DUNDRUM, Ireland–The Central Bank is probing an IT outage at one of this country’s largest credit unions after members were left unable to access their online accounts for days.
The 50,000 members of Capital Credit Union here were locked out of their online accounts after the credit union moved to a new banking system, according to the Independent.
“There are fears that the credit union could now be fined by the Central Bank, which in the past has sanctioned banks that suffered IT outages,” the publication reported.
‘Unforeseen Difficulties’
In a statement quoted by the Independent, Capital CU CEO Pat Byrne said, “During a planned change to our banking system, the credit union encountered unforeseen technical difficulties that impacted our services for a number of days.”
The outage occurred at the end of last month, forcing the credit union to revert to its original banking system, the Independent reported.
While online services have now been fully restored, regulators are probing the service outage, the report said.
In Discussions With Regulator
Byrne said Capital Credit Union has been in discussions with the Central Bank—which regulates credit unions in Ireland--on the issue.
“Operational resilience is of paramount importance to the Central Bank and we expect all firms to have adequate systems and controls in place to ensure operational resilience,” a spokesperson told the Independent in a statement.
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