AIB in fresh exchange probe

AIB is at the centre of another foreign exchange charging controversy.

The bank yesterday confirmed reports an internal investigation was under way, after a Sunday newspaper alleged foreign exchange rates had been altered on a daily basis to extract higher profits from currency-related transactions.

But the bank declined to provide further details of the nature or extent of the practice, alleged to have been carried out in the 1980s and 1990s. A report in The Sunday Business Post claimed the investigation related to individual branches that chose not to apply foreign exchange rates provided by head office and used more favourable rates.