Releasing its first annual report (covering the period from May 2003 to December 2004) on Tuesday, Ireland's financial regulator, the Irish Financial Services Regulatory Authority, revealed that some 259 institutions had been obliged to return EUR69 million to customers as a result of overcharging.
However, the Authority's report stressed that the majority of such activity was unintentional, resulting from human error or poor internal controls.
Speaking to the Irish media following publication of the report, IFSRA chief executive, Liam O'Reilly reportedly hinted in reference to the naming of Allied Irish Bank as one of the offending banks that further overcharging institutions could be made public in the future.
However, he acknowledged that the body's actions in this area would likely be cautious, in order to avoid being sued by a wrongly accused bank.
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