Bank of Ireland’s new governor today told angry shareholders he had confidence in the institution’s future and leadership.
Pat Molloy admitted the bank was learning some very expensive lessons but vowed to never repeat the mistakes that were made.
Several hundred shareholders attended the bank’s AGM in Dublin and raised concerns over its performance in the stock market.
The governor-designate said he was conscious of the losses they suffered and regretted the cancellation of the dividend, but claimed much had also been achieved towards stabilising the bank - primarily through the Government’s re-capitalisation scheme.
He said its main priorities were to support customers through difficult times and work with the National Asset Management Agency.
“I have no doubt that we face a difficult and demanding journey over the next few years but I am confident that we will succeed, as we have done in the face of past difficulties,” he added.
Earlier outgoing governor Richard Burrows told shareholders the bank was facing a difficult period, but was aiming to rebuild trust with stakeholders.
He said the last 12 months was a year of unprecedented dislocation which forced the bank to face and deal with many significant challenges.
“We expect the very difficult market conditions to continue throughout this financial year,” Mr Burrows warned.
“However, Bank of Ireland has inherently fine businesses and our objective during this difficult period is to maintain the stability of the bank so as to ensure our recovery, secure our future and rebuild value for our stockholders.”
Mr Burrows said the institution faced the future with determination and confidence based on its progress to stabilise the business.
“Our commitment is that we will face those challenges in the best interests of the recovery of the business, for all of its stakeholders.” he added.
PA