Bank to pay back €35m as probe confirms massive overcharging

ALLIED IRISH BANK will pay €35 million to customers after an investigation yesterday confirmed massive overcharging.

The probe by the Irish Financial Services Regulatory Authority found the country’s biggest bank had overcharged customers in a number of areas, including at its foreign exchange. The payout includes €25.6 million relating to foreign exchange charges, €0.5 million in other notification breaches and €8.1 million in other charging cases.

Bank chairman Dermot Gleeson defended the bank over the foreign exchange issue.