BusinessCompany NewsAIB takes £39m hit over FRS 17

AIB takes £39m hit over FRS 17

Allied Irish Bank has said that FRS 17, the controversial accounting rule on pension funds, is to blame for a forthcoming income reduction of euros 58m (£39m) in its accounts.

Link: FRS 17 special report

The bank, which last year suffered a $691m fraud in its US subsidiary, raised pre-tax profits to euros 1.38bn in 2002 from restated profits of euros 577m the previous year following the fraud.

Despite the profit increase, the bank admitted that it has taken a significant hit on its pension scheme registering a deficit of euros 482m in 2002 compared to a surplus of euros 314m in 2001. It blamed the change on FRS 17.

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