Tuesday 23 January 2018

What happens next? Your questions answered

Charlie Weston

Charlie Weston

Q: What went wrong at Ulster Bank?

A: The entire information technology system at Ulster Bank has crashed. Any money -- including wages and social welfare payments -- going in or out of your account at the bank has not been updated since Tuesday night. The IT system is controlled from Britain. Some 150,000 customers are affected here. Q: I am not a customer of Ulster Bank but I did not get paid. How come?

A: Many companies and state bodies, like the Health Service Executive, use Ulster Bank to process salary payments, so even if you're not its client, you may not have been paid.

Q: My salary or my social welfare benefit payment was due into my bank account. What should I do now?

A: If you are trying to access a salary or benefit payment, and you cannot access your funds using an ATM, go into a branch.

Some 60 branches are due to open until 3pm today, while 20 are due to open tomorrow.

You will need to bring your identification and payment details to withdraw cash from the branch, and you will be able to withdraw up to €500.

Q: When will this be sorted out?

A: Ulster Bank is hoping to have its systems up and running and expects to update customer account balances by Monday. But it could be next week before all accounts are corrected.

Q: Will I be out of pocket due to this mess?

A: Ulster Bank has promised that no one will lose out due to its systems' breakdown.

Keep a record of any transactions you have made if you are a customer of the bank. If you are not a customer of the bank, but have had transactions that were due to be processed through it, you should keep details of this.

Q: Can this happen again?

A: Unfortunately, yes. It's hoped now that the Central Bank will insist that all banks here devise a contingency plan to cope with a future systems' failure.

Q: Is Ulster Bank in trouble?

A: The bank has made massive losses here on bad developer loans. However, the British taxpayers have put €12bn (€14.9bn) into Ulster Bank to bolster its reserves, which means that the bank is solid.

Irish Independent

Promoted Links

Today's news headlines, directly to your inbox every morning.

Promoted Links

Editor's Choice

Also in Irish News