Irish Life and Permanent Plc chairman Alan Cook has said bank stress tests last month have had a “profound impact” on shareholders and will “herald significant changes in the group”.

Irish Life said last month it planned to sell its life assurance arm after its loss- making banking unit was ordered to raise €4 billion to boost its reserves against mounting loan losses.

Mr Cook, who was named chairman on April 13th, said he would “try and address” shareholder concerns at the company’s annual general meeting on May 18th.

He was commenting in a shareholder address, posted on Irish Life’s website. – (Bloomberg)