AIB has signed an agreement with US financial regulators and the Central Bank in relation to actions to be taken in the aftermath of the alleged $691 million fraud at Allfirst Financial in Baltimore.
Under the terms of the agreement, AIB shall submit to US regulators a written statement describing the immediate actions being taken to address weaknesses found by Mr Eugene Ludwig in his examination of Allfirst’s treasury operation.
The report will be submitted to the regulators within the next ten days.
Issues to be addressed will include management oversight, day-to-day risk management, internal controls, and audit functions and all activities relating to the $691 million trading loss at Allfirst.
AIB’s chief executive Mr Michael Buckley said the group has worked "assiduously" with regulators to put together a comprehensive action programme following the findings of the Ludwig report.