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.

“It will be interesting to see whether the [reported FCA] fine will be for the group as a whole or if the Central Bank [of Ireland] will impose its own penalties,” said Mr Broderick. “I would expect that sever penalties would be put in place... given that the Ulster Bank issue was significantly worse than in the UK.”

The Central Bank is currently undertaking an investigation into the matter but has no indication when it could be completed.

“The Central Bank has been actively engaged with Ulster Bank in relation to the IT incident which occurred in June 1012,” a Central Bank spokesperson said.

“We are continuing to progress our investigation... Once that investigation is concluded, the Central Bank will consider what appropriate regulatory action to take. This will include considering our enforcement options.”

Ulster Bank declined to comment on the matter yesterday.


You have a long half-term break ahead of you all, and there’s only so much screen time anyone in the family can handle. Everyone is going to need a book-break at some point or another.We reviewed some of the best new books to keep kids entertained over half-term

Sexual politics, snideput-downs and family rivalries are fuelling the trouble brewing in a small Midlands town.Charlie Murphy and Pat Shortt star in new Irish film 'Dark lies the Island'

Robert Hume tells of the eccentric MP for Athboy, Co. Meath – born 300 years ago this month – who thought he was a teapot, and was afraid his spout might break off.A strange brew of a man: The MP for Meath who believed he was a teapot

Ladysbridge and District Flower and Garden Club will meet on Monday at 8pm in Garryvoe Hotel.Gardening Notes: Your one-stop guide to the week's events

More From The Irish Examiner