National Irish Bank customers got letters from their bank last week assuring them of the bank's "commitment to the highest business standards in terms of dealing with our customers". Noble sentiments indeed.

But the worrying feature of the letter is that all NIB's recent and very serious troubles are referred to as "media allegations". These are the allegations that have resulted in five separate investigations of the bank's practices. Teams from the Central Bank, the Revenue Commissioners, the Department of Enterprise and Trade, the National Australia Bank (NIB's parent) group's internal audit unit and accountants Arthur Andersen are poring over these practices.

These are the allegations that lead on March 25th to an admission from the bank that it took money improperly from some customers' accounts in the late 1980s and early 1990s, that it has known about this since the early 1990s and about which it has not informed the customers involved or returned the money concerned.

The overcharging allegations followed the revelation that the bank sold offshore insurance products to customers to facilitate tax evasion.

NIB says it is treating "the various recent media allegations with the utmost seriousness". But the tone of the letter must cause confusion for customers. The reference to media allegations together with the statement that "the practices alleged by the media are not the policy of this Bank" could lead some to believe that overcharging did not took place. Nowhere in the letter does NIB tell its customers that overcharging at branches in Carrick-on-Shannon, Carndonagh and Walkinstown has been discovered and admitted publicly by the bank.

If NIB really wants to reassure its customers, it should consider as a first step giving a more forthright account of the situation.