Ulster Bank must compensate customers – Kelly

The Ulster Bank debacle shows that the worst excesses of Celtic Tiger cronyism have survived the recession. That is the view of Wexford Cllr Anthony Kelly who is calling on the banking institution to compensate customers who have incurred fees and costs as a result of Ulster Banks failure to process their payments. The Sinn Féin Councillor also demanded that those responsible for this crisis should be held accountable and not be given the chance to use their influence to escape reprimand.

Cllr Kelly said;

“The chaos caused by the IT system crash at Ulster Bank has caused disruption to the lives of up to half a million Ulster Bank customers, as well as also impacting on customers of other banking institutions. The delay in processing of payments as left many customers with fees and costs through no fault of their own. Frontline bank employees are not the cause

of this problem but are being left to face the barrage of angry queries from frustrated customers.”

“The Central Bank has publicly admitted the damage that has been caused and has stated that they will urge Ulster Bank to compensate customers who have incurred damages. This must be done for the mass of small and medium enterprises that have been detrimentally affected, but also for ordinary customers who may have acquired late payments penalties or credit card fees as a result of their inability to access their own money.”

“We are now into the third week of this problem. Tens of thousands of Ulster Bank customers are still having serious problems accessing their funds. No one has been held accountable. Only last week the CEO of Ulster Bank, Jim Brown, confirmed that he wouldn’t be accepting his annual bonus, but only after intense pressure was put on him not to do so. No resignations or admissions of fault have been forthcoming.”

“Just as the former Chairman of Anglo Irish Bank got off with any punishment for his role in the banking corruption which blackmailed our state, the people at the top in Ulster Bank will get off with the damage they have caused to families across this state.”

“Those responsible for the Ulster Banks complete failure in handling this problem should tender their resignations to give the Irish people back their confidence in their banking system.”