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Ulster provisions for computer error

Friday, November 02 07:57:38

Ulster Bank said it has put aside E103m for costs associated with its ''technology incident'' earlier this year. The bank said this provision covers all operational costs associated with the incident, as well as redress of E52m to 750,000 customers across the island of Ireland. ''As we continue to deal with customer claims and costs associated with the incident, we expect that there will be some additional costs to the bank over the coming months,'' it said today.

Ulster Bank also reported an operating loss of E306m for the three months to the end of September. The bank said its impairment losses remained high and they rose marginally to E415m in the third quarter. The bank noted that the losses were mainly in its residential mortgage portfolio.