Business Irish

Sunday 19 November 2017

Ulster Bank to produce details on customer compensation ‘shortly’

Charlie Weston

Charlie Weston

ULSTER Bank said it will produce details "shortly" on how it will compensate customers impacted by the IT systems crash.

It claimed today its systems were back to normal, although it admitted that not all accounts would have all transactions updated.

The unprecedented collapse of the bank’s computer systems has left 600,000 people unable to access the funds for almost a month now.

Today the bank said it will launch details soon on how customers can apply for refunds for out-of-pocket expenses as a result of its IT problems. It also said it would outline a plan to compensate people for indirect losses.

Fees and charges incurred as a result of the problems will be fully refunded and Ulster Bank also said it is in discussions with regulators and consumer groups on how best to recognise the inconvenience caused.

The bank is also in talks with credit reference agencies to ensure that no customer’s credit rating is affected as a result of the incident.

A spokeswoman for Ulster said: “All of our systems are running as normal this morning in the timeframes we would expect and normal service has now been restored for the majority of our customers.

“Given the scale of the incident, the clean up continues and a small percentage of outstanding transactions are being processed over the next couple of days.

“There is no doubt that there will be reconciliations to some customer accounts that also need to take place over the coming days and weeks. However, for the majority of customers it is now business as usual.”

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