Ulster Bank boss Browne: Compensation cost tens of millions more than envisaged
Jim Browne
The Head of Ulster Bank Jim Browne has said the cost of redressing customers affected by the month-long IT issue which crippled the bank will be tens of millions more than originally thought.
Around 300,000 of the bank's customers who visited and transacted at a branch during the meltdown will receive a one-off payment of €25.
Customers will also be refunded all fees, charges and debit interest charged in error.
The bank had originally set aside €35m to handle the costs of the package, but Mr Browne today said the cost of the range of compensation measures would be much higher than that.
"€35m was the provision that we took in our second quarter results," he said. "It's fair to say that with the measures we're announcing today, the cost will be tens of millions on top of that."
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