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Ireland's AIB to repay customers over credit card insurance

Reuters - UK Focus

DUBLIN, Aug 19 (Reuters) - Allied Irish Banks has agreed to repay consumers charged for insurance against credit card fraud which was already covered under the basic terms and conditions of the cards, the bank said on Wednesday.

Like British authorities, Ireland (Other OTC: IRLD - news) 's Central Bank has been looking at mis-selling by banks which has resulted in hefty payouts by top lenders, especially related to payment protection insurance on loans.

A spokeswoman for AIB, Ireland's second-largest domestic lender, said up to 110,000 customers may be eligible for an average payout of around 66 euros, implying a payout of up to 7.2 million euros.

In May, Bank of Ireland, UK-based consumer credit business MBNA and Ulster Bank, an Irish unit of Royal Bank of Scotland agree to pay 9 million euros after 40 percent of customers submitted claims, Ireland's Central Bank said on Wednesday.

AIB, which is 99-percent state owned, this month reported an mid-year underlying pretax profit of 1.24 billion euros. (Reporting by Conor Humphries and Padraic Halpin; editing by Jason Neely)