Ulster Bank and Regulator should attend Finance Committee this week to answer key questions: McGrath

Published on: 25 June 2012

Finance Spokesperson Michael McGrath has suggested that the Oireachtas Finance committee should ask Ulster Bank and the Financial Regulator to attend a special meeting of the committee this week to answer key questions concerning the ongoing problems at the bank which are affecting thousands of customers.

Deputy McGrath stated, “Late last week, customers of Ulster Bank were assured that everything would be back to normal by today. They are now being advised that it will take until the end of the week to bring the system up-to-date. The ‘technical’ IT problems being experienced by Ulster Bank since Wednesday continue to cause enormous distress and inconvenience for thousands of ordinary customers of that bank and of other banks.

“With thousands of workers due to be paid their monthly wages later this week, there will be a concern that the problem could escalate. Customers need to be given reassurance that the problem is being resolved and that they will not be adversely affected by the fallout from the systems failure.

“I have suggested that a special meeting of the Joint Oireachtas Finance committee be called as early as possible this week and that Ulster Bank and the Financial Regulator be requested to attend. This would enable members of the committee to put questions to the bank and the Regulator about the implications for customers of this ongoing debacle.”

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