A senior Central Bank official has questioned whether Irish banks are paying sufficient attention to "serious and pervasive risk" from technology failures and security breaches.

Ed Sibley, Director of Credit Institutions Supervision, said "of all the risks facing the banking system in Ireland today this is the one that concerns me most".

Speaking to the Association of Compliance Officers of Ireland Mr Sibley said IT inspectors from the Central Bank were still seeing "far too many issues and risks with the technology in use today". He identified poor risk management practices and "legacy issues and infrastructure" among the more serious issues.

Mr Sibley questioned why a small team of "six or seven inspectors" to cover the entire banking system in Ireland could find so many "failings". He said he wondered "whether enough attention is being paid within the banks themselves to such a serious and pervasive risk".

The Central Bank has historically taken a dim view of IT failures at banks here. In 2014 it levied a €3.5m fine on Ulster Bank over a series of problems which affected 600,000 of its customers, preventing a number of them from having wage payments processed.

Despite the high profile Ulster Bank case customers of various financial institutions have since been hit by technology glitches. AIB business customers were affected by an online banking service outage last year. Bank of Ireland Visa debit card users also ran into problems with point of sale transactions during June, again due to a technology issue.