Bank of Ireland is offering an official apology for stamp collection errors.
In a statement issued on Monday, the Bank of England and the Bank’s General Counsel, Richard McCafferty, said that in 2016 the Dublin branch of the Bank lost track of a large number of stamp files and, as a result, the bank had to “re-order the collection process”.
The Bank said the collection of the records had been “deliberately incomplete” and it would be making a formal apology to the public.
Mr McCaffert said the bank was now working on a new system that will allow it to better manage the collections.
He said that the process would also improve the bank’s reputation with customers, while also reducing costs.
The Dublin branch has about 25,000 records and the number of files collected is expected to increase as more customers come in and “customers’ expectations are raised”, the statement said.
The bank’s collection processes have been described as a “tough pill” for its customers and the amount of time it takes for the collection to be completed is “huge”, Mr McCafferts statement said, adding that the collection was “unusually slow”.
The statement said that there was a need to “improve the collection processes and processes that allow the bank to meet the needs of our customers”.
The bank is now working with the Government on a process to improve the collection system and to improve service delivery, the statement added.