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Date Posted: 07:47:00 07/31/04 Sat GMT
Author: Lynn
Subject: Irish Bank ordered to pay $77 mil (Hartford Courant)

Irish Bank Ordered to Repay $77 Million
By Associated Press

July 30 2004, 2:19 PM EDT

DUBLIN, Ireland -- Irish authorities on Friday ordered the National Irish Bank to repay 64 million euros ($77 million) to the government and customers as an inquiry delivered a report that found the bank had aided in tax evasion and overcharged account holders during the 1980s and 90s.
Paul Appleby, Ireland's director of corporate enforcement, said the bank had to pay back 30 million euros ($36 million) for the overcharging and tax evasion and 34 million euros ($41 million) to cover the costs of six years of investigating.
High Court inspectors said 19 former employees were implicated in the wrongdoing, which included maintaining bogus accounts under fake names to help some customers avoid taxes.
The bank deducted taxes from other accounts at illegally low levels and levied excessive fees and interest on customers, the inspectors said.
The Irish Financial Services Regulatory Authority said it was considering what action to take.
"The type of activity described in the High Court inspectors' report is utterly unacceptable," chief executive Liam O'Reilly said. "We are absolutely determined to ensure that there is no place for this type of activity in the financial services industry of today."
NIB chief executive Don Price said the bank had been working for more than six years to confront the problems highlighted in the report, cooperate with investigators and develop systems to reimburse customers.
"The events under investigation go back a long time. We have literally rebuilt National Irish Bank from the ground up. It is now a very different organization," he said.
The bank is owned by National Australia Bank.

Copyright 2004 Associated Press
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