LORD Armstrong, the chairman of Bristol & West building society said he was very happy with the terms of the deal under which the society was being acquired by the Bank of Ireland. Speaking to The Irish Times after the meeting, he said he was looking forward to working with the bank.
On the criticism of the price achieved for Bristol & West, he said the board had "deliberated very hard". There was no point in adjourning the meeting to try for a better offer, he said, because there would not be one.
On the method chosen to distribute the payments to members, he said it was a matter of "judgement". The board of Bristol & West had decided to use a system that rewarded the loyalty and commitment of members to the society. "It is a fair and reasonable distribution" he insisted.
Bristol & West chief executive, Mr John Burke, said members had overwhelmingly accepted the board's recommendation on the Bank of Ireland deal. "It was enormously well supported. I am absolutely delighted" he said.
Responding to criticism from some members about the £600 million sterling price tag, he said the figure was public knowledge for a year and nobody else came forward with an alternative bid.
On the distribution of the payments to members, he said a flat (one equal payment to all qualifying members) distribution was heavily criticised when it was done by another building society. "We thought our method was fair and equitable and supported those members who supported us" he said.
For Bristol & West, the takeover would provide opportunities for growth and would protect employment, he said.
Bristol & West would retain its business, formed in 1850, branch network, its brand and its management structure, he said. "We are now poised for growth" he said.
