Ex-auditor says regulator knew about bank over-charging

A former internal auditor with AIB is claiming that the financial regulator knew about over-charging in the bank, but failed to take adequate action to protect consumers.

Eugene McErlean has told an Oireachtas committee that bank customers had been overcharged by more than €65m in the early part of this century, but the issue had not been investigated fully at the time.

He said there appeared to be a cosy relationship between the regulators and the bank.