<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>certs302.txt
<DESCRIPTION>302 CERTS
<TEXT>
         CERTIFICATION PURSUANT TO RULE 30A-2(A) UNDER THE 1940 ACT AND
                      SECTION 302 OF THE SARBANES-OXLEY ACT

I, Donald F. Crumrine, certify that:

1.            I have  reviewed  this  report on Form N-Q of  Flaherty & Crumrine
              Preferred Income Opportunity Fund Incorporated;

2.            Based on my  knowledge,  this  report  does not contain any untrue
              statement  of a  material  fact or omit to state a  material  fact
              necessary  to  make  the   statements   made,   in  light  of  the
              circumstances   under  which  such   statements   were  made,  not
              misleading with respect to the period covered by this report;

3.            Based on my knowledge,  the schedules of  investments  included in
              this  report   fairly   present  in  all  material   respects  the
              investments  of the registrant as of the end of the fiscal quarter
              for which the report is filed;

4.            The registrant's other certifying officer(s) and I are responsible
              for   establishing   and  maintaining   disclosure   controls  and
              procedures  (as  defined  in Rule  30a-3(c)  under the  Investment
              Company Act of 1940) and internal control over financial reporting
              (as defined in Rule 30a-3(d) under the  Investment  Company Act of
              1940) for the registrant and have:

                (a) Designed such disclosure controls and procedures,  or caused
                    such disclosure controls and procedures to be designed under
                    our   supervision,   to  ensure  that  material  information
                    relating  to  the  registrant,  including  its  consolidated
                    subsidiaries,  is  made  known  to us by others within those
                    entities,  particularly  during  the  period  in  which this
                    report is being prepared;

                (b) Designed such internal control  over financial reporting, or
                    caused such  internal control over financial reporting to be
                    designed   under  our  supervision,  to  provide  reasonable
                    assurance regarding the  reliability  of financial reporting
                    and the  preparation  of financial  statements  for external
                    purposes in  accordance  with generally  accepted accounting
                    principles;

                (c) Evaluated the effectiveness of the  registrant's  disclosure
                    controls and procedures and presented  in  this  report  our
                    conclusions   about  the  effectiveness  of  the  disclosure
                    controls and procedures,  as of a date  within 90 days prior
                    to the filing date of this report, based on such evaluation;
                    and

                (d) Disclosed in this report  any  change  in  the  registrant's
                    internal control  over  financial  reporting  that  occurred
                    during  the registrant's  most  recent  fiscal  quarter that
                    has  materially   affected,  or   is  reasonably  likely  to
                    materially  affect,  the registrant's  internal control over
                    financial reporting; and

<PAGE>

5.            The registrant's other certifying  officer(s) and I have disclosed
              to the  registrant's  auditors  and  the  audit  committee  of the
              registrant's   board  of  directors  (or  persons  performing  the
              equivalent functions):

                (a) All significant deficiencies and material weaknesses in  the
                    design or  operation  of  internal  control  over  financial
                    reporting  which are reasonably likely to  adversely  affect
                    the registrant's ability to record, process, summarize,  and
                    report financial information; and

                (b) Any   fraud,  whether  or    not  material,  that   involves
                    management or other employees who have a significant role in
                    the  registrant's internal control over financial reporting.


Date:  APRIL 18, 2005        /S/ DONALD F. CRUMRINE
      --------------------   ---------------------------------------------------
                             Donald F. Crumrine, Director, Chairman of the Board
                             and Chief Executive Officer
                             (principal executive officer)



<PAGE>



         CERTIFICATION PURSUANT TO RULE 30A-2(A) UNDER THE 1940 ACT AND
                      SECTION 302 OF THE SARBANES-OXLEY ACT

I, R. Eric Chadwick, certify that:

1.            I  have  reviewed  this  report on Form N-Q of Flaherty & Crumrine
              Preferred Income Opportunity Fund Incorporated;

2.            Based on my knowledge, this  report  does  not  contain any untrue
              statement of a material  fact or omit  to  state a  material  fact
              necessary   to   make   the   statements  made,  in  light  of the
              circumstances  under  which  such  statements   were    made,  not
              misleading with respect to the period covered by this report;

3.            Based  on  my  knowledge,  the  schedules of investments  included
              in this report  fairly  present  in  all   material   respects the
              investments  of the  registrant  as  of  the  end  of  the  fiscal
              quarter for which the report is filed;

4.            The    registrant's    other    certifying   officer(s) and I  are
              responsible    for    establishing   and  maintaining   disclosure
              controls and procedures (as defined   in  Rule  30a-3(c) under the
              Investment  Company  Act   of   1940) and  internal  control  over
              financial  reporting  (as defined   in Rule  30a-3(d)  under   the
              Investment Company Act of 1940) for the registrant and have:

                (a) Designed such disclosure controls and  procedures, or caused
                    such disclosure controls and procedures to be designed under
                    our   supervision,  to  ensure  that  material   information
                    relating  to  the  registrant,  including  its  consolidated
                    subsidiaries, is made known  to  us  by  others within those
                    entities, particularly  during  the  period  in  which  this
                    report is being prepared;

                (b) Designed such internal control over financial reporting,  or
                    caused such internal control over financial  reporting to be
                    designed  under  our   supervision, to  provide   reasonable
                    assurance regarding the reliability  of  financial reporting
                    and the  preparation  of  financial  statements for external
                    purposes  in  accordance  with generally accepted accounting
                    principles;

                (c) Evaluated the  effectiveness of the registrant's  disclosure
                    controls and procedures  and  presented  in this  report our
                    conclusions  about  the  effectiveness  of  the   disclosure
                    controls and  procedures, as of a date within 90 days  prior
                    to the filing date of this report, based on such evaluation;
                    and

                (d) Disclosed in this  report  any  change  in the  registrant's
                    internal  control  over  financial  reporting  that occurred
                    during the  registrant's most recent fiscal quarter that has
                    materially affected, or is  reasonably  likely to materially
                    affect,  the  registrant's internal control  over  financial
                    reporting; and

<PAGE>

5.            The   registrant's   other   certifying  officer(s)  and   I  have
              disclosed to the  registrant's auditors  and  the  audit committee
              of  the  registrant's  board  of  directors (or persons performing
              the equivalent functions):

                (a) All significant deficiencies and material  weaknesses in the
                    design  or  operation  of internal  control  over  financial
                    reporting which are reasonably  likely  to  adversely affect
                    the registrant's  ability to record, process, summarize, and
                    report financial information; and

                (b) Any fraud, whether or not material, that involves management
                    or  other  employees  who  have a significant  role  in  the
                    registrant's internal control over financial reporting.


Date:   APRIL 18, 2005                /S/ R. ERIC CHADWICK
      ----------------------------    ------------------------------------------
                                      R. Eric Chadwick, Chief Financial Officer,
                                      Treasurer, Vice President and Secretary
                                      (principal financial officer)

</TEXT>
</DOCUMENT>
