1989: AIB Investment Managers Ltd (AIBIM) takes on account belonging to Faldor, a British Virgin Islands company. The funds invested belong to five senior figures within the bank.
1989 to 1991: Transfers of funds from AIBIM to the Faldor account are dressed up as artificial deal allocations. The account benefits by €48,000.
1991 to 1993: Inappropriate deal allocation practices within AIBIM benefit certain clients at the expense of two specialist unit trusts. The transactions are noticed by internal audit but the clients are not compensated. The bank officials involved are not disciplined.
1996: AIB introduces foreign exchange charges greater than the amount notified to the regulator. Some staff in the bank appear to have been aware of the fact that AIB's charges are in excess of those notified to the regulator.
2002: An internal AIB memo analyses the fact that charges in excess of those notified have been levied and draws attention to the need to inform the regulator. This is not done.
2002 to 2004: Charges are reduced to the level notified to the regulator in 1996. The regulator is not informed. IFSRA has said these measures are now open to the interpretation that it was intended never to draw attention to the original breach.
August 2003: The manager of AIBIM is made aware of a former client relationship with Faldor, which had funds belonging to former senior executives of the bank. The manager reports the issue up the line and an inquiry is conducted.
September 2003: AIB discloses its initial findings to IFSRA and the Revenue Commissioners.
Early 2004: Machines in bank branches are altered so that foreign exchange charge is changed.
April 20th, 2004: A person within AIB contacts IFSRA concerning the foreign exchange charges. The matter is raised with AIB ten days later.
May 5th, 2004: The person in AIB contacts RTÉ. The following day the bank confirms to IFSRA for the first time that it had been charging more than it had notified to IFSRA, for certain foreign exchange services.
May 27th, 2004: AIB issues a lengthy statement detailing certain aspects of the foreign exchange and the AIBIM scandals.
It also says that three current and two former senior executives had tax issues relating to offshore accounts that are not connected with Faldor.
It subsequently transpires that one of the people involved in having an offshore bank account was the former AIB chief executive Mr Tom Mulcahy.
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