Ulster Bank should honour its promise to provide details this week of its proposed compensation package for the 600,000 customers who have been affected by the bank’s IT debacle since 19 June, according to Fianna Fáil Finance Spokesperson Michael McGrath.

Deputy McGrath stated, “At the Oireachtas Finance Committee meeting on Thursday 5 July, Ulster Bank CEO Mr. Jim Brown stated that that bank would be making a statement on the compensation package for customers during the following week. So far, the bank has yet to confirm how its customers will be compensated for the enormous inconvenience and distress endured over the past three and a half weeks.

“The Central Bank has said it will be requiring Ulster Bank to put in place ‘a comprehensive restitution plan’ for impacted customers. Bernard Sheridan, Director of Consumer Protection at the Central Bank, said Ulster Bank would, apart from dealing with the issue of fees and charges incurred, would also have to cover ‘the wider issue of the inconvenience that customers have had to suffer simply because Ulster Bank and RBS could not deliver the system and service.’ He also confirmed that customers of other banks affected by the Ulster Bank blunder would need to be compensated.

“Ulster Bank now needs to honour the commitment to its customers at last week’s Oireachtas Finance Committee. Dealing promptly and comprehensively with the compensation issue is the last opportunity for the bank to demonstrate good faith to its customers and to begin the slow process of rebuilding its reputation. If the bank drags its feet any longer, the Central Bank needs to intervene and ensure that customers so seriously impacted by the IT problems are properly compensated without further delay.”