AIB will apply to the High Court to simplify its share capital structure, it told shareholders at an extraordinary general meeting (EGM) yesterday.

AIB chairman David Hodgkinson is confident that the bank will eventually pay back the full €20.8bn of taxpayers money used to rescue the bank.

Finance Minister Michael Noonan has told the chairman and board members of AIB ‘no bonuses for staff’ in a face to face meeting.

Even though AIB is still loss-making, it hopes to make a pre-provision profit in 2014, its chairman David Hodgkinson told shareholders at yesterday’s AGM.

If the Government offloads its stakes in Bank of Ireland and AIB, it will only do so for a price much higher than the value of €8bn by the National Pension Reserve Fund, said Finance Minister Michael Noonan.

AIB chairman David Hodgkinson and the finance minister’s Nama adviser Michael Geoghegan are heavily referenced in an investigation into HSBC’s concealing of Iranian banks transactions from American authorities.

Dramatic US Senate revelations about shadowy money laundering at HSBC bank have put the spotlight on two of the highest profile figures in the world of Irish finance — Michael Geoghegan, appointed by Finance Minister Michael Noonan as chairman of the Nama Advisory Group, and David Hodgkinson, chairman of AIB.

AIB is considering writing to former directors and asking them to voluntarily repay part of their pension entitlements.

As head of the Irish Bank Officials Association, Larry Broderick is charged with the unenviable task of negotiating the best deal possible for 2,500 AIB workers while keeping compulsory redundancies off the table, writes Kyran Fitzgerald

Shedding 2,000 jobs, restoring shaken morale, changing a disastrous culture and rebuilding the bank’s battered business are just some of the difficulties incoming AIB chief executive David Duffy will have to overcome, reports Kyran Fitzgerald

AIB HAS formally named David Duffy as its chief executive, confirming media speculation.

The new chief executive of bailed-out Allied Irish Banks (AIB) will earn the Government cap of half a million euro a year.

Ireland’s three biggest banks have told the Government they will not pass on the European drop in interest rates to tens of thousands of struggling mortgage holders.

The AIB Executive Chairman David Hodgkinson has said the European Central Bank interest rate cut will not be passed on to customers.

DAVID Duffy looks set to be named chief executive at AIB in the next week or so with speculation mounting over the weekend that the Government will ratify his appointment later this week.

THE acting head of AIB has said the bank could consider recommending to the Government that its new chief executive be paid nearly €200,000 more than the agreed €500,000 cap on bank executives pay.

AIB has said that it has not yet engaged in debt forgiveness for any mortgage holder, but would be keen to see the measure used in the future.

ALLIED IRISH BANK’S “culture was wrong and we are now setting down new principles for everyone in the bank from boardroom to branches” — the bank’s executive chairman David Hodgkinson told the Annual MacGill Summer School on Thursday.

A PAY czar should be appointed by the Government to set banker salaries and financial incentives should be created to attract new blood to the troubled industry, according to the head of Allied Irish Bank.

THE nationalisation of AIB has been approved by the bank’s shareholders, despite opposition from the floor at its EGM in Dublin yesterday.

The AIB executive chairman David Hodgkinson has said after today the board of the bank will no longer include members appointed prior to 2009.

AIB has released half year results showing profit before tax of €2.2bn to the end of June.

The head of a group representing bank workers said today that it "beggars belief" that AIB could look at offering their new chief executive more than the Government-imposed salary cap.

AIB is to reorganise itself into a single business in what the bank called the most challenging change programme it has ever undertaken.

AIB last night published its group annual financial report for 2010 which confirmed it made a loss after tax of €10.4bn on continuing operations.

AIB last night published its group annual financial report for 2010 which confirmed it made a loss after tax of €10.4 billion on continuing operations.

AIB management says the bank is on the road to recovery though it has reported an annual loss of €10.2 billion for 2010 and announced 2,000 job cuts.

A NEW chief executive should be in place at AIB within the next two to three months, the bank claimed yesterday.

The Irish Bank Officials Association has said its members will not tolerate any demand for compulsory redundancies at AIB, after the bank annunced planned job losses of 2,000.

AIB has confirmed it is to cut more than 2,000 jobs by the end of next year.

AIB’s shareholders offered the new executive chairman a pretty warm welcome yesterday as he officiated at the distressed bank’s egm to sanction the sale of its 22% stake in M&T, which was approved.

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

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

David Hodgkinson has today been appointed as interim chairman at AIB, subject to regulatory approval.

Bank of Ireland has announced the appointment of Sir Michael Hodgkinson, Chairman, Post Office Ltd to its Court of Directors.

A former chief executive of the British Airports Authority (BAA), Mike Hodgkinson, is expected to be announced as a director of the newly formed Dublin airport company this week.

A woman saved the life of a seven-year-old boy after she found the strength to free him from under a one-ton car and then gave him the kiss of life.

Saddam Hussein’s government is believed to have buried as many as 300,000 opponents in 263 mass graves that dot the Iraqi landscape, a human rights official in the US administration said today.

BAA says it expects passenger traffic to pick up later this year as the aviation industry emerges from the "toughest conditions for a decade".

The lingering impact of foot-and-mouth disease will mean that Britain’s major airports see only a small increase in passenger numbers this summer, operator BAA said today.