Bank management, the regulator and government have more questions to answer on Ulster Bank debacle – Doherty
June 27, 2012
Speaking during a topical issues debate in the Dáil today on the IT crash at Ulster Bank, Sinn Féin finance spokesperson Pearse Doherty said that “bank management, the regulator and the government still have questions to answer regarding the on-going debacle at Ulster Bank.”
Deputy Doherty said:
“The debacle at Ulster Bank continues. This morning managing director of branch banking at Ulster Bank, Jim Ryan admitted that despite earlier assurances, customers will continue to experience disruption into next week.
“More than 150,000 people have been affected. It is causing enormous distress to individuals, families and businesses.
“We are almost a week into this debacle and still key questions remain unanswered. How did a relatively minor software upgrade lead to such widespread disruption of the banks payments system? Where was the bank’s disaster-recovery safety-net?
“Crucially the public want to know could this kind of problem occur at any of the other banks operating in the state?
“The Central Bank, the Financial Regulator and the government need to address these questions publically. Given the seriousness of the issues I strongly believe that the Minister and the regulator as well as Ulster Bank management need to appear before the Finance Committee to answer these questions.”