Tech debacle costs Ulster Bank €103m

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The tech failure that struck Ulster Bank and affected hundreds of thousands of customers this past summer has cost the bank €103m. That’s €68m more than the financial institution had expected.

Ulster Bank, which is owned by Royal Bank of Scotland, paid out€52m in compensation to customers after 750,000 of them were unable to access their accounts.

A corrupted software upgrade the night of 19 June caused a backlog in the processing of payments, and thus disrupted salary transfers, direct debits and social welfare payments.

Ulster Bank had said repeatedly that no customer, or customers of other banks, will be left permanently out of pocket as a result of the debacle.

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Tina held senior editorial positions at daily newspapers in Ottawa and Toronto

editorial@siliconrepublic.com