Regulator: Banks still failing customers

Eamon Quinn Irish banks will have to invest significant funds to repair “outdated and fragmented” computer systems and are still failing their customers, the Central Bank deputy governor has said.

Irish banks will have to invest significant funds to repair “outdated and fragmented” computer systems and are still failing their customers, the Central Bank deputy governor has said.

Ed Sibley told a meeting of the industry group, Banking and Payments Federation Ireland, that it is was up to individual senior managers and the boards at the banks to ensure “the security, resilience, and use of their data and systems”.

Mr Sibley echoed similar comments made by other senior colleagues that lenders were still failing their customers.

An Irish Banking Culture Board was set up this year in the wake of the tracker mortgage scandal. But the comments of senior regulators suggest they think lenders continue to pay lip service.

“On too many issues the Central Bank has had to push too many retail banks too hard and over too long to put customers first,” said Mr Sibley.

On computer systems, he said: “The foundations are not yet sufficiently strong to effectively manage the technology risks.”