BoI says it did not gain from late wage payment

Bank of Ireland has insisted it made no gains from the late payment of wages into tens of thousands of public servants’ accounts amid calls to come clean on whether interest was earned on the stalled transfers.

The bank is under severe criticism for failing to process wage payments on time for the second time in four weeks, leaving many gardaí, teachers, nurses, civil servants and pensioners stuck for cash and funds to meet direct debits.

Rank-and-file gardaí reacted furiously, pointing out that they had to agree to the electronic transfer of wages as part of the Croke Park cutbacks deal in 2010 and didn’t appreciate being left at the mercy of a glitch-prone system.