AIB's head of internal audit, Mr Paul Shantz, is to leave the bank after two years. Mr Shantz is departing to join the Kuwait-based Alghanim Industries as director of internal audit.

Yesterday AIB announced that Mr Tony Shatzel, a partner at Ernst & Young who has been working at AIB over the past couple of years, will be Mr Shantz's successor.

Mr Shatzel joined the bank to develop and oversee the implementation of a new internal audit structure and strategy.

Mr Shatzel had worked with Ernst & Young for nearly 20 years, chiefly providing audit services for financial organisations.

He transferred to Dublin in 2003 having held a number of posts at its US firm.

Over the past two years, he has worked on all aspects of AIB's new internal audit structure and was involved in the investigation into overcharging at the bank.

AIB's head of finance and enterprise technology, Mr Gary Kennedy, praised Mr Shantz's contribution.

"He has done an excellent job in bringing about the changes necessary to ensure that our internal audit function has the structure, resources and strategy necessary to maintain the highest levels of performance," he said.

Mr Shatzel will assume his post on February 21st.