ALLIED IRISH Banks has been fined €2 million by the Central Bank – the largest fine in Irish retail banking history – after it was found to have overcharged significant numbers of its customers over a period of several years.
The bank also failed to introduce proper systems to notify them of the irregularities and to issue refunds on a timely basis.
In releasing details of the fine, the Central Bank also expressed concern that some of the State’s financial institutions “continue to experience control failures that result in customers being overcharged and that the timeframe for the resolution of these errors and making restitution to customers can be unduly drawn out”.