Published Thursday, 11 October 2012
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The revelation was made at Stormont on Thursday when senior bank officials were questioned by Assembly Members from the Enterprise, Trade and Investment Committee as well as the committee for Finance and Personnel.
The misery for customers at the bank began on 19 June when its parent company RBS suffered a massive technical failure.
Over 100,000 people were then faced with missed payments and most didn't see their wages go into their bank accounts.
The backlog also affected thousands who weren't Ulster Bank customers - many employers couldn't pay their workers, if they were business customers of the bank.
After weeks of disruption, the bank eventually sorted most of the problems and announced a redress programme on 31 August.
Jim Brown, Chief Executive of Ulster Bank said: "All our customers are being returned to the financial position they would have been in had the incident not occurred and are receiving fair redress for the inconvenience caused.
To date we have provided redress of over £18m to nearly 300,000 customers in NI.
He said that the systems failure has been resolved, before adding that "robust measures are being put in place with a view to ensuring that there can be no repetition of the issue or its impact on our customers."
"We are determined to move on from this issue and to continue to play a full part in the recovery and future growth of the Northern Ireland economy."
Mr Brown said that the RBS had commissioned "a thorough independent report into the root causes of the IT failure."
This is in addition to a separate report commissioned by the Financial Services Authority.
The bank chief said that both reports are due in the next few months.
Mr Brown also addressed the likelihood of another failure.
"In advance of these reports, RBS has already put in place a number of measures to reduce the likelihood and impact of another failure.
"This includes steps already taken to improve the resilience of the batch, make it less complex and identifying ways they can separate the brands and recover more quickly in the unlikely scenario of a similar incident occurring," he said.