Allied Irish Bank has confirmed to RTÉ News that it has paid €3.4 million in refunds and compensation to customers or the dependants of customers who held trusts with the bank before 1971.
The bank has also confirmed that it expects to have to pay almost another €2 million to the beneficiaries of other trusts that have been wound up.
AIB said that it initiated a review of its trust business two years ago and identified a potential issue relating to the charging structure being applied to some trusts.
