IT chaos to cost Ulster Bank ‘tens of millions’

The head of Ulster Bank has predicted the technical issues which have beset the bank over the past month will cost it “tens of millions” of euro in compensation payouts to customers.

Ulster Bank CEO Jim Brown revealed the bank is setting in place a scheme to compensate thousands of Irish customers affected by IT failures since Jun 19 in “recognition of inconvenience caused”.

He said the compensation scheme would offer “a range of solutions” and a plan to refund “out-of-pocket expenses” to customers would be announced shortly but declined to reveal any further details.