Ulster Bank technology glitch costs €103m

The widespread disruption to Ulster Bank’s services over the summer caused by a technology breakdown has so far cost the bank €103m, although the final tally could be higher if more complaints are lodged.

In mid-June, a glitch at Ulster Bank’s parent company, Royal Bank of Scotland, caused havoc when it reached this country. More than 450,000 customers in the Republic and 300,000 in the North were affected as payment services and other key banking functions were severely hampered over a five-week period.

“This [€103m] provision covers all operational costs associated with the incident, as well as redress of £41m [€52m] to 750,000 customers across the island of Ireland. As we continue to deal with customer claims and costs associated with the incident, we expect that there will be some additional costs to the bank over the coming months.”