Overcharging scandal could cost AIB up to €50m
22/06/2004 - 09:33:26AIB has revealed that the foreign exchange overcharging scandal which emerged earlier this year could cost the bank up to €50m.
In a statement to the stock exchange yesterday, the bank said it had put aside €50m to cover the entire cost of the scandal.
AIB had already lodged €25m with the Central Bank to cover refunds to customers and the new figure of €50m is believed to include the cost of investigating the overcharging fiasco.
The bank admitted earlier this year that it had been overcharging some foreign exchange customers for a period of around 10 years.
Despite the scandal, the bank is on course to record a 10% increase in profits this year.
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