Bank covered up its failures

AIB COVERED up its customer charges failures even though it had seven opportunities to come clean, financial watchdog IFSRA said yesterday.

The regulator’s long-awaited report into the bank’s foreign exchange and other charging structures found certain unnamed bank staff knew the bank had failed to comply with its legal requirements. It also suggested the bank may have attempted to bring its charging structure into line in the hope that the breach would never be detected.

IFSRA chief executive Liam O’Reilly said AIB’s failures were unacceptable and that the regulator would not tolerate the practices it uncovered.