The news that some Ulster Bank customers have again been impacted by an IT failure at the bank is a cause of serious concern and the Central Bank must now conduct a comprehensive review of the IT systems used by retail banks in Ireland, according to Fianna Fáil Spokesperson on Finance, Michael McGrath TD.

Deputy McGrath commented, “It is very distressing for Ulster Bank customers to discover that money has gone missing from their bank account or that they may have had debit card transactions declined. In some cases, customers may well have missed vital payments as a result of the bank’s failure.

“Ulster Bank now needs to put its customers first. The bank’s immediate focus must be on fixing this problem and ensure that affected customers will not have their credit rating adversely affected in any way.

“These IT failures are happening all too often at Ulster Bank and the question has to be asked if it is the result of a lack of investment by the bank. It is every bank’s responsibility to ensure that their IT systems are fit for purpose.

He concluded, “Given the detrimental impact that IT failures have on customers and the reputational damage this causes to banks operating in Ireland, the Central Bank needs to assess the state of the IT systems in retail banks operating here and ensure that banks prioritise investment in this area.”