Royal Bank of Scotland will spend another £150m a year on its ailing computer systems which this week caused havoc for RBS, Natwest and Ulster Bank customers after a glitch resulted in more than half a million missing payments.
The bank's admin chief Simon McNamara today promised £150m of extra spending to make the bank's systems more "resilient".
"Technology will on occasion fail. If and when that occurs, we need to ensure we can mask the impact on customers and recover as quickly and effectively as possible. It is important that it is handled well and competently," he told investors.
RBS is believed to have spent billions each year on its IT systems which boss Ross McEwan admitted in 2013 suffered from decades of underinvestment - a year in which it also pledged an extra £450m of IT spend following similar failures which left customers unable to access their cash.
Last year the investment numbered £750m, which McNamara said had left the bank better placed to deal with failures like the one which occurred this week, but has still left many without money.
"We have a number of people who are working round the clock, using the skills and tools we have acquired to resolve this issue," he said.
City regulators handed RBS a £56m fine over its computer failures at the end of last year.