Investors took news of more possible foreign exchange overcharging at AIB in their stride yesterday, with shares in the bank barely reacting to the news.

Analysts were equally reluctant to focus on the allegations that a new investigation at the bank many have unearthed repeated instances of overcharging.

Eamonn Hughes, banking analyst with Goodbody Stockbrokers, which is owned by AIB, reflected the market's view that the matter is historical and thus bears little import for current operations. "At a minimum, this is relatively embarrassing, though we would hope that something relating to the 1980s and 1990s has minimal relevance to the stock price in 2005," Mr Hughes said.

Analysts in London meanwhile, were largely unaware of the existence of any new overcharging issue at the bank. "I hadn't even picked up on it," said one London-based analyst who follows AIB. The analyst said the bank's reputation could suffer as a result of the allegations but said that even this would probably be limited. "The man in the street by and large doesn't really get bothered unless it hits him personally."

Mr Hughes noted that last year's overcharging scandal did little damage to AIB's franchise in the Republic, with deposits rising by 16 per cent, ahead of the market. AIB did not expand on the details of the fresh investigations yesterday, but a spokeswoman confirmed that the overcharging so far relates to fewer than 10 branches.

The bank has insisted that the investigation, which is being conducted in conjunction with the financial regulator, has not uncovered anything as extensive as the foreign exchange overcharging that emerged in 2004.

In that instance, AIB was found to have levied more than €30 million in unjustified charges. The main union within AIB, the Irish Bank Officials' Association, yesterday contacted the bank about the matter but did not comment.

AIB shares closed at €17.55 last night, down eight cent in a mixed market for financial stocks.