Dáil Éireann Debate, Tuesday - 10 July 2012
133 Deputy Regina Doherty asked the Minister for Finance if he intends to review banking procedures and protocols to protect customers from another crisis such as the Ulster Bank occurrence which has seen customers without banking facilities for nearly three weeks; and if he will make a statement on the matter. [33600/12]
View answerI have been informed by the Central Bank that, in conjunction with the Financial Services Authority in the UK, they will undertake a review of the IT failure which arose in Ulster Bank. This review will include a focus on lessons learned which will then be utilised in the Bank's on-going oversight of operational risks faced by all banks. In addition, the Irish Payments Services Organisation (in conjunction with the Central Bank) have commissioned an independent review of the risk assessment methodologies applied by clearing companies such as the Irish Paper Clearing Company and the Irish Retail Electronic Clearing Company.
On the completion of the reviews mentioned, I would expect that, should the Central Bank need to examine and strengthen its procedures, they will do so. It is important that the Central Bank satisfies itself that all requirements are met by credit institutions to avoid the occurrence of similar IT problems in the future.
