A report found Rusnak carefully planned his fraud

Within 10 days, AIB is to submit a written plan, laying out how it intends to enhance internal controls and management at its Baltimore-based Allfirst subsidiary.

The report will address the findings of 12 March consultants report, which reviewed the bank's risk management practices, according to regulators.

The bank has agreed outside consultants will remain at the bank to oversee the changes, and management lines of control will be clarified.

Rogue trader

"We have worked assiduously with our regulators in putting together a very comprehensive action programme," said AIB Group chief executive Michael Buckley.

In his written statement, Mr Buckley also agreed to "stay in close touch" with federal regulators as the firm moves to implement its plan over the coming months.

In addition, AIB must also report within 60 days of receiving the consultants' report a detailed plan of specific actions it intends to take "in order to strengthen the organization's management", among other matters.

Ireland's largest bank came under scrutiny in February when it disclosed rogue foreign-exchange trader John Rusnak incurred losses of nearly $700m (�481m) at Allfirst.

Federal investigators are still looking into the matter.

So far, Mr Rusnak has not been charged with any crime.