Cowen: Overcharging should never have happened

Minister for Finance Brian Cowen has said today's IFSRA report into overcharging at AIB highlighted a number of practices and events which should never have been allowed to happen.

The Irish Financial Services Regulator accused certain AIB staff and managers of failing to identify and disclose the overcharging when the opportunities arose and of failing to notify the regulator when they eventually took action to reduce charges.

Mr Cowen responded to the report by saying the matters it highlighted fully justified significant changes in the law and structures for regulation of the banking sector introduced by the Oireachtas over the past two years.

He said he believed these measures were already having an impact on overall standards of compliance within the industry.