The High Court has today ordered AIB to hold a meeting on November 3 to approve a corporate restructuring of the bank.

In a statement today, the bank said it will hold an EGM immediately after the court meeting to allow shareholders to vote on the proposals. 

The meetings will be held at the Ballsbridge Hotel in Dublin 4.

Earlier this week, AIB filed an application with the High Court to allow its corporate restructuring proceed. 

The move is in response to European regulatory rules designed to reduce taxpayer exposure in the event of a bank going bust. 

Much like Bank of Ireland during the summer, AIB will establish a holding company called AIB Group.

AIB's move had been delayed until now due to the Government's sale of a 28.8% stake in the bank in June, which raised €3.4 billion.

Like their European peers, Irish banks must issue billions in loss absorbing debt to meet the incoming European standards.

In today's statement, AIB said it will shortly publish and despatch to its shareholders a circular setting out details of the corporate restructuring scheme and all related matters.