Ulster Bank will pay compensation to customers who have faced serious disruption for three weeks over the bank’s IT systems crisis.
Chris Sullivan, head of corporate banking at the bank’s parent company Royal Bank of Scotland, said it was hoped to have all systems back to normal by 16 July.
And he told RTE Radio 1 that the bank would pay compensation for the unprecedented payments collapse.
Ulster Bank chief executive Jim Brown and Mr Sullivan told the Irish Independent yesterday that arrangements were being put in place to not only refund people for losses due to the systems breakdown, but to also pay compensation.
Mr Brown said each customer affected would be dealt with on a case-by-case basis. Asked if an independent arbitrator would be involved in assessing claims, he said that had still to be decided.
All fees and charges would be refunded by the bank to its customers, and to those of other banks due to the computer crisis.
The backlog of unprocessed payments will not be cleared until at least Monday, July 16 - a full month since it first struck on June 19.
Making himself available to the media for only the second time since the breakdown occurred, Mr Brown admitted that the bank, which has been operating here for 176 years, will have to work hard to regain the confidence and trust of its customers.
He denied customers were preparing to switch to other banks in their droves.
And Mr Sullivan, of parent group RBS, "categorically" denied that the IT crash was due to the fact that the much of the systems work has been outsourced from Edinburgh to India, but he conceded that Ulster was put at the end of the queue when the problems were being sorted out.