Thursday, 14 May 2009

From Times Online
May 13, 2009

Allied Irish Bank chairman dodges egg attack

Egg-throwing protestor Gary Keogh from Blackrock is escorted from Ailled Irish Banks Headquarters in Ballsbridge Dublin

(Julien Behal/PA)

Egg-throwing protestor Gary Keogh from Blackrock is escorted from Ailled Irish Banks Headquarters in Ballsbridge Dublin

Tom Bawden

The frustration being felt by investors in Ireland’s troubled financial industry was given dramatic expression this morning as an angry shareholder pelted one of the country’s most senior bankers with eggs.

Dermot Gleeson, chairman of Allied Irish Bank (AIB), ducked to avoid the missiles after addressing an emergency meeting at its headquarters in Dublin. Gary Keogh, a pensioner and a shareholder in AIB, was removed from the building after throwing the eggs at Mr Gleeson at the end of his address to the meeting.

Mr Keogh, 66, from the Blackrock area of South Dublin, told the board: “For the past number of years we have been told to put our money into the banks – now we have no pensions. I have no pension. My pension now is wiped out because of AIB. I cannot sell the shares because they are useless.

He added: "The whole board should be replaced by Mickey Mouse and Donald Duck."

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Mr Keogh then became more angry and said: “If we didn’t live in a tolerant society, the chairman and the rest of the board would be hanging by their necks with piano wire out on the road.”

The meeting was convened to ratify a recapitalisation plan in which the Irish Government would inject €3.5 billion (£3.1 billion) into the bank in return for an 8 per cent annual dividend and 25 per cent stake in the group. The move would considerably dilute the ownership of the existing investors, who have already seen their shares fall by more than 80 per cent in the past year. The shares fell a further €0.14, or 13 per cent, to €0.89 this morning.

At the end of last month Mr Gleeson and Eugene Sheehy, AIB’s chief executive, announced plans to step down. Mr Gleeson will be replaced by Dan O’Connor, who joined the AIB board in 2007. A replacement for Mr O’Connor is expected to be found in the next few months.

The vote on AIB’s recapitalisation plan will be taken later in the meeting.

Clearly a new government agency is required here to check that any eggs thrown are in date, sized, graded and come from ethical source.

colin, wolverhampton, uk

The eggs were probably bought in ulster a lot cheaper than the two brians bankrupt country.

iancampbell, Glasgow, uk

sorry i misread Dan O' Conner as Des O'Conner. But really could Des do a worst job than the lot tahts being replaced?

Bill, nottingham,

Posted by Britannia Radio at 19:26