Finance Committee to meet with Central Bank to discuss measures to mitigate technical difficulties

Representatives from the Central Bank of Ireland’s Financial Regulation Division will come before the Committee on Finance and the Public Service tomorrow, 4th July to discuss safeguards in place to mitigate technical malfunctions in the Irish financial services sector.

Committee chairman Alex White, TD said: “The major technical malfunctions at Ulster Bank, which have now entered their third week, highlight the importance of having robust and reliable systems in the financial services sector for processing transactions and dealing with payments.

As a result of the computer ‘glitch’, Ulster Bank is dealing with a backlog of unprocessed payments which has left many customers without access to funds and unable to make everyday payments. It is an unacceptable situation.

Tomorrow, representatives from the Central Bank’s Financial Regulation Division will address the Committee on the Ulster Bank situation in particular, as well as addressing the overall systems and safeguards that are in place to deal with technical problems across the Irish financial services sector. Committee members will have an opportunity to question the Central Bank representatives on their interaction with Ulster Bank, regulation of the bank, what kind of investigations it has carried out into the issue and what lessons have been learned.”