Bank of Ireland shareholders were treated to an upbeat statement from group chairman Howard Kilroy at the group's annual meeting.

Deflecting attention from the unfortunate incident with the Alliance & Leicester, he reminded shareholders of the gains they have made on the back of the company this decade - £100 in 1990 was now worth almost £874 and had accrued almost £80 in dividends, for those who missed the PR - and gave a vote of confidence to the existing management team.

Mind you, he need not have worried too much. According to reports, shareholder unrest centred more on lending policies and the goings-on surrounding a walled garden owned by the bank in Westport, Co Mayo, than on a mould-breaking and controversial liaison with a leading British mortgage lender.

Makes you understand why the bank's management might have thought they could make the Alliance & Leicester deal work without the need for an adequate explanation to shareholders.