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.


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