RTÉ says AIB has declared that it has 'mixed up' forty thousand business and personal accounts when levying charges on the account holders. They say €4 million is involved in the blunder.

They did not say whether that was four million mistakenly calculated in their favour or in the customers

It had been at least a year since the last AIB charges 'mixup' so this was probably overdue.

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How many banks do we own today?

That's why we need 3 types of auditors for banks

1) The current regulatory accounting auditors

+

2) Business auditors: business consultants / economists who see if shareholders are getting value for money

3) Operations auditors: management/IT consultants who review the operations aspect of the business to see if it is good quality

2&3 should report to the independent directors+regulators... that way they'd have quality information



cYp

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"Yawn , am I alive yet ?"

Sure whats another 4m at this stage.

Expect a firmly worded do't do that again statement from the Data Commissioner in the coming days.

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If it transpires that this mistake is in the customer's favour then this will be a first. A feature of the mistakes made by financial institutions is that they invariably favour the institutions. This bias should be interpreted to mean the errors are not random or the processes within the institutions are so biased in their favour that any errors result in increased costs to the customer. Either cause should have been rooted out by effective regulation but of course those two words clash!

Yes indeed, very cynical to slip this out in the wake of Lee announcement. From what I heard the Financial Regulator has known since November 2008. This is one of dozens of overcharging incidents in the last 10 years.

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"Your guilty conscience may move you to vote Democratic, but deep down you long for a cold-hearted Republican to lower taxes, brutalize criminals, and rule you like a king"
Sideshow Bob

say no to bank charges

The media DIDN'T pick this up. It was 'slipped' in on the news at the end of another news item. Disgraceful.

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The hurt of one is the hurt of all, the honour of one is the honour of all.

Native American Indian Traditional Code of Ethics

First off it is the Financial Regulator who makes these kind of announcements:

Statement ? AIB Charging Error
Statement 8 February 2010
Secondly as you can surely see from the above this press release has been planned a while

Better to focus on fixing the problem which the FR addresses here:

General Charging Issues Statement - Matthew Elderfield
And I posted on:


cYp

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"Yawn , am I alive yet ?"

Correct, in a few sentences tacked onto a piece about NAMA/IMF.

The Regulator is tearing into them demanding fast action or else -

http://www.financialregulator.ie/pre...gingError.aspx

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How many banks do we own today?

Yeh, I was wonderin' when they'd get snared ripping off their customers again.