An edited version of AIB chairman Dermot Gleeson's speech to AIB's EGM

I am acutely aware of the anger and disappointment among shareholders and of the individual hardships brought about by the fall in our share price and the temporary cessation of dividend payments.

My intention is to allow as many people as possible to speak and to try and respond to your questions and comments as clearly as possible.

Before I open to comments and questions from the floor, I wish to say a few short words about the events of the past year.

Over the past 12 months, we have witnessed extraordinary volatility in financial markets and economies worldwide, the consequences of which are being felt by everyone, everywhere.

However, aside from the impacts of the world recession, decisions were made in Ireland and here in AIB which have compounded the effects of the worst economic downturn in living memory.

In common with the European and US banking systems, in common with our customers, Irish people and businesses, and in common with the Irish State, we believed the momentum in world economies, including Ireland, would continue for some time, and would slow gently, rather than abruptly. Regrettably, we were wrong in that view.

With hindsight I regret some of the lending decisions that were made, particularly in relation to property development here in Ireland.

Most of all, I regret the impact of those decisions on our shareholders, our customers, our staff, and on everyone else affected either directly or indirectly, and, on behalf of the bank, I apologise unreservedly to you for the anxiety and distress that shareholders have suffered.

I have decided to retire in July. In simple terms it's the correct thing to do. The shareholders and the other stakeholders in the bank are entitled to a clear signal of accountability.

There is a need for change.

With this recapitalisation we turn a page, open a new chapter.

The question has to be asked whether, in some alternative version of the last few years, AIB could have emerged unscathed from the international turmoil that has gripped the financial system of the whole western world?

Could we have avoided all the troubles? I'm afraid not.