Banks may have to pay back €100m to customers

TWO new whistle-blowers have emerged from within the Irish banking establishment to outline overcharging on a massive scale which could result in a €100 million payback to bank customers.

Chairman of the Joint Oireachtas Committee on Economic Regulatory Affairs, Michael Moynihan TD, has confirmed that two whistle-blowers have been in contact with the office of Financial Regulator Matthew Elderfield, outlining fresh allegations of systematic overcharging of customers within the system and in particular at AIB and Bank of Ireland and a number of state-backed financial institutions.

Mr Moynihan would not outline the nature of the allegations but it is understood that each whistle-blower has provided evidence of separate rip-off schemes employed by the banks to the regulator.