RBS executive says repeat of 2012 IT failure is highly unlikely

[LONDON] Royal Bank of Scotland is"highly unlikely" to experience a repeat of an incident that resulted in millions of its customers being unable to make or receive payments for several weeks, a senior executive told reporters.

"I can pretty much guarantee that that incident will not happen again because of the actions we've taken subsequently," RBS's Chief Administration Officer Simon McNamara said on a conference call.

RBS has invested 750 million pounds (US$1.2 billion) to improve the resilience of its systems. Britain's financial regulators on Thursday fined the bank 56 million pounds for a system crash in 2012 that affected millions of customers.

REUTERS