national

Ulster Banks ringfences €35m for 'glitch' costs

Ulster Bank is putting aside €35m for costs arising from its recent technology glitch which affected its customers for several weeks in June and July.

The bank said that given the scale of the impact on its customers, it expects there will be additional costs over the coming months as it continues “the process of putting things right”.

Ulster Bank today reported an operating loss of £555m for the first six months of the year, compared to £543m for the same period last year.

The bank said it continued to see elevated levels of arrears as the market remains challenging.

Its parent bank, Royal Bank of Scotland, reported a pre-tax loss of £1.5bn for the six months to the end of June, compared to a loss of £794m last year.

It said the IT meltdown has cost it £125m.