AIB executives in tax cheat scandal

AIB was engulfed in two fresh scandals last night after it admitted 10 current and former senior executives may have been involved in tax evasion.

The bank said five former executives set up an offshore company which broke tax laws and had "inappropriate dealings" with its investment arm, AIB Investment Managers (AIBIM), between 1989 and 1996.

The bank will be forced to pay out about €1.1 million in tax settlements and compensation to customers who lost out as a result of the executives' dealings.