank and Morgan Stanley to lead manage its upcoming inaugural benchmark Euro denominated ACS (covered bond) transaction. The transaction will have expected ratings of Aaa/AAA/AAA and will be launched following a European roadshow, subject to market conditions. Co-managers are Citigroup, DZ Bank, HVB, LBBW and UBS. FSA/ICMA stabilisation. -ENDS- For further information please contact: Duncan Farquhar Chief Dealer, Funding AIB Capital Markets I.F.S.C. Dublin 1 Tel: +353-1-6417811 Email: bond.issues@aib.ie Signatures Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorised. ALLIED IRISH BANKS, p.l.c. (Registrant) Date 28 February, 2006 By: ___________________ Gary Kennedy Group Director, Finance, Risk and Enterprise Technology Allied Irish Banks, p.l.c.