PRESS RELEASE – ULSTER BANK CHAOS

Compensation needed for victims of Ulster Bank chaos

The SDLP Local Representative for Ballymoney, Daniel Hendrie has said the Ulster Bank chaos must be resolved now and compensation should be provided for those who have lost out as a result of the “four weeks of madness” inside Ulster bank.

Mr Hendrie stated “the scale and length of this failure is completely appalling, hard times are bad enough without hard working people and business being denied access to their money. The lack of communication and knowledge of the problem inside Ulster Bank has caused a major blow to the credibility of Ulster Bank who, as part of RBS, is 80% owned by the tax payer.

The problems stretch further than just cash, people’s livelihoods have been put at risk because of this failure, and that is totally unacceptable. Ulster Bank has badly let down their customers in failing to provide the most basic of banking functions. It is only right and fair that compensation be provided for people and businesses that have been directly or indirectly affected by the on-going crisis.

Frontline Ulster Bank staff are working very hard, in difficult conditions to resolve the problem, who too have, I am sure, been personally affected by the problem. However, where people have experienced serious failings they should complain in writing to Ulster Bank and failing that, to the financial ombudsman and should be pressing for fair and reasonable compensation”

Last week SDLP MP’s met with the Chiefs of RBS in London to seek reassurances that the problem would be resolved as quickly as possible and that this would not occur again. After speaking to the chief executive of RBS, SDLP leader Alasdair McDonnell stated “We underlined the lack of quality in Ulster Bank’s communication with customers and warned that computer generated letters being issued centrally telling people that they’re overdrawn or had incurred bank charges were totally unacceptable.”

“We also stressed that there was a serious risk of people’s credit ratings being detrimentally impacted upon due to RBS’ mess-up and assurances were given by the bank’s Chairman that customers’ credit ratings would be protected. The SDLP, through our representations at Westminster and in the Assembly, will continue to push for the proper correction of these problems.”