Menu
20/02/2002
Alleged AIB fraud started as far back as 1997
Allied Irish Banks (AIB) has revealed that the alleged fraud discovered earlier this month at its US subsidiary had been going on as far back as 1997.
The news came as the bank reported its results for 2001 and finalised the losses it incurred as a result of the fraud at $691m. However, this is less than the initial estimate of the losses, which amounted to $750m. The company also revealed losses of £7m, but this was the result of poor trading.
The bank's management, meanwhile, is still coming to terms with the huge losses at its Allfirst subsidiary in the US. It has blamed the alleged fraud on the actions of currency trader John Rusnak. However, Mr Rusnak's lawyers have insisted that he did not steal money from the bank.
Following the revelations of the loss, questions were asked about AIB's internal controls and risk management processes.
The FBI and AIB are both currently investigating the circumstances behind the case. (MB)
The news came as the bank reported its results for 2001 and finalised the losses it incurred as a result of the fraud at $691m. However, this is less than the initial estimate of the losses, which amounted to $750m. The company also revealed losses of £7m, but this was the result of poor trading.
The bank's management, meanwhile, is still coming to terms with the huge losses at its Allfirst subsidiary in the US. It has blamed the alleged fraud on the actions of currency trader John Rusnak. However, Mr Rusnak's lawyers have insisted that he did not steal money from the bank.
Following the revelations of the loss, questions were asked about AIB's internal controls and risk management processes.
The FBI and AIB are both currently investigating the circumstances behind the case. (MB)
Related Northern Ireland Business News Stories
Click here for the latest headlines.
18 February 2002
AIB may seek help from other banks following fraud case
A report in a national UK Sunday newspaper has claimed the Allied Irish Bank (AIB) has approached other banks to ask for help on how to improve its financial controls.
AIB may seek help from other banks following fraud case
A report in a national UK Sunday newspaper has claimed the Allied Irish Bank (AIB) has approached other banks to ask for help on how to improve its financial controls.
04 November 2009
Bank of Ireland Losses Top €1bn
The Bank of Ireland's profits have been severely hit by the recession and poor management. It announced today that it had suffered almost €1billion in losses across six months this year.
Bank of Ireland Losses Top €1bn
The Bank of Ireland's profits have been severely hit by the recession and poor management. It announced today that it had suffered almost €1billion in losses across six months this year.
31 July 2009
Developer Loses Court Bid To Appoint Examiner
Six companies controlled by the well known property developer Liam Carroll, will not be appointed an examiner, a court has decided.
Developer Loses Court Bid To Appoint Examiner
Six companies controlled by the well known property developer Liam Carroll, will not be appointed an examiner, a court has decided.
05 August 2009
Irish Bank Losses Rising
Northern Ireland's First Trust Bank has lost £41m, according to the latest financial statement. The report also detailed how this led to a £28m loss at the parent company Allied Irish Bank group's UK operation. AIB in The Republic has also reported a pre-tax loss of €872m for the first six months of its financial year.
Irish Bank Losses Rising
Northern Ireland's First Trust Bank has lost £41m, according to the latest financial statement. The report also detailed how this led to a £28m loss at the parent company Allied Irish Bank group's UK operation. AIB in The Republic has also reported a pre-tax loss of €872m for the first six months of its financial year.
18 July 2001
LOCAL BUSINESSES FALL PREY TO FRAUD
BANKS are to contribute to the costs of a new task force to tackle organised credit card fraud.
LOCAL BUSINESSES FALL PREY TO FRAUD
BANKS are to contribute to the costs of a new task force to tackle organised credit card fraud.
-
Northern Ireland WeatherToday:After a dry start this morning rain will spread from the northwest across all parts. This afternoon will be dull with some patchy rain and drizzle. Becoming much milder through the afternoon. Maximum temperature 11 °C.Tonight:A cloudy evening and night with a little light rain or drizzle, perhaps some clear periods developing along the east coast. A very mild night everywhere. Minimum temperature 10 °C.
