€14.5m refunded to customers

AIB said yesterday that it had paid back about €14.5 million of the €25.6 million due to customers who were overcharged for foreign exchange transactions. The bank said it would be "keeping the door open for a reasonable period" for customers who wished to come forward and make a claim.

But an AIB spokeswoman said yesterday numbers now coming forward were very low, with many refunds worth less than €20. If the bank fails in its bid to return all of the money to customers, it will be given to charity.

Meanwhile, AIB said yesterday that the disciplinary proceedings involving a number of senior managers at the bank in relation to the overcharging were "at various stages of progress".

AIB chief executive Mr Michael Buckley said the bank was staying in very close touch with the regulator, the IFSRA, on the issue but declined to comment further, noting that the process varied from person to person and included a right of appeal.

Up to 10 of the bank's senior management are understood to be involved in the disciplinary process. A number of those involved have taken legal advice. They are also entitled to appeal any finding, which could include sanctions and dismissal.