Ciara Conway (Waterford, Labour)
Link to this: Individually | In context

Question 114: To ask the Minister for Finance if he will provide an update on his Departments' and the Central Bank interactions to date with Ulster Bank in view of the continuing crises; the measures the Regulator and Central Bank of Ireland are taking to help resolve the situation; and if he will make a statement on the matter. [33096/12]

Michael Noonan (Limerick City, Fine Gael)
Link to this: Individually | In context

I am fully aware of the negative impact that Ulster Bank's technical problems are having on the bank's personal and business banking customers throughout the country. This issue has been ongoing for far too long at this stage and the Bank is fully aware of my position in terms of the need to have the matter resolved as a priority. The Central Bank is closely monitoring the situation to ensure that it is resolved as quickly as possible. In that respect, the Central Bank has officials on the ground in Ulster Bank to ensure that immediate priority is given to the backlog issue and ensuring that all customers accounts are brought up to date as soon as possible. The Central Bank has also indicted that they will be putting in place a full restitution regime for all persons that have been impacted and that it will work with the Irish Credit Bureau to ensure that customer ratings are not impacted.

The current focus is to get all transactions processed and following that Ulster Bank has said that they will commence the process of refunding customers for any interest or fees and charges that have occurred as a result of this incident. I was pleased to note that the Bank has given a commitment that no customer would be out of pocket arising from the disruption caused by the problems at the Bank.