State Street took 'swift disciplinary action' after misappropriation of funds

State Street says it took swift and appropriate disciplinary action after a misappropriation of Irish State funds.

The bank is being accused of fraud and collusion by the Chief Executive of the National Treasury Management Agency.

John Corrigan says State Street siphoned off €3.2m from the sale of €4.7bn in pension fund assets.

Investigations are underway into the incident and the bank says the employees involved no longer work for the company.

Finance Minister Michael Noonan says while the money was returned, the case is entirely exceptional and very surprising