99% of RBS and NatWest accounts now updated
Most RBS and NatWest customers should now find that their accounts are up to date, although Ulster Bank customers may still be experiencing difficulties following the computer problems which started more than a week ago.
With 99% of RBS and NatWest accounts updated, the banking group will turn its attention to Ulster Bank, whose customers are still suffering delays.
It is believed that 100,000 of Ulster Bank’s 1.9 million account holders have been affected
The computer glitch has caused millions of payments to disappear from accounts, leaving customers unable to withdraw cash and without the means to pay bills.
The Governor of the Bank of England, Sir Mervyn King, is calling for the Financial Services Authority to conduct an inquiry into the incident.
He says that the bank’s slow reaction to the crisis should be investigated.
The banks have extended their branch opening hour to help cope with the backlog of transactions, with some branches opening on a Sunday for the first time in the bank’s history.
Technology website The Register claims that the computer glitch was caused by a junior IT technician based in India.
The Register claims that the technician erased huge amounts of date during a routine software upgrade for the banking group after making a basic error.
The technician is believed to have been part of a team which was recruited in India following the bank’s decision to outsource work abroad.
This led to the loss of 20,000 IT jobs in the UK.
RBS chief executive Stephen Hester said there was ‘no evidence’ that the error was connected to the bank’s outsourcing strategy.
RBS has been hosting clients at Wimbledon during the first two days of the tennis tournament but has now decided to cancel all further corporate hospitality at the event.
It said it would be ‘inappropriate’ to continue providing the hospitality in view of the crisis.