Report 'confirms urgent need for review of banking sector'

THE damning IFSRA report into AIB's operations drew widespread criticism last night from business and political circles as well as the bank's own staff.

The Irish Bank Officials Association said it was "saddened and angry" at the extent of the bank's practices.

IBOA general secretary Larry Broderick said: "there is an onus of responsibility on the financial services industry generally to restore the confidence and international standing of Irish banking. This can only be achieved by the industry taking responsibility for past mistakes and ensuring they are never repeated."