Silverware will need to be sold to raise capital

AIB chief executive Colm Doherty says lack of clarity about NAMA and the lack of clearance from the EU on the bank’s restructuring made it difficult for him to be precise about how he saw the bank’s future evolving.

He said while the first phase of NAMA transfers is likely to start in mid-March the bank does not know the final discount it will face on the more than €23 billion in loans being transferred to the bad bank.

Mr Doherty said the bank has several issues to address as it faces into a difficult year. Up to €4bn in fresh capital has to be raised, according to estimates, but he refused to put a figure on the amount.