Menu
03/08/2012
Ulster Bank Sets Aside £28m For Compensation Costs
Crisis-hit Ulster Bank has set aside £28m for costs arising from the computer breakdown which left customers unable to use their accounts last month.
Payments were not processed properly because of the glitch across the Royal Bank of Scotland (RBS) group but Ulster Bank customers were particularly hard hit as their payments were last to be cleared, after RBS and NatWest accounts.
The bank, which has 1.9m customers across the island of Ireland, is expected to compensate those who can prove they lost out financially.
Yesterday, the Consumer Council urged it to speed up the compensation process and release information to its customers.
RBS also announced today that it has set aside £125m for dealing with compensation claims.
It comes against a bad financial backdrop – RBS reported a half-year loss of £1.5bn, nearly twice what it lost in the same period last year.
Ulster Bank chief executive Jim Brown said: "Given the scale of the impact on our customers, we expect that there will be additional costs over the coming months as we continue the process of putting things right."
"We continue to work with our customers who are in financial difficulty on an individual basis to offer them appropriate support initiatives.
"Our forbearance arrangements are tailored to reflect individual circumstances and we continue to actively encourage our customers to contact us if they have any concerns about their financial health or are experiencing financial difficulty."
Mr Brown has confirmed he will not take a bonus.
(NE)
Payments were not processed properly because of the glitch across the Royal Bank of Scotland (RBS) group but Ulster Bank customers were particularly hard hit as their payments were last to be cleared, after RBS and NatWest accounts.
The bank, which has 1.9m customers across the island of Ireland, is expected to compensate those who can prove they lost out financially.
Yesterday, the Consumer Council urged it to speed up the compensation process and release information to its customers.
RBS also announced today that it has set aside £125m for dealing with compensation claims.
It comes against a bad financial backdrop – RBS reported a half-year loss of £1.5bn, nearly twice what it lost in the same period last year.
Ulster Bank chief executive Jim Brown said: "Given the scale of the impact on our customers, we expect that there will be additional costs over the coming months as we continue the process of putting things right."
"We continue to work with our customers who are in financial difficulty on an individual basis to offer them appropriate support initiatives.
"Our forbearance arrangements are tailored to reflect individual circumstances and we continue to actively encourage our customers to contact us if they have any concerns about their financial health or are experiencing financial difficulty."
Mr Brown has confirmed he will not take a bonus.
(NE)
Related Northern Ireland News Stories
Click here for the latest headlines.
31 August 2012
Ulster Bank Announce Compensation Details
Ulster Bank have announced details of the compensation it will pay to customers who were affected by the recent computer glitch. The bank said customers who ere left out-of-pocket will be reimbursed, as well as an additional 20% on top of theses up to a maximum of £100, to Personal and SME customers.
Ulster Bank Announce Compensation Details
Ulster Bank have announced details of the compensation it will pay to customers who were affected by the recent computer glitch. The bank said customers who ere left out-of-pocket will be reimbursed, as well as an additional 20% on top of theses up to a maximum of £100, to Personal and SME customers.
02 July 2012
Ulster Bank Customers 'Put To Back Of RBS Queue'
RBS Group has been accused of putting Northern Ireland customers "to the back of the queue" as they face entering a third week of account problems at Ulster Bank. NI Shadow Secretary of State Vernon Coaker said the banking group, which owns Ulster Bank, had "serious questions" to answer for the way customers here have been treated.
Ulster Bank Customers 'Put To Back Of RBS Queue'
RBS Group has been accused of putting Northern Ireland customers "to the back of the queue" as they face entering a third week of account problems at Ulster Bank. NI Shadow Secretary of State Vernon Coaker said the banking group, which owns Ulster Bank, had "serious questions" to answer for the way customers here have been treated.
21 June 2012
Ulster Bank Error Leaves Customers' Payments Delayed
Ulster Bank has admitted ongoing delays in processing payments and warned it may take until tomorrow (Friday) for the backlog to be cleared. The bank thanked customers for their patience and said that anyone who needs to access their salary or social security payments urgently should go to their local branch with account details and ID.
Ulster Bank Error Leaves Customers' Payments Delayed
Ulster Bank has admitted ongoing delays in processing payments and warned it may take until tomorrow (Friday) for the backlog to be cleared. The bank thanked customers for their patience and said that anyone who needs to access their salary or social security payments urgently should go to their local branch with account details and ID.
22 November 2024
SDLP Calls For Action On Food Bank Crisis
The SDLP has called on the Communities Minister, Gordon Lyons, to outline how he intends to tackle food bank reliance across Northern Ireland.
SDLP Calls For Action On Food Bank Crisis
The SDLP has called on the Communities Minister, Gordon Lyons, to outline how he intends to tackle food bank reliance across Northern Ireland.
03 July 2012
Ulster Bank Customers 'May Need Stormont Help'
The Citizens' Advice Bureau (CAB) has said people affected by the ongoing Ulster Bank crisis may need to turn to Stormont for help. Following a technical glitch on June 20, two weeks ago, customers have experienced problems accessing their accounts and spending wages and benefits.
Ulster Bank Customers 'May Need Stormont Help'
The Citizens' Advice Bureau (CAB) has said people affected by the ongoing Ulster Bank crisis may need to turn to Stormont for help. Following a technical glitch on June 20, two weeks ago, customers have experienced problems accessing their accounts and spending wages and benefits.
-
Northern Ireland WeatherToday:A showery start with outbreaks most frequent north of Lough Neagh and through the morning, before dwindling during the afternoon as the northwest breezes ease and brighter spells of weak sunshine prosper. Maximum temperature 8 °C.Tonight:A dry night, save for a few light showers around the coasts, with prolonged clear spells and light winds bringing a frosty dawn for many in central and southern parts. Minimum temperature -3 °C.
