Last year, outgoing AIB boss Eugene Sheehy apologized to McErlean. According to the Irish Independent, Sheehy told a provincial House committee that McErlean, "undertook the role of auditor in a highly professional, competent and effective manner. Eugene was not dismissed by AIB." McErlean was gracious in accepting the apology, and indicated that he was more concerned with the failure of Irish regulators to respond to his 2001 concerns. As the Independent stated last year, "The discredited watchdog would now be better off following Sheehy’s example and emerging from the Dame Street bunker waving the white flag."
A year later, that watchdog is now waving that white flag. Today’s Independent is reporting that Financial Regulator Matthew Elderfield will testify tomorrow to Ireland’s parliament (called the Oireachtas) and convey his agency’s apology for its past mistreatment of McErlean and his concerns. Elderfield called McErlean yesterday to convey his apology yesterday.
I can add two postscripts. Wikipedia is still reporting that to this day, AIB has not disciplined anyone for knowingly making the illegal overcharges. The overcharges were made for eight years, and various managers knew about them while there were going on. Also, since this scandal erupted, AIB purchased a large share of M&T Bank of Buffalo, New York.