Anglo overcharging refund much smaller than expected

IBRC will be refunding customers of Anglo Irish Bank less than €50 million for overcharging that occurred over the eight-year period leading up to 2004.

25th November, 2012

Irish Bank Resolution Corporation (IBRC) will be refunding customers of Anglo Irish Bank less than €50 million for overcharging that occurred over the eight-year period leading up to 2004, according to information revealed by Minister for Finance Michael Noonan in a response to a parliamentary question.

The overcharging, which was first disclosed by IBRC chief executive Mike Aynsley in September 2010, was originally expected to cost as much as €100 million. Last year the bank, which...

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