Bank of Ireland has confirmed that it is investigating a mistake at a bureau de change that led to a customer being credited with £250,000. The bank says that, under Irish law, the customer is not entitled to keep the money.

A spokesman told RTÉ this lunchtime that the bank would vigorously pursue the recovery of the money, and was exploring all legal options.

The customer, David Hickey from Tallaght in Dublin, asked for £1,500 to be converted into pesetas and put into his Spanish account. A cashier at the Bank of Ireland made the conversion into 300,000 pesetas, but mistakenly wrote €300,000 instead.

Senior bank officials have travelled to Spain to try and track down Mr Hickey because they need his written consent before taking the money out of his account.

Mr Hickey said that he was told he could face a charge of "misuse of property" when he called in to a Spanish police station to report the incident. He says he has put the money "in a secure place", and is not intending to give it back.