Higgins Describes Ulster Bank Compensation As 'Insulting'

Labour Senator Lorraine Higgins has described the compensation scheme announced by Ulster Bank aimed at almost 600,000 customers who were affected by IT problems at the bank has been described as "insulting and derisory".

He said: "The one-off payment of €25 to customers who had to go branch during the crisis does not adequately address the stress, inconvenience and hardship endured by them during this time.

"I find it incredible that Ulster Bank would offer such an insulting and derisory compensation scheme. The bank is once more failing to recognise the difference between restitution and compensation.

"This compensation, including €120 for out of pocket expenses simply adds insult to the original injury. There is no acknowledgement whatsoever, financial or otherwise, of the shabby treatment of Ulster Bank's customers here - they were effectively put at the end of the queue while the computer glitch was solved elsewhere first.

"Ulster Bank has also been short on detail on the key issues arising from this banking scandal - they have said that it intends to ensure credit ratings aren't affect. The bank needs to be far more pro-active in this area than merely expressly an inspiration, some almost three months after the problem first arose.

"What the Bank has announced today is a restitution scheme, not a compensation scheme and it doesn't address the legal and rightful claims of its customers to full and proper financial redress."


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