AIB soon set for €25m probe report

THE €25 million investigation into AIB's systematic overcharging practices and the parallel IFSRA investigation are expected to yield their first reports by the end of the month.

Last night, spokespersons for AIB and IFSRA confirmed the investigations were going according to schedule and had not encountered any further problems. AIB and IFSRA said they expect the reports to be completed by the end of the month.

AIB has set aside €25m to cover the cost of the multifaceted investigation being conducted by accountants from Deloitte under the supervision of former Auditor and Comptroller General Laurie McDonnell. It has set aside a further €25m to cover the cost of the foreign exchange rip-off. It has set nothing aside for any other possible overcharging. IFSRA has initiated its own investigation but said it will, where necessary, liaise closely with the AIB-funded "external independent investigators".