Ulster Bank could be fined

Ulster Bank could face significant penalties for the IT failure that left hundreds of thousands of Irish customers without access to their accounts nearly two and a half years ago.

Reports in the UK yesterday suggested that Ulster Bank’s parent company, Royal Bank of Scotland, is to be hit with a record fine by the Financial Conduct Authority for the technical glitch in 2012 with the head of the Irish finance union predicting that the penalty could be replicated here.

IBOA general secretary Larry Broderick said that, given that the issue affected Irish customers more than their British counterparts, he would expect that the Central Bank could impose similar penalties here.