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Finance Minister Michael McGrath Sasko Lazarov via

Finance Minister wants 'full account' of what happened with BOI glitch

The glitch saw Bank of Ireland customers able to withdraw more money than what was available in their accounts.

MINISTER FOR FINANCE Michael McGrath has asked the Central Bank to establish the events leading to a significant glitch yesterday which saw Bank of Ireland customers able to withdraw more money than what was available in their accounts.

Large queues formed at ATMs across the country last night after rumours spread online about technical problems with the mobile banking app.

In a statement this morning, BOI said it “fell far below” the expected standard and has restored its banking services overnight, apologising for the disruption caused.

McGrath said that the Department of Finance has contacted both Bank of Ireland and the Central Bank.

“I have asked the Central Bank of Ireland to establish a full account of what happened, why it happened and what will be done to avoid a repeat.

“Given our growing dependence on technology for the delivery of financial services, I have asked my officials to engage with the Central Bank on its assessment of the robustness of this Bank of Ireland incident, and more broadly the robustness of the technology systems used by regulated, customer-facing financial service providers here in Ireland, and whether any further steps are required to reduce the risk of outages that impact on customers.

“From my point of view as Minister for Finance, financial service providers have to do whatever is required to ensure continuity of service for their customers. This is vital for the normal functioning of our society and our economy.

McGrath acknowledged the “significant effect” such disruptions have on customers, who “rightly have an expectation of a high quality of service”.

Bank of Ireland said there will be “no customer detriment in relation to interest” for those who withdrew money from their accounts following the glitch.

When asked if customers who withdrew money they didn’t have from their accounts would be subject to interest rates or unauthorised overdraft fees, a BOI spokesperson said: “There will be no customer detriment in relation to interest in that scenario.”

The Central Bank has also confirmed that it is ”monitoring the situation”.

“We are engaging with Bank of Ireland to ensure that any issues and errors identified are resolved for customers, and that it is doing all it can to ensure customers expectation of a high quality, uninterrupted service is met,” said a Central Bank spokesperson. 

The Central Bank advised customers to contact Bank of Ireland in the first instance if they have concerns about their service. 

Gardaí in numerous locations across the country were deployed to ATMs, with a garda spokesperson telling The Journal today that their direction was to ensure public order and public safety after becoming aware of large queues forming and an issue at a financial institution. 

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