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Foreign Exchange Mis-pricing

In May this year it came to light that some AIB customers were charged the incorrect price for certain categories of foreign exchange transactions.

This mis-pricing occurred within the period 31st August 1995 to 25th April 2004 and the degree to which a transaction is affected or not, depends on the nature, currency, size and date.

Our Progress so far

During the first phase of our refund process, our automated systems helped us to identify many of the accounts that were affected. We have now refunded these accounts, with interest. However, not every transaction has been  identified using this system and there are some customers who are still to be refunded.

What we'd ask you to do

If you think you may have been affected and have not yet received a full refund, particularly if you purchased drafts or travellers cheques between September 1995 and November 1997 please check below to see if your transactions are likely to have been affected. You can do this by:

  • Checking our list of Transactions which are NOT affected or
  • Click here to use our interactive tool

If it appears you have affected transactions, we would ask you to call into your branch.

Here is how to get in touch with us.

If you would like to talk to us about your query, our helpline 1800 211 418 is open from 9a.m. - 5p.m. Monday to Friday

Here are some frequently asked questions

Q. I receive regular payments from abroad, are these payments affected?
A. No. Incoming foreign payments, including cheques received from abroad are not affected

Q. I receive a regular pension from the UK/USA, is this affected?
A. No. These transactions are not affected.

Q. I purchased foreign currency notes, is this transaction affected?
A. No. Foreign exchange cash transactions, including sterling and US dollars, are not affected.

Q. I used my Credit Card abroad. Is this transaction affected?
A. No. Credit card transactions are not affected.

Q. How can I find out if my Foreign Exchange transactions are likely to have been affected by the mispricing?
A. You can either check the list of Transactions NOT Affected below or click here to enter the details of your transactions. Alternatively you can call our helpline 1800 211 418 where a member of staff will be happy to assist you.

Please see below for further details on:

Foreign Exchange Mispricing

Transactions which are NOT AFFECTED

This table is for illustrative purposes only and does not constitute an obligation on the part of AIB to make a refund.

GENERAL F.X. TRANSACTIONS

  • ANY FX transactions that occurred PRIOR TO 31/08/1995
  • Other International Transactions*(see below) PRIOR TO 07/01/1998
  • F.X. Notes purchased and sold
  • F.X. Cheques lodged or cashed by the customer
  • F.X. Transactions effected by Goodbody’s for Share dealings

FOREIGN EXCHANGE DRAFTS / DOCUMENTARY COLLECTIONS SETTLED AT BRANCH

  • Issued/settled using special negotiated dealer rates
  • Issued/settled using Forward Contract Rates
  • Issued/settled at debit of same currency Hold Accounts
  • Drafts lodged or cashed by the customer
  • Within the following bands:

 

All periods
31/08/1995 - 23/01/1996
24/01/1996 - 25/04/2004
 

Sterling

<IR£494(€593)
>IR£10,000
>IR£20,000(€25,999)

USD,DEM,CAD

<IR£494(€593)
>IR£10,000
>IR£10,000(€12,999)

Other Foreign Currencies

<IR£494(€593)
>IR£10,000
>IR£10,000(€12,999)

EUROZONE DRAFTS 

  • Issued after 31/12/1998 (Except Greece up to 31/12/2000)

TRAVELLERS CHEQUES

  • Issued for less than equivalent of IR494 / €593
  • Issued using special negotiated dealer rates
  • Issued at debit of same currency Hold Accounts
  • Lodged or cashed by the customer
  • Eurozone Travellers Cheques issued after 31/12/1998

OTHER INTERNATIONAL TRANSACTIONS*

  • All incoming Foreign Currency Payments (eg payments received by exporters, pensions / salaries from abroad)
  • All outward payments:
    • prior to 07/01/1998
    • using special negotiated dealer rates
    • using forward contract rates
    • within the following bands:
  

Period

• 07/01/1998 - 31/12/2001
• 01/01/2002 - 25/04/2004
• 07/01/1998 - 31/12/2001
• 01/01/2002 - 20/01/2002
• 21/01/2002 - 25/04/2004

IR/€ Equivalent Amount

<IR£500
<€600
>IR£50,000
>€65,000
>€70,000
  • Outward Eurozone Currency Payments** from 01/01/1999 - 31/12/2001:
  • Outward Greek Drachma payments from 01/01/2001 – 31/12/2001
  • Funding of branch based accounts from foreign currency Hold Accounts
  • Funding of foreign curreny Hold Accounts with same currency payments
  • ATM & Credit Card transactions abroad

*International Transactions include: payments outwards (via Branch, Moneymover, IBB, Orator) / Documentary Collections / Hold Accounts / Letters of Credit / Repayment of principal and / or interest to FX Loans from a branch based account.

** Eurozone Currencies include: Deutsche Marks(DEM), Belgian Francs (BEF),French Francs (FRF), Italian Lire (ITL), Dutch Guilders (NLG), Austrian Schilling (ATS), Spanish Pesetas (ESP), Finnish Markka (FIM), Luxembourg Francs (LUF), Portuguese Escudos (PTE)

No refund is due on any of the above items

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rates used to calculate interest on refund

(As advised to the Irish Financial Service Authority)

Monthly Average 3 Month Wholesale % Interest Rates

Euribor Rates

2004

2003

2002

2001

2000

1999

 December

2.2032

2.1758

2.9818

3.3884

5.0015

3.4888

 November

2.2004

2.1890

3.1674

3.4330

5.1627

3.5162

 October

2.1768

2.1738

3.3073

3.6500

5.1110

3.4229

 September

2.1484

2.1768

3.3560

4.0383

4.9204

2.7649

 August

2.1444

2.1697

3.3986

4.4145

4.8433

2.7324

 July

2.1454

2.1596

3.4574

4.5290

4.6467

2.7132

 June

2.1423

2.1819

3.5121

4.5189

4.5645

2.6635

 May

2.1150

2.4394

3.5121

4.7085

4.4104

2.6148

 April

2.0764

2.5702

3.4563

4.7531

3.9836

2.7334

 March

2.0572

2.5672

3.4411

4.7744

3.7990

3.0893

 February

2.0998

2.7243

3.4036

4.8221

3.5861

3.1360

 January

2.1200

2.8723

3.3833

4.8403

3.3894

3.1806

 

 

 

 

 

 

 

 

Dibor Rates

1998

1997

1996

1995

 December

3.2911

6.0231

5.8523

5.5327

 November

3.7991

6.1969

5.6786

5.6534

 October

4.4318

6.1834

5.6413

5.8082

 September

5.6577

6.1605

5.7470

5.8661

 August

6.0208

6.2232

5.7599

 

 July

6.1889

6.2215

5.4497

 

 June

6.2530

6.2560

5.2031

 

 May

6.1875

6.1761

5.0815

 

 April

6.0185

5.7514

5.0384

 

 March

5.6790

5.7649

5.0863

 

 February

6.0672

5.7750

5.0833

 

 January

5.9247

5.8940

5.3899

 

 

 

 

 

 

 

 

 

Note: Euribor Rates have been adjusted to allow for 365 day Rate Convention.
The information regarding the products and services contained on the following pages is intended only for the residents of Ireland. If you are not a resident of Ireland it may be unlawful for you to receive this information.

AIB and AIB Group are registered business names of Allied Irish Banks, p.l.c. Allied Irish Banks, p.l.c. is regulated by the Financial Regulator. Registered Office: Bankcentre, Ballsbridge, Dublin 4. Registered in Ireland : Registered No. 24173. Copyright Allied Irish Banks, p.l.c. 1995

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