The latest overcharging scandal to hit AIB may be "the tip of the iceberg", business representative group, ISME, believes.
Describing AIB's actions as "reprehensible", ISME chief executive Mr Mark Fielding said the revelations prove the Central Bank, the Revenue Commissioners and the Director of Consumer Affairs have been a failure at monitoring the banking sector.
He said, however, the Oireachtas Public Accounts Committee (PAC) "showed huge courage and commitment in pursuing and exposing the role of the Banks in the DIRT controversy".
"To date, this has proven to be the best vehicle to highlight banking irregularities," Mr Fielding said.
AIB have refused to appear before the Joint Committee on Finance and Public Services until they complete their own internal investigation into overcharging at their foreign exchange desks which predominantly targeted business customers.
But the Governor of the Central Bank, Mr John Hurley, appeared before the committee yesterday and said there was no impediment to AIB executives appearing.
The new financial services regulator, IFSRA, is investigating the overcharging.
The Revenue Commissioners and the Office of the Director of Corporate Enforcement is meanwhile investigating a separate issue concerning AIB Investment Managers Ltd (AIBIM), which invested money on behalf of five former AIB directors in British Virgin Islands company, Faldor.
Mr Fielding said "in order to address once and for all" banking malpractice the Government should introduce "a well resourced, legally-backed PAC-type committee, to carry out a root-and-branch investigation of all aspects of bank dealings with their customers".