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17/07/2012
Ulster Bank Delay On Compensation Unacceptable
The delay in announcing a detailed compensation package to Ulster Bank customers is a shocking indictment of the bank's persistent failure to recognise the real harm done by their computer crash, according to Labour Senator Lorraine Higgins.
Senator Higgins was reacting to comments made by Ulster Bank Chief Executive Jim Brown that the Bank is currently working out a compensation package to customers.
She warned that Ulster Bank's decision to refund fees and charges and other 'out of pocket expenses' is not compensation.
She said: "It is mere restitution or simple window-dressing and doesn't address the issue of compensation.
"While the Bank acknowledges the inconvenience that this entire fiasco has caused to over 600,000 of its customers, it hasn't sufficiently concentrated the minds of it executives so much that they've worked out how to 'recognise' this major upset by offering compensation in a speedy and businesslike manner," added Senator Higgins.
"By continuing to delay on the issue of compensation, Ulster Bank is leaving itself open to the charge that it is not sufficiently concerned in a meaningful way about its customers. I would also like know how much interest has been earned by the bank on these monies on deposit. It goes without saying that all interest earned should be shared amongst all affected account holders.
"What concerns me further is that Ulster Bank appears to think that they are operating like an house insurance company after a heavy flood, speaking about putting people 'back to where they would have been' when, in fact, they should be offering help that really matters."
(CD)
Senator Higgins was reacting to comments made by Ulster Bank Chief Executive Jim Brown that the Bank is currently working out a compensation package to customers.
She warned that Ulster Bank's decision to refund fees and charges and other 'out of pocket expenses' is not compensation.
She said: "It is mere restitution or simple window-dressing and doesn't address the issue of compensation.
"While the Bank acknowledges the inconvenience that this entire fiasco has caused to over 600,000 of its customers, it hasn't sufficiently concentrated the minds of it executives so much that they've worked out how to 'recognise' this major upset by offering compensation in a speedy and businesslike manner," added Senator Higgins.
"By continuing to delay on the issue of compensation, Ulster Bank is leaving itself open to the charge that it is not sufficiently concerned in a meaningful way about its customers. I would also like know how much interest has been earned by the bank on these monies on deposit. It goes without saying that all interest earned should be shared amongst all affected account holders.
"What concerns me further is that Ulster Bank appears to think that they are operating like an house insurance company after a heavy flood, speaking about putting people 'back to where they would have been' when, in fact, they should be offering help that really matters."
(CD)
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CAI Urges Ulster Bank Customers To Complete Online Form
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