Sinn Féin spokesperson on Finance, Pearse Doherty TD, has called on the Central Bank to investigate the latest IT failure by Bank of Ireland.

The Donegal TD has said yesterday’s IT failure will exact lasting reputational damage on the bank and reveals a clear disregard for customer services as its profits soar.

Teachta Doherty said:

“Yesterday’s IT systems failure at Bank of Ireland raises serious questions for the bank and will inflict lasting damage on its reputation.

“This is the latest in a series of IT failures at Bank of Ireland that have impacted its customers.

“The Central Bank should investigate this latest failure without delay.

“Citizens and businesses are reliant on the proper functioning of technology systems to deliver financial services.

“What is required is a full investigation into what has taken place, and a wider review of the IT systems that our banking sector operates, and which our communities and businesses rely on.

“Other questions need to be answered – including whether Bank of Ireland made contact with An Garda Síochána to deploy resources to local ATMs, and if there was any awareness at government level over these deployments.

“Customers have a right to expect high quality services – that expectation has been broken in this latest debacle.

“This failure underlines, yet again, the relegation of consumer interests to the service of corporate greed and profit.

“It will be lost on no one that Bank of Ireland recorded profits in excess of €1 billion in the first half of this year – up 192 percent.

“A bank that recently announced that it would return €450 million to the pockets of shareholders through dividends and share buybacks.

“At the same time, this shocking failure has led to the deployment of Gardaí to ATMs with the potential to adversely impact customers who could now be overdrawn.

“This is a bank that has removed ATMs and branches from local communities, forcing many to online banking while clearly failing to invest in its own IT infrastructure.

“Sinn Féin, citizens and customers will rightly ask why these exceptional profits are not being invested in areas that improve customer services.

“This is a bank that this government allows to reduce the corporation tax it pays to nil by carrying forward historic losses.

“These types of IT failures have become a regular occurrence – it is not acceptable.

“This latest debacle, which will inflict lasting reputational damage on Bank of Ireland, raises serious questions over its investment in its own systems and customer service at a time when its profit margins have soared.”