Revenue launches AIB investigation

The Revenue Commissioners have launched a major investigation into tax matters at the Allied Irish Bank group.

The Revenue Commissioners have launched a major investigation into tax matters at the Allied Irish Bank group.

A statement issued by the Revenue Commissioners said officers from the investigations and prosecutions division would lead the investigation and examine the AIB group and related entities or individuals

The probe is being led by the revenue's investigations and prosecutions division and also includes officers from the large cases division, he added.

AIB admitted overcharging foreign exchange customers earlier this month, and in a second scandal it emerged more than 500 customers were paying for mortgage insurance without their consent.

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It was estimated that AIB earned in the region of €20 million over 10 years through overcharging at the foreign exchange desk.   The bank was also forced to refund around €3.5 million to customers who were incorrectly charged for trusts they held.