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Bank faces bill of 'tens of millions'

ULSTER Bank customers are still in the dark about compensation measures even as the chief Jim Brown has admitted that the group faces a bill in the "tens of millions".

The financial institution claims that it has retained all of its customers and bank balances have remained flat despite the crisis.

IT problems have impeded operations at thousands of its customers accounts for almost a month.

Compensation

A massive backlog processing payments was caused after a technical problem during a software upgrade at its parent company RBS disrupted electronic transactions.

The bank is currently putting together details of the compensation scheme, but there is currently no indication that every customer will receive a blanket pay-out.

Ulster Bank has assured customers that there will be nobody out of pocket in the wake of the fiasco.

Mr Brown said the bank would be "introducing a range of measures to recognise the impact it has had on customers' day-to-day banking needs" which would be announced "shortly". He said that the technical meltdown at the bank is almost rectified.

However, hundreds of customers said that their accounts were still affected.

The chief executive conceded that it would take some weeks to reconcile all of the accounts fully, but he could not identify exactly when this might be.

He accepted there were still some problems, particularly with regard to duplicate transactions showing up on some accounts, but he said 98pc of Ulster Bank customers now have up-to-date balances.

Mr Brown added he accepted full responsibility for the issue, but had not considered resigning.