AIB'S sale of its stake in US bank M&T will cost €24m in fees to advisers. The figure was contained in a circular to investors, who must approve the sale of its 22.4% stake in M&T, last week. Advisers on the deal included Morgan Stanley and Citigroup plus a host of legal firms and auditors KPMG.

Meanwhile, Dan O'Connor's resignation last week will leave the chairman's seat empty when shareholders gather on 1 November for a meeting to approve the M&T sale, putting pressure on NTMA boss John Corrigan to fill the vacancies.

The search for replacements for managing director Colm Doherty and O'Connor is being complicated by the Central Bank's plan to introduce new governance standards in November, sources said. It is understood Financial Regulator Matthew Elderfield will limit the number of directorships board members can hold.