3 Jul 2012, 12:47
Representatives from the Central Bank of Ireland’s Financial Regulation Division will come before the Committee on Finance and the Public Service tomorrow, 4th July to discuss safeguards in place to mitigate technical malfunctions in the Irish financial services sector.
Committee chairman Alex White, TD said: “The major technical malfunctions at Ulster Bank, which have now entered their third week, highlight the importance of having robust and reliable systems in the financial services sector for processing transactions and dealing with payments.
As a result of the computer ‘glitch’, Ulster Bank is dealing with a backlog of unprocessed payments which has left many customers without access to funds and unable to make everyday payments. It is an unacceptable situation.
Tomorrow, representatives from the Central Bank’s Financial Regulation Division will address the Committee on the Ulster Bank situation in particular, as well as addressing the overall systems and safeguards that are in place to deal with technical problems across the Irish financial services sector. Committee members will have an opportunity to question the Central Bank representatives on their interaction with Ulster Bank, regulation of the bank, what kind of investigations it has carried out into the issue and what lessons have been learned.”
The meeting will take place in Committee Room 4, Leinster House 2000 at 2pm on Wednesday, 4th July.
Committee proceedings can be followed live at:
http://www.oireachtas.ie/ViewDoc.asp?fn=/documents/livewebcast/Web-Live.htm&CatID=83&m=o
For further information please contact:
Ciaran Brennan,
Houses of the Oireachtas,
Communications Unit,
Leinster House,
Dublin 2
P: +3531 618 3903
M: 086-0496518
F: +3531 618 4551
Committee Membership
Committee Membership
Deputies
Richard Boyd-Barret, People Before Profit
Michael McNamara, Labour Party
Pádraig Mac Lochlainn, Sinn Féin
Michael Creed, Fine Gael
Jim Daly, Fine Gael
Pearse Doherty, Sinn Fein
Stephen Donnelly, Independent
Sean Fleming, Fianna Fáil
Joe Higgins, Socialist Party
Heather Humphreys, Fine Gael
Kevin Humphreys, Labour Party
Peter Mathews, Fine Gael
Mary Lou McDonald, Sinn Fein
Michael McGrath, Fianna Fáil
Olivia Mitchell, Fine Gael
Timmy Dooley, Fianna Fáil
Kieran O’Donnell, Fine Gael
Arthur Spring, Labour Party
Billy Timmins, Fine Gael
Liam Twomey, Fine Gael
Alex White, Labour Party
Senators
Sean D Barrett
Thomas Byrne
Michael D’Arcy
Aideen Hayden
Tom Sheahan
Denis O' Donovan