Allied Irish Banks plc News

INVESTORS in the two main Irish banks joined their counterparts in other European countries yesterday by shrugging off fears that a brewing financial crisis in Dubai could unhinge wider economic recovery prospects.

As any graduate of Alcoholics Anonymous knows, the first step to setting out on the proper path is admitting your weakness.

The creation of the Government's National Asset Management Agency won't have any immediate benefit for consumers borrowing money next year, the outgoing boss of Allied Irish Banks warned TDs and senators yesterday.

European shares weakened on Tuesday, with banks leading the decline after a report from ratings agency Standard & Poor's raised worries about capital levels in the sector.

President Mary McAleese has signed the legislation establishing the National Asset Management Agency , a "bad bank", allowing the government to start cleaning up banks' balance sheets.

Allied Irish Banks , which needs to raise billions of euro to bolster its capital reserves over the next few years, is continuing to be circled by Canadian Imperial Bank of Commerce , according to sources.

Embattled developer Liam Carroll 's 29.8pc stake in Irish Continental Group was placed on the market yesterday afternoon at 12.30 a share -- erasing fears that loans underpinning the stake would end up in the National Asset Management Agency .

THE musical chairs in and around Allied Irish Banks became clearer yesterday after it and the Government reached agreement on its new management appointees.

Allied Irish Banks has yet to reach agreement with the Government on the annual salary to be paid to Dan O'Connor who was named executive chairman of the bank yesterday in the long-awaited management reshuffle.

Allied Irish Banks raised its 2009 bad-debt forecast as losses on property loans increase.

THERE are two clear winners from this dispute: Allied Irish Banks and Finance Minister Brian Lenihan .

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ALLIED Irish Banks , chasing new markets following the collapse in demand for property lending, said yesterday that it will allow smaller companies to use its invoice discounting service.

DUBLIN: Ireland's 54bn 'bad bank' will start transferring the biggest commercial property loans from banks from January onwards, Finance Minister Brian Lenihan said yesterday.

This release will be available on our website www.aibgroup.com/investorrelations. Group results for the year ending 31st December 2009 will be announced on 3rd March 2010.

Allied Irish Banks and the Department of Finance are close to agreeing that Colm Doherty , the bank's choice for chief executive, will carry the new title of managing director of the group, it has emerged.

Bank Zachodni, the Polish unit of Allied Irish Banks , reported a 6.7pc increase in net income in the third quarter, beating analysts' estimates of a profit decline, as lower costs offset higher provisions.

Negotiations to install Allied Irish Banks ' head of capital markets, Colm Doherty , as chief operating officer of the group leaves five key players in line to vie for his current role in charge of the lender's most profitable division.

ESB chairman, and former Allied Irish Banks chairman, Lochlann Quinn has emerged as a bondholder in Smart Telecom , the troubled telecommunications firm that is emerging from examinership.

Allied Irish Banks and Bank of Ireland may try to raise fresh capital in the first half of 2010 and avoid becoming majority owned by the state, according to the head of a group representing the country's biggest investors.