YESTERDAY ULSTER BANK was fined €3.5 million over a IT glitch in 2012.

The error left 600,000 of the bank’s customers unable to access their funds. Those affected have already benefited to the tune of some €59 million in compensation.

So where will the money from this fine go now?

In response to queries from this website, a Central Bank spokesperson said fines such as this one are included in its surplus income and is payable to the Exchequer.

This means that the country is in line for a (very) small boost from the fine.

Last year, 16 fines ranging from €420 to €5 million and totalling circa €6.35 million were issued, according to the Central Bank’s Annual Report.

However, just €1.35 million was paid, as a €5 million fine imposed on Quinn Insurance was waived.

“This was due to the exceptional circumstances of that particular case, whereby the firm was under administration and entirely reliant on funding from the Insurance Compensation Fund,” a spokesperson said.

There were also 16 fines imposed in 2012, totalling €8.5m and ranging from €800 to €3.2m.

This entire amount was payable to the Exchequer.

Read: Remember Ulster Bank’s IT failure in 2012? The bank has been fined €3.5 million over it >