Ulster Bank says end to crisis in sight
Ulster Bank is continuing to work through the backlog of lodgements on customer accounts caused by the failure of its processing systems nearly three weeks ago.
In a statement released this afternoon it said that this coming week will be the final week of any significant delays for its customers.
It said there would be “gradual, but significant and noticeable improvements” and reiterated its assessment that by next week “the vast majority of customers will return to a normal service”.
It warned that there would be some “final reconciliations required to customers' accounts.
The speed and accuracy of the clearing process is said to be proceeding positively and most account balances are up to date until July 4th.
Meanwhile, the Central Bank's director of consumer protection Bernard Sheridan said today that he was not able to assure consumers that the issues which left over half a million Ulster Bank customers without access to funds for over two weeks could not happen at another institution.
Speaking on RTÉ's This Week, Mr Sheridan said the Central Bank had asked all Irish banks to review their payment and technology systems but added that the regulator “can't give an assurance that it's never going to happen again”.
He said the Central Bank had “gone back to all the other banks to highlight this issue to them to make sure they're reviewing in the light of what has happened."
He added that the bank would be insisting that Ulster Bank compensated its customers and customers of other institutions affected by the crisis for costs and charges incurred as a result of the collapse of its systems following a software failure on June 19th.