051704
BRIEF OBJECTS
AIB USING TECHNOLOGY TO MAKE AMENDS
Allied Irish Banks (AIB) is embarking on a major technology project to track down customers it has overcharged for wholesale foreign exchange (FX) transactions for the past eight years. The exact nature of the technology to be used was not disclosed. The bank mistakenly told regulators of the Office of the Director of Consumer Affairs (ODCA) in 1996 that it was charging a margin of 0.5 percent on certain FX transactions, when in fact it was charging 1 percent
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