IFSRA ‘focusing on securing refunds for AIB customers’

Two senior officials from the Irish Financial Services Regulatory Authority (IFSRA) have begun answering questions before the Oireachtas committee investigating the AIB overcharging scandal.

The officials were called before the committee to explain how the overcharging of foreign exchange customers was allowed to continue unnoticed for so long.

One of the officials, Dr Liam O’Reilly, told the committee today that the focus of IFSRA’s investigation into the scandal was securing refunds for all those affected by the overcharging.

AIB admitted earlier this month that it had overcharged certain foreign exchange customers by up to €20m over a period of around 10 years.