By issuing a trading statement prior to holding a series of briefings with analysts, AIB has gone some way to correcting a wrong that has existed. Up to now, analysts have been placed in a unique position - briefings, which are not available to the ordinary investors, have given them up-to-date information on the performance of companies.

How intimately companies brief analysts and stockbrokers can, of course, vary; sometimes a lot. That is amply demonstrated in the forecasts made in brokers reports. But some forecasts are remarkably close to the subsequently published figures. Indeed, one Irish broker's forecast had the exact pre-tax profit of a Northern Ireland company which recently announced its results. The broker was the company's broker.

That forecast, of course, could have been the result of unique analytical skills. But those put in knowledge of price sensitive information have to be particularly careful not to leave themselves open to charges of insider trading under part five of the Companies Act, 1999.

The Irish Association of Investment Managers (IAIM) has laid out guidelines on insider dealing which are quite specific:

Unpublished price sensitive information should not be made available to investors, analysts or potential investors in the course of company presentations or roadshows.

Equally, care should be taken that unpublished price sensitive information is not made available to investors/analysts during visits to company locations.

Stockbrokers and institutional investors should have internal authorisation procedures regarding participation by analysts in company visits organised by brokers or companies.

IAIM also notes that people in receipt of unpublished price sensitive information should not pass on the information. And a dealer within an investment house who has been given unpublished price sensitive information by an in-house researcher should not deal or recommend others to deal on the basis of that information.

Companies, in general, have been good in alerting the market to changed trading circumstances. Unidare, the engineering company, for example, in June, issued a statement saying it would generate a pre-tax profit of less than £7.25 million this year. This followed the purchase of Oklahoma Rig & Supply.

Lamont Holdings, the Northern Ireland textiles group, gave a few profit warnings over the last 15 months. Then, last August, it further downgraded expectations for this year, saying losses "would substantially exceed current market forecasts".

And IWP International, the household and personal care products company, in February warned shareholders that it would not meet its earlier growth forecasts. A better performance is expected this year. While these alerts are vitally important to the ordinary shareholders, most are still at a disadvantage by up to 24 hours - institutions, brokers (and possibly some owners of pcs) will have the information as it comes on the Reuters News Screen, others will read about it next day in their newspapers.

Companies now rarely make profit forecasts. Instead, they often say they would not disagree with brokers' projections. Does this indicate an unduly cosy relationship with the brokers? And is this healthy for the general investment community?

AIB, explaining its unprecedented trading statement, said it represented the establishment of a new policy in terms of briefing shareholders. It "affords us with an opportunity to brief shareholders in between our interim and final results".

That mid-term statement was a refreshing move and, hopefully, will be followed by other Irish publicly quoted groups. But why not go further and issue quarterly figures, like the US subsidiaries of Irish groups? That, at least, would give the ordinary investor a better edge.

Bill Murdoch can be contacted at bmurdoch@irish-times.ie