AIB reassures customers over $750m fraud

AIB Bank has said the amount of money believed to have gone missing from its US subsidiary, Allfirst, is less than one year's profit.

In a press conference, Ireland's biggest bank said customers' money would not be affected by the loss of $750m.

A bank spokesman said, unlike the Nick Leeson affair, missing trader John Rusnak "has not brought down a bank."

Rusnak disappeared after being questioned about a suspected fraud last weekend.

Allfirst have said it's too early to tell who if anyone has benefited from the transactions.

An Allfirst spokeswoman described Mr Rusnak as "a solid performer."

"Clearly the controls broke down and we don't fully understand how that happened at this time. Our focus has been on the magnitude of the fraud. This person has not showed up for work - he is not here so it is difficult to speculate."

A spokesman added: "What we need to do is aggressively bring this to a conclusion and determine what changes need to be made and what operational decisions need to be made as a result of that."

They said they had no idea of the man's motive - it may have been to make money, or it may have been out of pride, in that he did not want to admit to a mistake.