The Central bank needs should hold an investigation into the IT failure at Ulster Bank which has caused enormous distress for over 100,000 bank customers, according to Fianna Fáil Finance Spokesperson Michael McGrath.

Deputy McGrath was speaking in the Dáil this afternoon on a topical issues debate on the subject.

Deputy McGrath stated, “The immediate priority is for Ulster Bank to bring its systems fully up-to-date and to resume normal service to its customers. However, once this has been done, the Central Bank needs to carry out an investigation into the affair.

“As a regulated entity, Ulster Bank would be required to have a contingency plan in place for an event such as this. Cleary, this plan was inadequate and has failed to deal with the IT problem at the bank. This should be a cause of great concern to the Central Bank.

“As well as investigating the Ulster Bank debacle, the Central Bank also needs to rigorously assess the business continuity plans of all the other banks in Ireland. It is not good enough for the Central Bank to ask the banks to review their plans. The Central Bank – as Regulator and as the consumer watchdog – must test these plans to ensure they are fit for purpose.”