Banks ordered to review payment systems

The Central Bank has ordered all banks to review their contingency plans and payment systems as the crisis at Ulster Bank continues into its seventh day.

In an effort to ensure that such a catastrophic system failure can never happen again, the Central Bank and the Irish Payment Service Organisation (IPSO) are to conduct an industry-wide risk review.

A Central Bank spokesperson said: “In response to the Ulster Bank incident, the Central Bank has formally requested sign-off from all clearing banks that contingency plans are fully updated with regular testing.