The Clare Champion Clare news, sport, entertainment and local notes
THE “extraordinarily difficult circumstances” of Clare’s Ulster Bank customers was highlighted at a meeting of the Oireachtas Joint Committee on Finance Committee by Deputy Michael McNamara.
The Labour deputy was speaking as representatives from the Central Bank appeared before the committee to discuss the bank’s ongoing technical issues.
He outlined, “Ulster Bank has a significant presence in County Clare. It has a large bank in Ennis and a considerable number of customers, especially in south County Clare.”
It is expected this will be the final week of significant delays for customers of the bank, with the majority of customers returning to normal service from July 16.
However Deputy McNamara stated at the meeting, “In the meantime these customers, in particular small businesses, will endure extraordinarily difficult circumstances. They are unable to pay their suppliers, notwithstanding the monies in their accounts and are continuing to serve customers in good faith in the hope and expectation that standing orders have been made and payments received. They must operate blindly and in the hope that people who say they are paying them are doing so and that their suppliers will continue to extend them credit.”
He went on to ask Bernard Sheridan, director of consumer protection at the Central Bank, “If they are wrong, will they receive compensation?”
Mr Sheridan informed Deputy McNamara the Central Bank’s first priority is the resolution of the problem. “After that it is to ensure Ulster Bank has a comprehensive restitution programme in place. We are already working with the bank on that issue. Our emphasis and the issue on which we will push the bank is compensating people for any loss they may have incurred as a result of the lack of provision of service.”
Deputy McNamara has stated he was “very disappointed” with the answers he received from Ulster Bank chief executive Jim Brown at another meeting of the committee to discuss the bank.
At the meeting Deputy McNamara quizzed when bank staff would qualify for any special bonuses on top of overtime because of the pressure they are under.
While Mr Brown told the meeting that arrangements have been put in place to compensate staff, he said the question of bonuses for either himself or anybody else at the bank would be decided later in the year. Mr Brown also declined to rule out receiving a bonus himself or if he would distribute that to staff. Since the meeting, Mr Brown has stated that he has informed Ulster Bank that he does not want to be considered for an annual bonus for 2012.
