AIB losses a "one-off"

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LONDON -- The foreign exchange industry is unanimous in its verdict that the disastrous $750,000 million FX loss announced by AIB last Wednesday was a one-off event.

Dealers told FX Week that responsibility for the fraud, allegedly carried out by John Rusnak at AIB subsidiary Allfirst in Baltimore, lies firmly with risk management controls at the bank -- and that a similar scam could not happen elsewhere.

Areski Iberrakene, head of FX and currency derivatives at Barclays Capital in London, to