Banking, e-papers

A history of UK banks’ system failures

HSBC’s meltdown has left business customers unable to pay salaries or suppliers, but this is not the first time such a crisis has hit a British bank.

The worst banking meltdown to date hit millions of customers of RBS, NatWest and Ulster Bank, locking them out of their accounts for days, and in the case of Ulster Bank customers, for weeks.

The meltdown hit not only customers of the three brands owned by RBS Group, but also people who were expecting salary payments from businesses that held accounts with the bank and other transfers between banks. RBS was later fined £50m by regulators, but the episode is understood to have cost the bank more than £100m…by Patrick Collinson … Read more The Guardian

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