Both AIB and Bank of Ireland have announced the deferral of dividend payments to shareholders in light of the coronavirus pandemic.

Bank of Ireland had originally announced plans in February for a dividend of 17.5 cent per share.

But it says in light of the evolving COVID-19 pandemic, and following the recommendation of the European Central Bank (ECB) on dividend distributions, the group will not be proceeding with the proposed dividend.

In a statement, Bank of Ireland says it will "assess dividends at a future date, the earliest of which, in line with the ECB’s recommendation, would be October 1st 2020."

It adds: "The group has entered 2020 maintaining a strong financial position and robust capital base.

"We are committed to supporting customers through the COVID-19 pandemic and we are offering a range of supports, in a responsible, prudent and sustainable way, to both business and personal customers."

Meanwhile AIB has announced its annual general meeting (AGM) will be held on April 29th.

AIB headquarters on Molesworth Street in Dublin city centre | Image: Julien Behal

But it says due to the COVID-19 crisis, this will be done through a live conference call from the bank’s headquarters.

On its proposed dividend payout, AIB says it is also deferring this following ECB advice.

It says: "It is no longer its intention to seek shareholder approval for the payment of the final dividend for 2019 declared on March 6th 2020 and the relevant AGM resolution is being withdrawn."

The bank's chief executive Colin Hunt says: "AIB is strongly capitalised and well positioned to support the Irish
economy and our customers at this critical time.

"As the health and safety of everyone is our top priority, we hope that shareholders will understand the constrained circumstances under which our AGM must take place this year.

"However, we look forward to conducting the business of the AGM as thoroughly as possible within the current unavoidable limitations."