The sequence of events that ultimately led to the revelation that the State's largest bank had been overcharging its customers for eight years.
1995: AIB inputs a 1 per cent margin into its system for non-cash foreign exchange transactions involving more than £500.
1996: Responsibility transferred from the Central Bank to the Office of the Director of Consumer Affairs (ODCA) for authorising bank charges. AIB submits application for permission to charge a 0.5 per cent margin on non-cash foreign exchange transactions involving more than £500. Gets permission. Bank has said the wrong margin was submitted in error.
2002: Strategic development division in AIB notes that the margin being charged is different from the one notified to the ODCA in 1996. The issue is seen as an "administrative one" within the section and is not notified to executive management, according to Mr Donal Forde, managing director of AIB, the Republic of Ireland. The margin is not changed.
2003, May: Responsibility for bank charges transferred to the newly created Irish Financial Services Regulatory Authority (IFSRA).
2004, March/April: The strategic development division begins work on a submission to the ODCA for a new range of margins (prices). Mr Forde said the fact that the unauthorised and higher margin was being charged was noted and this time the importance of the issue was recognised.
Mid-April. The margin is reduced to the correct margin. This occurred in "mid-April", according to the bank. Mr Forde said work began on a file outlining what had happened and the amount of overcharging which had occurred. The file was to be given to the bank's executive management and the IFSRA, he said.
Two weeks ago: The IFSRA got an anonymous phone call informing it that AIB had been involved in overcharging and began to carry out checks.
Friday, May 30th: The IFSRA met AIB's compliance officers. Officers were not aware of any issue. Said they would investigate.
Earlier this week: An anonymous caller to RTÉ said AIB has been involved in overcharging. Queries submitted to the bank and to the IFSRA.
Wednesday: Mr Forde said he and executive management at AIB are informed of the problem.
Thursday: Fact of overcharging is publicly disclosed.
