Former Tánaiste and Labour Party leader Dick Spring has retired from the board of AIB after six years as a non-executive director. Mr Spring was originally appointed as a public interest director by the State following the crash of the financial sector here in late 2008.

In addition, chairman David Hodgkinson has formally retired from the board of AIB following the recent appointment of Richard Pym as his replacement.

Mr Hodgkinson told the AIB annual meeting this year that he originally came here to be AIB chairman for nine months and but ended up staying for four years.

Mr Hodgkinson praised Mr Spring’s “contribution to the restructuring of the bank during a very challenging period and for the role he performed in development of the constructive working relationship between the bank and the Irish Government”.

AIB returned to profit this year and has indicated its intention to seek private capital and repay some of its bailout funds, possibly in 2015.

It is understood that discussions are taking place between AIB and the Government on replacing Mr Spring on the bank’s board. AIB is 99.8 per cent owned by the State having received a €20.8 billion bailout.