The magnetic properties of an exchange bias layer system are reported, composed of an antiferromagnetic 85 A IrMn layer and a ferromagnetic 150 A CoFe layer. An exchange field He of 43 Oe was determined by magneto-optic Kerr effect (MOKE). Measurements of the x-ray magnetic circular dichroism (XMCD) at the L2,3 edges of Mn and Co show local magnetic moments not only at the Co atoms in the ferromagnetic layer but also at the Mn atoms in the antiferromagnetic layer. The latter can be assigned to uncompensated spins at a part of the Mn atoms at the interface.