ALLIED IRISH Banks is suing two related international companies, claiming some €84 million spent by it on a new retail banking software system was “wasted expenditure”.
The bank claims Oracle’s Flexcube product was “beset with serious technical problems” from the outset in 2007 and only some 3,000 customers out of an expected five million were switched over to it in a three-year period. In March 2010, work on implementing the Flexcube product ceased.
Yesterday, Mr Justice Peter Kelly granted an application by AIB to transfer to the Commercial Court the bank’s action against Oracle Financial Services Software BV (OFSSBV) and Oracle Financial Services Software Ltd (OFSS Ltd).
