New AIB chairman says problems can be overcome

New AIB Executive Chairman David Hodgkinson has told shareholders the problems facing the bank are difficult but they can be overcome.

David Hodgkinson - who was appointed last week - told an AIB EGM held this morning that he wants to restore AIB to a leading force as both a business and an employer.

Meanwhile the bank's Managing Director Colm Doherty announced this morning he is stepping down from his post. It follows the resignation of Dan O'Connor as Chairman last month.

Shareholders attending this morning's Extraordinary General Meeting gave Mr Hodgkinson a positive welcome for the most part - a change from the previous scenes of outright anger.

The EGM was held to seek approval for the sale of bank's stake in US lender M&T.

The value of AIB shares are trading at 35c on the ISEQ Index - a far cry from the high of €23 per share.

And the new Executive Chairman is admitting the share value will never get back to where it once was.