AIB says it will not be taking disciplinary action against any staff as a result of a follow-up investigation of the overcharging of some of its foreign exchange customers over a number of years up to 2004.
The bank says it has now completed the investigation, in which it has uncovered another €31.6m which must be repaid. This includes foreign exchange transactions, and other instances of interest overcharging which arose in the late 1980s. This figure is in addition to €34.2m arising from the Financial Regulator's report into the issue in 2004.
AIB says €11m will be repaid to customers, while another €20.6m will be given to charity in cases where it was not possible to identify customers.
The bank said that, in view of the lack of evidence, due mainly to the passage of time, disciplinary action against any member of staff could not be considered.
Chief executive Eugene Sheehy apologised on behalf of the board and said the failings identified by the probe were 'deeply regrettable'. He said the bank had learned valuable lessons and put new systems in place.
The follow-up investigation was reviewed by former Central Bank Governor Maurice O'Connell and was completed under the Financial Regulator's supervision.
