The chairman of AIB has been forced to say that the bank "is not rotten anymore" during his opening address to the Annual General Meeting (AGM).

Richard Pym, who joined the bank last October, admitted the bank does not 'always get it right' and it is listening to its customers and making changes where needed.

He says AIB remains 'deeply conscious' of its debt to the Irish people - adding, "Irish taxpayers have invested €20.8bn in AIB and we believe the investment will be returned over time, subject to economic conditions and the decisions of the State as a shareholder."

On the topic of repossessions he said that they are a "last resort" for AIB, and that it only initiates legal proceedings when people have not engaged with the bank for "more than four years."

Mr Pym's opening address was repeatedly interrupted by shareholder Niall Murphy - who said the bank is 'rotten to the core'.

AIB AGM not off to quite the start the bank would have enjoyed https://t.co/ngCB21PJKs

— Richard Chambers (@newschambers) April 28, 2015