Allied Irish Bank, Ireland’s biggest bank, today confirmed the consequences on its results of the suspected $750m (€866m) fraud loss at one of its American subsidiaries.

Allied Irish Bank, Ireland’s biggest bank, was today presenting its annual results in Dublin, just two weeks after confirming a massive deficit of more than €866m at an US subsidiary.

A top American banker was today preparing to head a probe by the AIB bank into the loss of more than $750m through a US subsidiary company.

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.