Farmers owed €3.5 million by a collapsed meat company protested at the Anglo Irish Bank annual general meeting yesterday.

The bank's outgoing chief executive, Mr Seán FitzPatrick, stepped down after 19 years yesterday and took over as chairman.

Representatives of more than 300 farmers, owed a total of €3.5 million when Tralee Beef and Lamb Ltd (TBLL) was wound up in 2002, picketed the meeting in Dublin and demanded a "substantial payment" from the bank.

Following a request from the TBLL board, Anglo Irish appointed a receiver to the company, which was subsequently placed in liquidation.

The farmers supplied the company with livestock on credit. Their spokesman said that the management and banks used the credit to prop up the company before its collapse.

"Anglo Irish Bank... allowed management to continue to purchase livestock from farmers knowing that they would not be in a position to pay for the stock," he argued.

However, Anglo Irish's outgoing chairman, Mr Peter Murray, denied this and pointed out that the bank acted in accordance with its legal obligations.