AIB confirms €10.4bn loss

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.

In his executive chairman’s statement within the report, David Hodgkinson said the financial performance of AIB in 2010 “was extremely poor though not unexpected given the events of the year and the continuing economic downturn”.

Nonetheless, despite that “poor performance” the report confirms the bank still paid out more than €4.3 million to executive and non executive directors and former directors.

Mr Hodgkinson himself came into the his executive chairman’s role on October 27, 2010 and was paid €101,000 over that year.

The €4.325m paid to the directors also included €2.7m to former executive director Colm Doherty, who resigned from that post in November 1 and retired from AIB on November 10.

His payments included a €432,000 salary, €953,000 in “payment on termination of contract” and €1.043m in pension contributions.

Donal Forde, who resigned as an executive director on May 13, 2009 and retired from AIB on August 10, 2010 received €420,000 as his remuneration from January 1, 2010 to the date of his retirement.

Mr Hodgkinson admitted AIB continues to face serious challenges and problems but added the bank “has taken the first steps on the road to recovery to a future as a stand-alone, independent bank”.