Flaws found in payments system review

An external review into the risk management of the Irish electronic payments system following the failure of Ulster Bank last year has found that reviews weren’t carried out often enough.

The review, ordered by the Central Bank and carried out by an external consultancy company, BH Consulting, found there was too long a gap between the reviews of policy for the vital Irish payment service.

The practice had been to review the operation of the risks to the payments services every two years. The report found that this was flawed.