AIB to escape punishment under rules

TOUGH new measures going though the Dáil cannot be used to punish AIB for overcharging its customers €20 million on their foreign exchange transactions.

While the proposed changes are a direct response to the AIB scandal, they cannot be used to sanction the bank whose eight-year overcharging was outed by a whistle-blower last week.

Under the new rules, it will be an offence to charge more for bank services than the amounts advised to the Irish Financial Services Regulatory Authority (IFSRA).