Northern Ireland

NI businessman not seeking re-election to AIB board

The Northern Ireland business man Stephen Kingon will not seek re-election to the board of the troubled Allied Irish Banks.

Mr Kingon was appointed to his non-executive role in 2007.

Last week AIB announced an annual loss of £9.2bn.

The bank has been in increasing trouble since 2008 when the losses on its reckless property lending began to emerge.

Two other pre-crisis directors, David Pritchard and Anne Maher, are also leaving the board.

Last month, Mr Kingon announced he was to stand down from his role as chairman of Invest NI (INI) earlier than scheduled.

He said that was to allow his successor to oversee INI's new corporate plan which will run from 2011-2015.

In 2009 AIB paid Mr Kingon 109,000 euros (£96,000). It is not yet clear what he was paid in 2010.


In a statement the bank said: "The AIB Board currently includes three members who were appointed in 2007.

"In line with the bank's determination to focus on the future, these members have decided not to seek re-election to the Board at the 2011 Annual General Meeting.

"Although many changes have already taken place in the last two years, the board has decided that more change is required to enable the bank focus on the future."

AIB said it was making the announcement in the context of the Irish Banking Commission report.

That report, produced by Finnish banking expert Peter Nyberg, says the main reason for the banking crisis "was the unhindered expansion of the property bubble" financed by the banks borrowing on the international money markets.

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