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Ulster Bank faces €60m compensation bill

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Ulster Bank is likely to have to shell out in excess of €60m to compensate customers for the mess surrounding the collapse of its IT systems.

Some 600,000 people have been hit by the computer crash. The bank is planning to refund all fees and charges imposed as a result of the IT breakdown as well as compensating people for the inconvenience.

Bank boss Jim Brown would not say yesterday how much money Ulster was setting aside or if all of those impacted will get a payment.

But banking experts said that if each person affected only gets €100 it will cost at least €60m.

 

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