The chairman of AIB, Mr Lochlann Quinn, has chaired his last annual general meeting and has reassured shareholders that he is very confident about the bank's future, writes Siobhán Creaton, Finance Correspondent.

"Any company that suffered from a fraud like we did is very much at risk but the fact that we ended up as the fourth-best performing share in Europe is down to the fantastic job done by Michael Buckley and his team. AIB is a strong, well-run company.

"As shareholders in this bank, you can be confident about the future," he said.

Former attorney general Mr Dermot Gleeson will take over as chairman at the beginning of 2004. Mr Quinn said he believed his successor would do a "super job" for the bank.

"I don't know of any job he hasn't done brilliantly," he said, reassuring one shareholder that, while Mr Gleeson was a busy barrister, he would not have taken on this role unless he was going to give it the necessary time commitment.

During the two-and-a-half hour meeting, the chairman's patience was tested once again by dissident shareholder Mr Niall Murphy and two other associates.

At one point it seemed like the chairman would finally silence Mr Murphy, threatening to rule him out of order for the rest of the meeting.

Shareholders had the distinct impression the chairman would not miss these exchanges.

The Republic's biggest bank emphasised that it had made profits of 1.3 billion in 2002, the largest return ever achieved by a domestic company.

And Mr Quinn quickly dismissed any suggestion that it was profiting by overcharging its customers.

"Our bank charges are not excessive. People up to 18 years do not pay bank charges, neither do students attending college and for six months after graduation. The bank also does not charge the over-60s fees.

"Now somebody has to pay for it so we charge the rest of the customers for this great service," he explained. "It is about €1 a week. I think it is fantastic value."

And he had little sympathy for AIB customers who are being pursued by the Revenue Commissioners for taxes owed on bogus non-resident accounts.

The bank has already settled with the Revenue paying DIRT, interest and penalties due on these accounts.

He rejected one shareholder's suggestion that many of these customers had been encouraged to open these accounts by AIB staff and that they could sue the bank for its role in helping them to evade taxes.

"Do you still continue to believe that AIB was duped by people going around posing as non-residents?" the shareholder inquired.

The chairman insisted that very many of its customers had "instigated" their own deposits.

"I am not denying that some may have been advised and that some individuals may have told people to open accounts but I do not accept this was rampant," he said.

He added that the Revenue Commissioners had offered individuals an incentive, through low rates of interest and penalties, to voluntarily settle their tax affairs some time ago.

"Any customer who is today still dealing with the Revenue decided not to accept that offer," he added.

Mr Quinn said he remained very excited about AIB's 22.5 per cent interest in the US-based M&T Bank and that its share of those dividends and profits would be paid back to Ireland.

As the meeting was reaching its conclusion, Mr Murphy wished the outgoing chairman "all the best in the wine fields of France".