NIB insists illegal practices will not happen again

The National Irish Bank has insisted that the illegal practices outlined in a High Court inspectors’ report today will not happen again.

The bank said today that it accepted the findings of the report and was taking steps to make amends.

It said it was planning to immediately refund €1.9m to customers who were overcharged and was setting aside a further €10.6m for reimbursements that may be necessary in the future.

It also said it was ceasing the sale of all offshore products and was working to settle all outstanding matters with the Revenue Commissioners.