AIB can raise 'significant' amount of €7bn needed by sale of overseas assets

AIB can raise a "very significant" proportion of the €7bn it needs by the end of the year from selling its US, Polish and UK divisions.

The bank's chairman Dan O'Connor today told shareholders at its annual general meeting in Dublin that the rise in value of the three subsidiaries will help minimise the amount of money it has to source from taxpayers.

Mr O'Connor apologised to shareholders, staff and to taxpayers for the reckless lending which has brought the bank to the brink of nationalisation.

But he said efforts are underway to minimise the amount of capital needed from the Government.

"We have time," Mr O'Connor said. "It is not a fire sale."

Meanwhile the Irish Bank Officials' Association is to address the bank's board at the meeting for the first time in protest at AIB's decision to sell its UK division affecting 500 staff in the North.

IBOA general secretary Larry Broderick said the move will put the jobs under threat.