Bank bosses need to ‘consider their positions’

Mr McKay raised the issue with the Finance Minister on the floor of the Assembly in last week’s Question Time.

He said: “Key to rebuilding confidence in any organisation is demonstrating that there is accountability within organisations such as the Ulster Bank. To date no-one within the Ulster Bank has been held accountable for this and that is unacceptable.

“I accept absolutely that the initial problem was the fault of RBS and their IT systems but the fact of the matter is that it is Ulster Bank who are responsible for the fact that customers were not adequately informed over the summer period, in fact I would say that many were misled in regard to the expected date of the announcement of a compensation scheme. It is also Ulster Bank who are responsible for the compensation scheme that is more tokenistic than compensatory.

“The bank will be back before Committee at the Assembly in October and they must address the question of accountability. Systems of accountability need to be in place if customers are to have any confidence in the service that banks provide.”