AIB shareholders to hold reorganisation meeting on November 3rd

Planned new structure aimed at affording taxpayers and depositors more protection

AIB said on Wednesday that the High Court, which must rubber stamp the restructuring, has ordered the bank to hold an egm on November 3rd on the matter.

AIB said on Wednesday that the High Court, which must rubber stamp the restructuring, has ordered the bank to hold an egm on November 3rd on the matter.

 

AIB will hold an extraordinary general meeting (egm) next month on its plans to undergo a restructuring aimed to meet new European rules on minimising future taxpayer bailouts.

The bank confirmed earlier this week that it plans to set up a holding company at the top of its corporate structure. This company will issue junior and senior debt in future that would be eligible to be “bailed in” in the event of a future crisis, while deposits would be held in an operating company below the holding company - giving them greater protection.

Equity investors, including the State, which continues to hold 71 per cent of AIB, will hold shares in the holding company.

AIB said on Wednesday that the High Court, which must rubber stamp the restructuring, has ordered the bank to hold an egm on November 3rd on the matter.

Goodbody Stockbrokers and Morgan Stanley are advising the bank on the reorganisation. Bank of Ireland underwent a similar restructuring during the summer.