Menu
31/08/2012
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."
(CD/GK)
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."
(CD/GK)
Related Irish News Stories
Click here for the latest headlines.
05 July 2012
Ulster Bank And RBS Chiefs To Face Committee
Senior management from Ulster Bank will appear before the Oireachtas finance committee this afternoon. Ulster Bank chief executive Jim Brown will be accompanied by chief executive of UK corporate banking at RBS Chris Sullivan and Jim Ryan, managing director of branch banking at Ulster Bank, at the committee meeting, which begins at 2.30pm.
Ulster Bank And RBS Chiefs To Face Committee
Senior management from Ulster Bank will appear before the Oireachtas finance committee this afternoon. Ulster Bank chief executive Jim Brown will be accompanied by chief executive of UK corporate banking at RBS Chris Sullivan and Jim Ryan, managing director of branch banking at Ulster Bank, at the committee meeting, which begins at 2.30pm.
17 July 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.
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.
01 August 2012
Garda Compensation Scheme Approved
Proposals for a revised Garda compensation scheme were published today by the Minister for Justice, Equality and Defence, Mr Alan Shatter, TD. The scheme relates to a death or injury which is maliciously inflicted upon a member of the Garda Síochána while on duty or in connection with their duties.
Garda Compensation Scheme Approved
Proposals for a revised Garda compensation scheme were published today by the Minister for Justice, Equality and Defence, Mr Alan Shatter, TD. The scheme relates to a death or injury which is maliciously inflicted upon a member of the Garda Síochána while on duty or in connection with their duties.
29 June 2012
Central Bank Concerned By Ulster Bank Delays
The Central Bank of Ireland has said it is concerned by the "unacceptable continuing delays by Ulster Bank in fully resolving its systems issues and the consequent impact on its customers".
Central Bank Concerned By Ulster Bank Delays
The Central Bank of Ireland has said it is concerned by the "unacceptable continuing delays by Ulster Bank in fully resolving its systems issues and the consequent impact on its customers".
13 April 2011
Turf-Cutters Compensation Package To Be Launched
The Government has announced details of a compensation package for turf-cutters in sites where continued turf-cutting is no longer possible for reasons of environmental protection.
Turf-Cutters Compensation Package To Be Launched
The Government has announced details of a compensation package for turf-cutters in sites where continued turf-cutting is no longer possible for reasons of environmental protection.
-
Ireland WeatherToday:Gale, coastal severe gale, northwest winds ease from late afternoon. Scattered showers will fall as snow over the hills at first, becoming isolated from mid-afternoon. Maximum temperature 7 °C.Tonight:Showers, scattered in the evening, will clear by midnight leaving the night dry with clear spells. Cloud will spread east towards morning. Minimum temperature 2 °C.
