Ulster Bank disruption to last up to two weeks
THOUSANDS OF Ulster Bank customers face further disruption of up to two weeks as the bank struggles to resolve technical problems and catch up on the backlog of transactions that should have been processed last week.
The bank is still one week behind on processing the daily “batch” of transactions as a result of a computer glitch at a technical facility in Edinburgh run by the bank’s owner, Royal Bank of Scotland, over two weeks ago.
Ulster Bank was yesterday processing transactions that should have gone through its system on Tuesday, June 26th, according to well-placed sources familiar with attempts to correct the technical problems.
It could be Monday, July 16th at the earliest before the backlog of transactions is cleared, said sources. The bank is still trying to determine the exact timing of when the problems would be fixed.
Ulster Bank declined to provide any further update on when the issues would be fully resolved. RBS said the problems at the bank could continue into next week.
Chief executive of the Irish bank Jim Brown had said last week that the problems should be rectified by the start of this week.
The further delays have been attributed to the slow processing of daily transactions from last week that should in normal circumstances have taken between six and 12 hours to complete but are taking 24 hours due to technical problems.
This means the bank could require the next two weekends to address the backlog and restore systems so as to be in a position to process transactions on the appropriate day.
Slow progress on resolving the problems has pushed the crisis into its third week. Rival lender AIB has helped Ulster Bank to process payments for large companies, including the HSE, one of its biggest clients.
The Oireachtas finance committee has called regulators from the Central Bank to appear before it today to explain why Ulster Bank customers have been left without access to funds. Senior management from Ulster Bank will appear before the committee tomorrow.