AIB starts refunding customers

AIB has begun the process of refunding customers who were overcharged on foreign exchange transactions from 1995.

The Irish Financial Services Regulatory Authority's progress report on its investigation into foreign exchange and charging issues within the AIB Group said the total amount to be refunded was €34.2 million.

This figure is made up of €25.6m relating to foreign exchange charges, €0.5m in other notification breaches and €8.1m in relation to 24 other charging cases identified during the investigation.