The bank, a subsidiary of Dublin-based Allied Irish Banks PLC (AIB), said that it earned $37.9m in the first quarter, compared with $18.7m for the same period a year earlier. According to Allfirst's filing with the US Securities & Exchange Commission, the company recorded a charge of $10m for its foreign exchange problems and lost $17m on FX operations in the quarter.
In a related story, AIB has now signed an agreement with US regulators in respect to actions to be taken in the aftermath of the scandal. Under the terms of the agreement, AIB will submit a written statement describing the immediate actions being taken to address the weaknesses highlighted in the independent report on the affair prepared by Eugene Ludwig.
Allfirst Financial Inc, the Baltimore-based regional banking company at the centre of the John Rusnak $691m FX trading scandal, has confirmed that the fraud continues to have an impact on its profitability.
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