Financial Regulator defends role in AIB fees scandal

The Financial Regulator has today been defending the authority's role in the AIB foreign exchange fees scandal.

Recently, a former internal auditor with AIB claimed the regulator knew of the problem in 2001 but failed to act for a number of years.

Mary O'Dea, the acting CEO of the authority, has told an Oireachtas Committee that they had taken action although they had no power to force the bank to make refunds.