Regulator bosses to respond to allegations it knew of AIB overcharging

The Chairman and CEO of the Financial Regulatory Authority will have a chance later today to respond to allegations that the Regulator knew about overcharging at AIB in 2001.

At a meeting of the Committee on Economic Regulatory Affairs in March, a former auditor in AIB, Eugene McErlean said the regulator knew about overcharging, investigated it in 2002 and failed to act.

Mr McErlean also said the Regulator had given the false impression that it was unaware of the matter until 2004.

The regulator in a statement afterward disputed the allegations by Mr McErlean.

Chairman of the Committee on Economic Regulatory Affairs, Fianna Fáil Deputy Michael Moynihan said it is time now to get the regulator's view on the allegations.