AIB management meet IBOA officials
The Irish Bank Officials Association is calling on all financial institutions to review internal control mechanisms in the wake of the AIB bank fraud revelations.
Senior IBOA officials met with AIB management today in the wake of the US$750m fraud.
Bank officials assured the association that it remains in a sound financial position, and that its staff’s jobs are secure, despite the financial blow.
IBOA General Secretary, Larry Broderick said "The IBOA welcomes the AIB board’s decision to bring in an outside expert to oversee the internal investigation into the fraud and to evaluate the bank’s internal controls.
"In light of this fraud, the Association believes that it is now important that all Irish financial institutions conduct an immediate review of all their internal control mechanisms, particularly in the Treasury area."
Mr Broderick says the findings of any such reviews should be reported to either the Central Bank or an independent financial regulator.
"If we are to avoid such a situation ever occurring again, this investigation must be transparent. Lessons must be learned and the changes required must be implemented."
