Shares in AIB were little changed today despite the findings of a damning report that raised serious questions about the banks internal controls and culture.
The shares were trading just 0.7 per cent lower at €14.84, around year-high levels on the Irish Stock Exchange.
Investors expect the bank to show it is reaping the benefits of a strong economy when it gives a trading update on Thursday. It beat forecasts with a 10 per cent leap in first-half profits in July and said it was targeting earnings growth of at least 10 per cent for 2005.
AIB's chief executive, Mr Michael Buckley, said the bank would accept the findings of the report. "I'm not offering any excuses for our failings towards our regulator," Mr Buckley told RTÉ radio today.
"The procedures for reporting up the line within AIB didn't work and they were inadequate," he said.
He added that he was not personally aware of the overcharging at the time. AIB is conducting a disciplinary investigation into the matter.