Allied Irish Archives

AIB to pay up for exchange flaws

Allied Irish Bank (AIB) has confirmed it will repay foreign exchange customers it accidentally overcharged during an eight year period.

AIB has set aside 35m euros (£23m; $43m ) to reimburse them, more than double the original estimate of 14m euros.

The bank has been facing a number of problems since it emerged in May that it had levied a higher transaction margin than was agreed with regulators

Allied Irish Bank, Ireland’s biggest banking group has admitted overcharging foreign exchange customers 14m euros.

The Irish Financial Services Regulatory Authority said they are investigating and is in talks with the bank to make reparations get underway.

AIB is examining how compensation can be appropriately paid to customers