AN Oireachtas Committee is considering the use of special legislation to force AIB representatives to meet with it to discuss the recent overcharging controversies.

An independent investigation of foreign exchange charges made by Allied Irish Banks is to be established, and the bank has agreed to place €25m in a fund with the Central Bank of Ireland to cover reimbursements.

Six executives at Allfirst, the US-based AIB subsidiary where losses of up to €750m were sustained due to rogue trading by John Rusnak, have been dismissed.

The Board of Directors of Allied Irish Bank have appointed a top US expert to lead the investigation into the loss of $750m through its American subsidiary Allfirst.