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Dublin: 16°C Thursday 5 August 2021

Ulster Bank says its customer deposits are up 12 per cent since IT meltdown

The bank’s CEO is insisting such a problem won’t happen again as the “root causes” have been fixed.

Image: Photocall Ireland

THE AMOUNT OF money on deposit in customer accounts with Ulster Bank has increased by 12 per in the last year, according to the bank’s CEO.

Jim Brown was appearing before the Oireachtas Finance Committee this afternoon to answer questions on how the lender was dealing with the ongoing mortgage crisis.

He also touched on how the institution had responded to the IT breakdown last year that left some 750,000 people locked out of their Ulster Bank accounts between June and July. Over 17 million RBS Group customers were affected by the problem across the UK and Ireland.

Regarding the 12 per cent increase, Brown said that he put that figure down to “the good relationship we have with customers” and “continuing good will”.

He also said that the root cause of the problem had been fixed, and said that the bank was “working with RBS to ensure the resilience of the systems are improving”.

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