Dáil Éireann Debate, Thursday - 19 January 2017
78. Deputy Pearse Doherty asked the Minister for Finance the number of times in the past year and each of the past five years banks operating here have failed to process the payment of workers on schedule due to an operational issue at the bank; the names of the banks involved; the number of occasions each bank failed to make the payments; the estimated number of workers affected in each case; and if he will make a statement on the matter. [2242/17]
View answerI have consulted with the Central Bank on this matter and I understand that it does not hold the data sought.
Customers have a legitimate expectation of high quality, uninterrupted services, whether provided through traditional or online channels. It is my role as Minister for Finance to put in place an appropriate legislative framework for the regulation of the financial services sector.
The Central Bank is responsible for prudential supervision and financial regulation including consumer protection. In this context, the Deputy may be aware that the Central Bank fined Ulster Bank Ireland Limited €3,500,000 and reprimanded it in relation to IT and governance failings by the firm that resulted in approximately 600,000 customers being deprived of essential and basic banking services over a 28 day period during June and July 2012.
In addition, the Financial Services Ombudsman is an independent office established to deal with consumer complaints about their dealings with financial institutions. Therefore, I believe that we have a robust regulatory framework in Ireland to deal with operational issues that may affect customers of banks operating here.
