On 12 November, the CBI imposed a monetary penalty of €3,500,00 on Ulster Bank Ireland Limited, in addition to the redress scheme Ulster Bank had put in place for customers affected. The monetary penalty was imposed for the IT systems failure that occurred during June/July 2012, which resulted in late payments in and out of accounts, as well as an inability to use online banking, amongst other issues. The CBI found that Ulster Bank failed to have sufficiently strong governance arrangements in relation to IT systems.