Problems at bank ‘can be resolved’

AIB’s new executive chairman David Hodgkinson has told shareholders the bank’s difficulties can be resolved, but warned tough challenges lie ahead.

Addressing yesterday’s extraordinary general meeting seeking the green light for the sale of AIB’s 22% holding in US lender M&T to raise €1 billion, the former HSBC senior banker said “while I know AIB’s problems are difficult, the difficulties can be overcome.”

Mr Hodgkinson disclosed yesterday he is being paid €500,000 annually, adding that his accommodation would also be taken care of by the bank.