AIB unlikely to be prosecuted

AIB is unlikely to face prosecution or any other sanction for overcharging foreign exchange customers by €14m, according to a report in the Irish Times.

The bank was in breach of section 149 of the Consumer Credit Act 1995 by charging 1% on every non-cash foreign exchange transaction worth over €635 (£500) between 1996 and last month, when it should have charged 0.5%.