Rusnak lessons still unheeded

Major issues raised in the wake of the disastrous affair at Allied Irish Banks subsidiary Allfirst Financial in February 2002 remain under discussion, said leading bankers and advisory bodies, but few concrete steps have been taken to formalise guidelines or accepted procedures.

Key among the proposals made in AIB’s March 2002 official report into the Allfirst case is that traders should ‘red-flag’ unusual trading patterns to counterparties’ managers. In the case of Rusnak, for example, unusual

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