Ulster Bank compensation welcomed


Ulster Bank’s compensation package for customers affected by the meltdown of its IT systems seems to be “fair and reasonable”, Fianna Fáil has said.

The party’s spokesman on finance Michael McGrath called on the bank to refund fees, charges, interest and out of pocket expenses to customers “without any undue delay”.

The details of the package have been published on the bank’s website this morning.

Mr McGrath noted the failure had caused “enormous distress and inconvenience” for up to 600,000 customers in the Republic over a period of several weeks.

“Overall, the package of measures announced by the bank for its customers affected by the IT debacle seems to be fair and reasonable provided it is implemented efficiently and the bank doesn’t unnecessarily contest claims for out of pocket expenses,” Mr McGrath said.

“I expect the bank to be fair in its assessment of expense claims by customers and not to be petty and challenge the validity of every item being claimed.

“In essence, Ulster Bank’s restitution package needs to ensure that no personal or business customer is out of pocket or disadvantaged in any way as a result of this IT failure.”

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