Consumers have been reimbursed €118 million since May 2004 by 36 financial service providers found to have overcharged them, according to the Irish Financial Services Regulatory Authority.
The financial regulator's annual report shows that it has overseen the refunding of €48 million to consumers in the last year.
Bank of Ireland, which overcharged personal loan customers on payment protection insurance, has revised upward its original estimate of the amount owed to customers by €3 million, from €15 million to €18 million, including interest. The bank has so far refunded around €16 million of this money.
The largest overcharging occurred at AIB, which is repaying a total of €34.2 million to customers who were overcharged on foreign exchange transactions and other matters.
Some €21 million of the money has been repaid since the overcharging was uncovered in 2004.
A reimbursement programme at National Irish Bank in relation to the improper charging of interest and fees between 1988 and 1998 is ongoing. The bank has repaid €8.3 million of the €11.6 million estimated amount due.
Meanwhile, as a result of letters sent to financial services firms last May, the regulator was informed of 40 different instances of investment fund pricing and insurance policy errors, leading to refunds of €8.2 million to 60,000 policyholders.
The regulator's consumer director, Mary O'Dea, said the errors had occurred as a result of a breakdown in procedures and poor administration.
The financial regulator also published new minimum competency requirements for people working in the financial services industry and the final version of its consumer protection code.
The code, which is expected to be fully implemented by early next year, includes a ban on offers of unsolicited pre-approved credit and new rules in relation to the selling of payment protection insurance, debt consolidation loans and equity release or "lifetime loans".
The minimum competency requirements will come into effect in January 2007. However, people who have worked in the sector for four years or more will be "grandfathered" and will not be obliged to obtain any specific qualification in order to continue providing advice or selling financial products.
Patrick Neary, the regulator's chief executive, said more overcharging issues might emerge as it continues its investigations. But he added that the regulator was confident that, over time, proper controls that institutions would lead to a reduction in the number of incidents.
Mr Neary also warned both lenders and consumers that products such as 100 per cent mortgages and 40-year loans were not suitable for all customers.
The regulator is also following up on inspections of credit unions, some of which have shown a higher than average rate of bad debts.
