BALTIMORE, May 16, 2002 (PRIMEZONE) -- The Federal Reserve Bank of Richmond, The Maryland Commissioner of Financial Regulation and the Central Bank of Ireland have signed a written agreement with Allied Irish Banks plc, Allfirst Financial Inc and Allfirst Bank (NYSE:AIB) (AIBPR;FMBPR) setting out the steps to be taken as a result of the Allfirst Treasury fraud disclosed last February.
AIB Group Chief Executive Michael Buckley said:
"We have worked assiduously with our Regulators in putting together a very comprehensive action programme and will continue to stay in close touch with them as we implement it over the coming months. We are pleased to note that the agreement endorses the speed with which we have acted to remedy the control weaknesses identified in the Ludwig report and we are committed to ensuring that all the steps outlined in the agreement are taken quickly and effectively."
A copy of the written agreement can be accessed via the Federal Reserve website at http://www.federalreserve.gov/boarddocs/press/enforcement/2002/
For further information please contact: Ireland Alan Kelly Head of Group Investor Relations AIB Group Bankcentre Ballsbridge Dublin 4 Tel: +353-1-6600311 ext. 12162 Catherine Burke Head of Corporate Relations AIB Group Bankcentre Ballsbridge Dublin 4 Tel: +353-1-6600311 ext. 13894 USA Philip Hosmer Allfirst Corporate Communications 25 S. Charles Street, Baltimore, MD 21201 Tel: +410-949-304