The suspected currency fraud at AIB had been going since 1997 the bank said today. The suspected fraud wiped €513 million from 2001 net profits, which were reduced to €484 million.
News that the period in which the losses arose extended back to 1997 is likely to cause further shocks to the market.
The bank has blamed the alleged fraud on the actions of currency trader Mr John Rusnak, who worked at AIB's US subisidiary Allfirst Financial.
Mr Rusnak's lawyers have insisted that he did not steal money from the bank.
When news of the alleged fraud at Allfirst broke two weeks ago AIB believed the alleged fraud dated back around a year.
Last week it emerged that AIB recognised its financial controls needed tightening almost a year ago and its emergency decision earlier this month to centralise all treasury functions in Dublin had already been on the agenda.
AIB has appointed US banker Mr Eugene Ludwig to head a 30-day investigation into the scandal, due to be completed on March 9th. It said that it will make public the findings and recommendations.
No senior executives have in Baltimore or Dublin have resigned over the fiasco but today’s news is likely to add to calls for heads to roll.