Senator calls for Oireachtas inquiry into Ulster Bank

Labour Party Senator Lorraine Higgins is calling for an Oireachtas inquiry into the circumstances surrounding the computer banking failure at Ulster Bank which has left tens of thousands of people without money again this weekend.

Labour Party Senator Lorraine Higgins is calling for an Oireachtas inquiry into the circumstances surrounding the computer banking failure at Ulster Bank which has left tens of thousands of people without money again this weekend.

Senator Higgins said the Oireachtas can establish the inquiry along the lines of the successful DIRT enquiry into tax avoidance in relation to bogus non-resident accounts operating in the banking sector during the late 1980s and 1990s.

“The Oireachtas can still investigate the central issue as to what has gone wrong at Ulster Bank and the facts that surround it and like the DIRT inquiry, any new committee set up can rely on the legal advice of a Senior Counsel if need be,” said Senator Higgins.

“There should be a full and thorough investigation and the findings can then be sent to the Dail where a full debate can take place. We need, as elected representatives, to take the lead on this issue. We need answers and we require them in a timely fashion to restore some semblance of customer confidence in the banking system.

“I feel the customers of Ulster Bank would welcome the Oireachtas seizing the initiative but I also believe he Governor of the Central Bank and the Ombudsman for Financial Institutions should also conduct their own inquiries. Again I would urge customers of Ulster Bank to keep detailed records of their affected bank account for future reference,” added Senator Higgins.