Ulster Bank has announced details of a scheme aimed at almost 600,000 customers who were affected by IT problems at the bank.
The bank says that it intends to refund all fees, charges and debit interest incurred by customers and work to ensure that credit ratings aren't affected.
The Central Bank said that it will monitor the implementation of the plan and that the investigation into Ulster Bank's and the wider RBS Group's technical failure is continuing.
A one-off payment of €25 will be paid to those that Ulster Bank record as having visited their branch more frequently during the crisis than immediately before the crisis.
Savers will get an automatic one-off payment, which equates to an additional 3 months 0.25% AER interest on savings.
The bank says that it is also "proactively refunding all fees, charges and debit interest" which may have been charged in error and expect to have this process completed by October 2012.
Reasonable out of pocket expenses can also be reimbursed, and the bank will pay an additional 20% on top of the expenses up to a maximum of €120.
The bank will also apply a three-month waiver to certain fees, charges and surcharge interest, and has given a commitment not to introduce current account charges until July 2013.
Ulster Bank will also write to customers with details of the restitution scheme and the bank will begin processing claims for reimbursement on September 3.
The full details of the restitution are available on the Ulster Bank website.
Customers of other banks concerned about their credit rating, say Ulster Bank, should contact their own bank for a free credit report.
The bank says that customers of other banks should apply to their own bank and that their bank will use their usual complaint handling procedures and work with Ulster Bank to resolve the issue.
Restitution cost not disclosed
Ulster Bank wouldn't disclose the cost of the restitution but has already made a provision of €35m against its half year accounts, with the final bill likely to be more.
The technology glitch at a data centre in Scotland caused chaos across the Royal Bank of Scotland group.
Problems in Ireland were compounded because Ulster Bank was the last of the RBS divisions to have the glitch resolved.
Ulster Bank estimated more than half its 1.1 million customers were affected. The bank was criticised by the Central Bank for poor communication with the public.
The mess will cost Ulster Bank chief executive Jim Brown his bonus for this year.
Central Bank to monitor implementation
The Central Bank has encouraged all Ulster Bank customers to contact Ulster Bank when contacted by them, it said, to ensure that their issues are properly addressed.
It says that while Ulster Bank is required to provide clear and timely information to customers on the plan and the necessary steps towards redress.
The Central Bank said that while Ulster Bank is required to reimburse customers for actual losses, any redress for loss and inconvenience is not subject to the Central Bank's regulatory standards or approval and is a commercial decision for Ulster Bank.
If customers are not satisfied with the outcome, the Central Bank says, customers should complain in the first instance to Ulster Bank and then, if needs be, to the Financial Services Ombudsman.
