Dublin, Ireland ? Allied Irish Banks PLC appointed a senior American banker Sunday to oversee an internal probe into $750 million in allegedly fraudulent losses at its U.S. subsidiary, Allfirst Bank of Baltimore.

Allied Irish said Eugene A. Ludwig a veteran federal regulator who served as the Treasury Department’s comptroller of the currency during the Clinton administration would publish a report into the losses, which the bank has blamed on foreign-exchange trader John Rusnak, within 30 days.

“Mr. Ludwig is an eminent banking expert. We are extremely fortunate to have found a man of such skill and expertise, with great knowledge of the banking system, to head up our investigation,” said Lochlann Quinn, chairman of Allied Irish Banks.

Ludwig, 55, currently serves as managing partner of Promontory Financial Group in Washington, D.C.

He was a banking attorney in Washington before President Clinton appointed him to direct the bank regulatory agency within the Treasury Department, where he oversaw 2,600 nationally chartered banks.

In a statement, Allied Irish Banks said Ludwig’s investigation would nail down the facts behind Rusnak’s trades, identify what checks were in place at Allfirst to police Rusnak’s work, document “the manner in which such policies and controls operated or may have failed to operate,” and recommend ways of improving them.

Rusnak’s attorneys have vowed to fight Allied Irish allegations that he may have covered up his trading losses for personal profit. The FBI has interviewed Rusnak, but filed no charges against the 37-year-old Baltimore resident.