We are entering the third week of the missing records at Ulster Bank.

Ulster Bank has damaged its reputation as well as the trust customers have in it.

At this point, the problem has moved beyond inconvenience, it is now a major concern. After all, Ulster Bank is a major bank in its own right, as well as being part of one of the largest banking groups in the UK.

How could a bank such as Ulster Bank have gotten it so wrong? After all, if a customer of the bank were unable to make a monthly payment using the same reason as Ulster Bank uses now; that it cannot locate the records, it is hard to imagine that the bank would be too lenient in their handling of that customer.

Perhaps the reasons for the ongoing problems at the bank are valid, but they are now unacceptable.

The Central Bank of Ireland now needs to step up its efforts and take considerable action to ensure that this problem does not happen again.

Too many people rely on banking to protect their money and ensure their bills are paid. More important, electronic and online banking are growing in importance more and more. Denial of access to funds cannot be tolerated. This is where Central Bank vigilance and enforcement needs to play a major role and deterrent against flimsy internal controls.