The Central Bank has said it is "seriously concerned" with the contents of the Ludwig report into losses incurred at the AIB subsidiary Allfirst.
In a statement it said it had discussed the findings of the report with AIB and would continue to "work closely with the US Federal Reserve to finalise investigation of the events at Allfirst".
The statement said: "The bank is seriously concerned by what has emerged. There will be continuing dialogue with AIB in regard to all decisions, and the implementation thereof, that are needed to ensure that risk management and control procedures conform to best international practice.
"The bank has requested AIB to ensure that all of the issues identified in the report will be fully addressed and that the further work identified in the report will be carried out as a matter of urgency".
The statement added that the Central Bank would write this week to the chairpersons of all credit institutions under its supervisory control "to re-emphasise the need for compliance with best international standards of management and controls and requesting that they arrange for independent verification that these controls are in operation".
