Six firings, two retirements and a couple of "stepping downs" is the extent of the shake-out following Mr Eugene Ludwig's report on the fraud at Allfirst.

Mr John Rusnak, the $220,000 (€249,291) a year foreign exchange dealer at the centre of the fraud, has already been dismissed. Yesterday the bank announced it was firing his boss, Mr Robert Ray and also Allfirst treasurer Mr David Cronin.

Ms Susan Keating, Allfirst chief executive and next in the chain of command, has held onto her post.

The bank also announced that Mr Frank Bramble, Allfirst's chairman and Ms Keating's superior, is to retire early. Mr Bramble's departure next June had been agreed in January before the fraud was uncovered, according to AIB. Mr Bramble will be replaced by Mr Eugene Sheehy, the managing director of AIB's Irish operation.

The representation of AIB non-executive directors on the board of the US subsidiary is to be beefed up and Mr Tom Mulcahy, former AIB chief executive, and former Allfirst chief executive Mr Jerry Casey are stepping down. The bank also plans to appoint main board non-executive directors to the boards of its British and Polish subsidiaries.

Other casualties at Allfirst include two managers in the back office responsible for monitoring Mr Rusnak. They are Mr Lawrence Smith, the assistant vice-president, operations and financial analysis; and Mr Jan Palmer, a senior vice-president, treasury operations administration.

Also dismissed were the head of internal audit Mr Michael Husich and Mr Lou Slifker, a team leader in internal audit.

AIB chairman Mr Lochlann Quinn and chief executive Mr Michael Buckley remain in place after the board declined resignation offers on Tuesday. Group treasurer Mr Pat Ryan, whose retirement was announced in January, will depart in June.