Banking system in a sorry state

The Ulster Bank banking fiasco is all the evidence anyone needs of the sorry state that the banking system is in.

Despite the latest software and communication technology, banking systems seem more prone to failure than ever before. The potential for economic disaster is all too obvious, should all the major banks face similar problems in one go. It certainly has the potential to bring the whole country to a sudden stop.

In the case of Ulster Bank, there appears to be no back-up system, despite optimism about when the problem may be solved. Clearly economic damage has been done and recriminations may well follow for those who have suffered.