AIB chairman buys bank shares

AIB chairman Mr Lochlann Quinn has spent almost £1.25 million to nearly double his shareholding in the bank.

According to a disclosure to the Irish Stock Exchange, Mr Quinn bought 110,278 shares at €11.30 (£8.90) each and a further 30,000 shares at €11.25 (£8.86) on Wednesday. Mr Quinn now holds 300,000 shares worth €3.4 million at current prices.

Mr Quinn's move comes as the shares trade at their lowest level for the past year following a heavy sell-off on Wednesday as some investors showed unease at the revelations at the inquiry into non-resident accounts.

AIB shares have fallen from an €18.15 (£14.29) high earlier this year and dealers said Mr Quinn's buying had been seen in the market as an effort to reassure investors about the value of the shares.