IDEAS home Printed from https://ideas.repec.org/h/wsi/wschap/9789814663267_0009.html
   My bibliography  Save this book chapter

Allied Irish Banks

In: GLOBAL DERIVATIVE DEBACLES From Theory to Malpractice

Author

Listed:
  • Laurent L Jacque

Abstract

On February 6, 2002, Allied Irish Banks (AIB) disclosed that its US subsidiary Allfirst Financial Inc. had incurred a staggering loss of $691 million. The loss was traced to foreign exchange trading activities conducted by its currency trader John Rusnak. It was later revealed that the currency losses started as early 1997 and had been fraudulently concealed by the rogue trader from the senior management of the bank. The loss was significant enough to cut Allied Irish Banks' 2001 consolidated earnings by 60% and deplete the bank's capital by 10%…

Suggested Citation

  • Laurent L Jacque, 2015. "Allied Irish Banks," World Scientific Book Chapters, in: GLOBAL DERIVATIVE DEBACLES From Theory to Malpractice, chapter 9, pages 125-141, World Scientific Publishing Co. Pte. Ltd..
  • Handle: RePEc:wsi:wschap:9789814663267_0009
    as

    Download full text from publisher

    File URL: https://www.worldscientific.com/doi/pdf/10.1142/9789814663267_0009
    Download Restriction: Ebook Access is available upon purchase.

    File URL: https://www.worldscientific.com/doi/abs/10.1142/9789814663267_0009
    Download Restriction: Ebook Access is available upon purchase.
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:wsi:wschap:9789814663267_0009. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Tai Tone Lim (email available below). General contact details of provider: http://www.worldscientific.com/page/worldscibooks .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.