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Allied Irish Banks

In: GLOBAL DERIVATIVE DEBACLES From Theory to Malpractice

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  • Laurent L Jacque

Abstract

On February 6, 2002, Allied Irish Banks (AIB) disclosed that its US subsidiary Allfirst Financial Inc. had incurred a staggering loss of $691 million. The loss was traced to foreign exchange trading activities conducted by its currency trader John Rusnak. It was later revealed that the currency losses started as early 1997 and had been fraudulently concealed by the rogue trader from the senior management of the bank. The loss was significant enough to cut Allied Irish Banks' 2001 consolidated earnings by 60% and deplete the bank's capital by 10%…

Suggested Citation

  • Laurent L Jacque, 2015. "Allied Irish Banks," World Scientific Book Chapters, in: GLOBAL DERIVATIVE DEBACLES From Theory to Malpractice, chapter 9, pages 125-141, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9789814663267_0009
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