Rusnak could be indicted today

The trader linked to more than $700m in losses at an Allied Irish Bank subsidiary in the US could be indicted by a federal grand jury today, according to the Wall Street Journal.

The newspapers say lawyers for John Rusnak, the alleged rogue trader, are currently trying to negotiate a plea deal with prosecutors.

The AIB has accused Mr Rusnak of concealing the multi-million dollar losses between 1997 and 2001 by falsifying documentation.

The trader’s lawyers have insisted that their client did not profit personally from the deception.