of IR£100 million for the period 1986–1991, but Gerry Scanlon, the group chief executive at that time rubbished this estimate, describing it as "infantile". The Oireachtas Sub-Committee Inquiry into DIRT hearing on 27 September 1999 concluded that it was "extraordinary" when Scanlon told the Inquiry that he was unaware of the scale of the DIRT issue. The Revenue Commissioners on 28 March 2006 imposed a tax settlement plus penalties on four former senior executives for their interest, while employed by AIB, arising from investments they maintained in Faldor Limited. Faldor was an investment company set up in the British Virgin Islands that between 1989 and 1996 hold funds on behalf of these senior AIB executives as well as people connected to them. Allied Irish Banks Investment Managers then managed the funds in the company on their behalf; at the time Gerry Scanlan was CEO of the bank. Faldor subsequently benefited from inappropriate deal allocations, and artificial deals that amounted to €48,000 out of AIB Investment Managers' own funds. Those cited include: Gerry Scanlon, chief executive AIB Group when this arrangement was in place, of Glenageary, County Dublin; tax and penalties amounted to €206,010. Diarmuid Moore, former director of corporate strategy at AIB, Malahide, County Dublin; tax and penalties amounted to €51,044. Roy Douglas, chairman, Irish Life & Permanent Plc and formerly of AIB, Howth, County Dublin; tax and penalties amounting to €53,245.43 was secured. Patrick Dowling, former deputy chief executive, late of Delgany, County Wicklow; the estate paid tax and penalties of €13,000. Excess FX charging issues In 2004 it was revealed that the bank had been overcharging on foreign exchange transactions for up to ten years. The overcharging affected 3 million purchase transactions of foreign drafts. Initially the projected amount of overcharging was €14 million. However the bank set aside €50 million to cover the cost of refunds. The Central Bank of Ireland published a report into an investigation of AIB Group concerning overcharging its own customers for FX transactions and deal allocation and other associated issues. This revealed excess charges of €34.2 million, including interest. AIB failed to comply with the law for a period of almost 8 years and that certain staff and management were fully aware of this at the time. The Central Bank of Ireland had been aware that AIB was overcharging consumers in FX fees but did not act for a number of years.