It has emerged that the Financial Regulator agreed last week to give Bank of Ireland two weeks to gather more information before informing customers that four of its laptops containing sensitive information had been stolen.
This was solely the decision of the bank and the regulator was not involved in the decision, a spokesman for Bank of Ireland said.
Bank of Ireland Governor Richard Burrows says that any customers who lose money as a result of the theft will be fully compensated by the bank. But so far the bank has detected no evidence of fraud.
It is thought that 10,000 customers may be affected.
Four laptop computers - containing information on customers' names and addresses, medical backgrounds, life assurance details and bank account details - were stolen on different dates last year.
Mr Burrows, who was speaking in Belfast at the launch of new bank notes, admitted that the theft had been deeply embarrassing for the bank. But he said the bank is confident that none of the information stored on the computers has been illegally used.
BoI has set up a customer helpline for any people who feel they may have been affected by the theft.
The branches affected as a result of the thefts are Drogheda and Dunleer in Co Louth, Bagenalstown and Court Place in Carlow, and Stephen's Green, Tallaght and Montrose in Dublin.
The bank says only customers of these branches who either obtained a quote or took out a Life Assurance policy with Bank of Ireland Life may be affected.
BoI Life manager Brian Forrester said detailed procedures had not been properly adhered to. On RTÉ's Morning Ireland, he said the matter had not been escalated to the level of management it should have been, due to human error. He described it as a systems failure.
Data Protection Commissioner Billy Hawkes said his office was first informed of the thefts last Friday and that an investigation into the matter was under way. He said he had been assured that BoI was now encrypting its information.
The laptops were stolen on different dates between June and October 2007. Three were stolen from cars, and one from a bank branch. All thefts were reported to gardaí.
BoI had been reviewing its security procedures, and the theft was escalated to senior management in the last five weeks as a result of the review.
The bank says it has been monitoring the accounts affected and has not detected fraud or suspicious activity in relation to any of the accounts.
It will be writing to all affected customers in the coming days.
Customers can also ring the helpline on 1850 365 365 and select the Bank of Ireland Life option. The helpline is open from 9am to 6pm Monday to Friday.
