Bank of Ireland outage could have caused `no end of difficulties and grief' for customers needing to access their money, said Dermott Jewell, a policy adviser with the Consumer Association of Ireland
“We have fewer banks now and it is not a good structure to have to rely upon. When something goes wrong you don’t get adequate or clear detail as to what happened,” he said.
It said it had engaged with Bank of Ireland to establish a full account of the incident and added that it expected the process to “include understanding the root cause of the recent service disruption and what Bank of Ireland is doing to avoid further disruption for its customers. We are monitoring the situation and will continue detailed supervisory engagement.”
Mr Jewell said the amounts being spent on technology by Irish financial institutions “should be returning a system in which you can have trust and there’s no question right now that there are concerns in relation to trust”. He said banks would have to provide “an alternative so if on any occasion a system goes down an alternative system kicks in within minutes that turns them back on. They’ve got to have a backup plan and outline how it works and be clear and transparent. I’m not saying I want to know exactly what happened because it might be highly confidential but there needs to be an explanation of how this happened and more importantly how it won’t happen again.
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