Essential Background on Ulster Bank, Natwest Bank and their Inter Alpha Parentage

IT will be next week before Ulster Bank manages to fix its collapsed computer systems, resulting in further chaos for tens of thousands of customers. Ulster Bank has now admitted that the problem, which is the biggest banking IT failure the country has ever seen, won’t be fixed before the weekend.

Ambulance drivers, nurses and home helps were among 40,000 staff in the Health Services Executive (HSE) who were left without wages yesterday because the health body uses Ulster Bank to distribute salaries. Workers in private-sector firms were also affected. The bank said 100,000 people had been affected by the collapse, but banking experts said far more were left unable to use their bank accounts.

The problem is affecting both UK and Irish divisions of the banking group.

NatWest customers were unable to transfer money in or out of their accounts for a second day as the computer glitch hit customers there. The bank said is was continuing to experience technical issues with its systems, impacting a large number of customers.

Key to remember is that both Ulster Bank and NatWest are subsidiaries of the Inter Alpha Group Behemoth, The Royal Bank of Scotland, which together with 14 other global banks and financial institutions, including Lloyds, HSBC and Barclays, have been clipped, or downgraded, just last night by ratings agency Moody’s.

Two articles which we posted in February of this year will help elucidate the reader as to what is really going on here…

http://laroucheirishbrigade.wordpress.com/2012/02/24/ulster-bank-losses-the-inter-alpha-group-of-banks/

http://laroucheirishbrigade.wordpress.com/2012/02/24/more-on-inter-alpha-group-of-banks/

 

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