AIB rapped for overcharging

Chairman Dermot Gleeson apologised to customers as the bank set up an independent investigation into an error that led to it charging double the margin approved by its regulator.

The revelation is the latest blow to the bank’s reputation in foreign exchange, after rogue trader John Rusnak at AIB subsidiary Allfirst Financial lost nearly $700 million in fraudulent forex trading two years ago.

"I wish to apologise sincerely to our customers," said Gleeson last week. "Charging the wrong price,