Ulster Bank is planning to pay out “tens of millions of euros” in compensation to customers affected by a technical problem at the bank.

Chief executive Jim Brown said bank was talking to the Financial Regulator about how to apply the compensation but admitted a considerable sum of money, valued at “tens of millions of euros”, had been set aside. Details of the compensation scheme will be announced shortly.

He said customers had been severely inconvenienced as a result of the problem and the bank would refund any incorrectly applied fees and charges and ensure customers’ credit ratings were not damaged.

Mr Brown said it could take several more weeks to finally clear the backlog of transactions built-up during the technical fault.

He said most Ulster Bank customer accounts were now up-to-date, although a “small percentage” of outstanding transactions and incidents of double-charging were … Read More »