The financial regulator, IFSRA, has identified overcharging amounting to €50m over the past year involving 36 companies in the banking and insurance industry.

This latest figure brings to €118 million the amount of overcharging involving the financial services industry since 2004.

Bank of Ireland overcharged for payment protection insurance and is repaying €18 million - €3 million more than earlier thought.

National Irish Bank is paying back €11 million for improper charges while AIB is repaying €34 million for foreign exchange overcharging.

The figures were released in the annual report of the Irish Financial Services Regulatory Authority for 2005, which also contains a final consumer protection code.

The regulator also sounded a note of caution about the level of loans which consumers are not paying back at credit unions.

The regulator hopes its new consumer code, which is to come into force next year, will tighten protection.