financial group in Estonia and Lithuania (update needed), operations in Latvia have ceased (see below). In 2008 AIB operated through its local branches providing financial services under established AmCredit brand in all three countries. AmCredit operated as a single product mortgage business, but the company is expanding the range of banking products. All AmCredit's mortgage customers automatically became customers of the AIB branch in their country. The goal of AIB is to become a full service customer focused bank in the Baltic region. The branch in Latvia was operating between 26 November 2007 (date of registration) and 20 September 2012 (date of liquidation). Its mortgage portfolio of 800 loans was acquired by Swedbank. In February 2008, AIB entered into an agreement to acquire a 49.99% interest in Bulgarian American Credit Bank (BACB), a specialist provider of secured finance to small and medium-sized companies in Bulgaria. AIB later sold its stake in BACB to a Bulgarian private-equity fund for a nominal sum in May 2011. The Irish government received shares of €3.5 billion in AIB in 2009 as part of measures to recapitalise the bank. In April 2010, AIB announced that the Irish government would receive a stake of 16% or 17% in the bank. The Irish State had been due to receive dividends on those shares, but EU regulations state that banks that get State aid cannot make cash payments. This forced AIB to give the government shares instead. In December 2020 AIB announced its intention to cut 1,500 jobs by 2023 noting that due to the COVID-19 pandemic, 80% of its workforce had been working from home. Some branches will also be merged. Re-privatization Minister for Finance Pascal Donohoe said that the government will start selling its 71% stake in the bank, with the sell-off slated to begin in January 2022. Controversy 2002: John Rusnak losses John Rusnak, a currency trader at Allfirst, racked up losses of almost US$700 million during Michael Buckley's tenure as group chief executive. It was Ireland's biggest banking scandal and the fourth-biggest banking scandal in the world when it came to light on 4 February 2002. Tax evasion The €90 million settlement that AIB reached with the Revenue Commissioners in respect of Deposit Interest Retention Tax evasion in 2000 was the highest tax settlement in the history of Ireland. The bank's internal auditor, Tony Spollen, highlighted a potential Deposit Interest Retention Tax (DIRT) liability