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Ulster Bank has said all customers whose accounts were debited twice have had the money repaid. The problems with its computer systems began on Easter Monday and lasted for about 24 hours. Some customers reported that cash machine withdrawals were debited twice from their accounts. In 2012, a serious computer failure at the bank's parent company, RBS, caused widespread chaos for many customers who were unable to access their funds.
Ulster Bank said all money had been restored to affected customers' accounts on Thursday night. The bank had promised that no customers would be "left out of pocket" as a result and apologised to those who had been affected. Ulster Bank is the largest bank in Northern Ireland and the third biggest in the Republic of Ireland.......Read more here
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It was caused by a computer failure in the overnight processing of account information. The fine on the RBS-owned bank is the largest imposed by the Central Bank. Ulster Bank said it accepted the findings. It has paid 59m euros (£46m) in compensation to affected customers. RBS-owned Ulster Bank operates in both Northern Ireland and the Republic of Ireland. It is likely to face a further substantial fine from the UK's Financial Conduct Authority in relation to the Northern Ireland part of the bank . The Central Bank's investigation found a major failing in the outsourcing of Ulster Bank's IT systems. Its director of enforcement, Derville Rowland, said the IT failing as a "major breakdown" which had caused "unprecedented disruption".....Read more here