BANK representatives have accepted the role of the various financial institutions in the banking crisis, but said that the resulting problems are already being addressed.

THE musical chairs in and around Allied Irish Banks became clearer yesterday after it and the Government reached agreement on its new management appointees.

AIB’S Eugene Sheehy became the fifth bank chief executive to step down since December in the latest clear-out at the banks. His successor faces a massive reduction in pay for the role, given the Government’s plans to cap salaries for chief executives at banks receiving state aid at €500,000.