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Dublin: 9 °C Wednesday 22 May, 2013

Ulster Bank chiefs set to be grilled by Oireachtas committee

The bank has refused to say if its CEO will appear before the committee.

Image: Sam Boal/Photocall Ireland

SENIOR FIGURES IN Ulster Bank are set to be grilled by the Oireachtas Finance Committee today as the bank continues to struggled to deal with major problems facing customers.

The bank refused to say whether CEO Jim Brown will appear before the committee.

A spokesperson said to TheJournal.ie that the bank has engaged with government “at its most senior level” but that it won’t comment on who will be appearing at the committee.

It is expected that the Ulster Bank representatives will make a statement about recent events before the floor is opened up to questions from the Oireachtas members. The committee is made up of 21 TDs and 6 Senators.

The committee yesterday met with Central Bank representatives who said that Ulster Bank must compensate anyone who incurred costs and charges because of the disruption.

“We know customers are frustrated and they are right to be,” Ulster Bank CEO Jim Brown said yesterday. Many customers are still experiencing delays in payments being received into their accounts, more than two weeks after the initial technical problem was identified on 19 June.

The meeting of the joint Oireachtas Committee on Finance, Public Expenditure and Reform starts at 2.30pm in Committee Room 4 in Leinster House and TheJournal.ie will be running a liveblog to follow events this afternoon.

Ulster Bank must compensate customers, says Central Bank >

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Comments (12 Comments)

  • Surely this is the end of retail banking for them? I assume all Ulster Bank customers have opened up deposit/savings/business accounts in new banks and are just waiting for access to their funds before transferring them across? Or are they going to do the typical Irish thing? Moan and groan but do nothing?

    Reply
    • Who else in Ireland would you move your money to? BoI or AIB, or as we ought to call them, the apology-to-customers-because-we-were-caught-overcharging-you-again club? Who else is there that you could viably use as a day-to-day current account bank?

      Fact is, Ulster Bank haven’t done anything that the other banks haven’t done. They were just the first to get hit by the inevitable. You sack staff with thirty years experience in favour of half the number of offshored outsourced inexperienced staff, and you will get trouble, it’s as simple as that.

      Reply
    • M J Fox 05/07/12 #

      Nope. I’m a customer and I won’t be moving. Not yet anyway.

      Despite this set back, they are the only bank I can tolerate in this country. I’ve had accounts with both Bank of Ireland, and with Permanent TSB and had nothing but trouble.

      Was a Bank of Ireland customer since I was 12, and while in college wanted to get a laser card. Walked into the nearest branch and was told I had to go back to the branch I opened the account in and make an application, and then I would be “considered” for one. Asked to change the address on my account “You’ll have to go to your original branch”. Asked to increase the ridiculous ATM withdraw limit, “You’ll have to go to your original branch.”

      Permanent TSB have become intolerable in the recent past to, they want you to use their staff as little as possible. Was told they’re only ever allowed one person at the counter now regardless of how busy it is, and any lodgements or withdraws, they want you to use their horrible machines for. Even if you spend 10 minutes queuing for the counter, they’ll send you away to use their machines.

      AIB has never been an option. How many times have they been in the news for overcharging customers?

      Reply
    • I agree mark, but these are the 1st to have the roof collapse on them. Other banks have not yet, so their customers should move away. Yes other banks get caught over charging an awful lot to be a coincidence, but nothing as bad as the scale of this. Maybe if we’re lucky, they’ll take heed of the mass exodus of ulster bank and make sure it doesn’t happen to them…. Maybe.

      Reply
    • I am staying with them!The treatment and handling of my businesses has been second to none up to this cock up!Im too old to be bothered to set up elsewhere!

      Reply
    • I know what you mean Anthony, and if this was (say) the UK or mainland Europe, I’d be gone from there already; but this is Ireland, land of denial and blamedodging. AIB, BOI and the others are watching RBS right now and just laughing; I doubt anyone there has even *thought* to review their IT systems and hiring policies in light of this, much less that there’s any impetus to actually *do* anything…

      Reply
  • It won’t be the end of retail banking for them but they will be hit massively by all this. Business will suffer and even more jobs will go (not so voluntary the next time I’m sure). That would be really hard for the staff who worked their ar$es off the last while trying to fix a mess they didn’t cause and for the branch staff who have had to bear the brunt from an angry and confused public. If Big Jim doesn’t show his face today it’ll be an absolute disgrace.

    Reply
  • OU812 05/07/12 #

    Can see them using it as the precursor to scaling back, but can’t see them pulling out.

    Reply
  • If I was a customer I would be moving to a different bank or setting up the move. Only answer is to pull your accounts.

    Reply
  • I suspect “grill” might be too strong a word.

    What are the chances UB heads will just describe the process they followed and pick a scape goat?

    Either they were negligent in planning their fail-over strategy years ago, or they considered their options and decided it best to let the customers take the hit.

    Can the banks we do own learn from this?

    Reply
  • Not a fan of any bank but I would wonder why anyone would keep an account with Ulster Bank after this fiasco!

    Reply

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