Bill to reimburse customers set to exceed €35m

Fully reimbursing the 600,000 customers affected by the recent IT systems meltdown at Ulster Bank will add “tens of millions” of euro onto the €35m already being set aside by the bank to cover the cost of the issue.

It is still unclear as to whether customers will receive goodwill compensation payments, in addition to account expenses.

The bank yesterday said it is in discussions with various bodies including the Central Bank/Financial Regulator, consumer bodies, and industry representatives over the issue of compensation. It declined to put a figure on the possible final cost.