The outcome is expected to be similar to what happened in 2014. The Central Bank will investigate, which will probably lead to a significant fine.

However, the victims of any banking failure are always the customers.

People who withdrew money beyond what they expect to be in their accounts will be debited and, more seriously, if nothing is done to improve IT systems across the sector, customers will be left exposed to future banking blunders.

The argument that these people should not have withdrawn what they don’t have is an easy one to make, but it does nothing to address the larger issue that banks should be investing more in IT.

This is especially true as banks’ profits have swelled this year following interest rate hikes and the exit of Ulster Bank and KBC from the retail banking market.

Bank of Ireland posted €1bn in profits before tax in the first six months of the year, as the lender tapped a huge uplift from interest rate hikes and grew its loan book from the mortgages acquired from KBC.

In addition to the two other pillar banks operating in the Irish market, Bank of Ireland has taken on a huge influx of customers following the exit of Ulster Bank and KBC from the retail banking market.

This recent surge in activity as a result of the exits is likely to have added extra pressure on IT systems. Banks could not control this level of activity, but they have the ability to be more prepared for it.

Earlier this summer, Bank of Ireland committed to investing heavily in its IT infrastructure over the next three years. The Sunday Independent reported that the bank wanted to particularly focus on improving its online banking app.

This investment is obviously better late than never; however, there is growing concern that there is an underlying problem with the overall resilience among Irish banks when faced with tech issues.

This is clearly a key worry for Finance Minister Michael McGrath who said he has spoken with the Central Bank to probe the robustness of the technology systems used by regulated, customer-facing financial service providers here in Ireland, “and whether any further steps are required to reduce the risk of outages that impact on customers”.

The Central Bank, meanwhile, said it expects all firms to have adequate systems and controls in place to ensure operational resilience, and “where issues that impact customers arise they should be addressed and rectified urgently”.

The regulator said it “is not in a position to release confidential supervisory information regarding any institution”.

“We require banks to put things right where they have made errors or cause customer harm,” it added.

Bank of Ireland has not yet provided clarity on what exactly happened to lead to the chaos that ensued this week.

In the meantime, though, consumers may be reviewing their financial service options.

Companies such as Revolut have grown in popularity in recent years but there are still some drawbacks. The fintech does not yet offer mortgage loans.

Elsewhere, credit unions, which pride themselves on being more people-facing than tech-focused, have long campaigned to be viewed as a competitor to the pillar banks. However, they do not have cash to do so at a truly competitive level.

For now, Irish customers are forced to make do with the level of banking competition currently on the regulated market.

"One gets the distinct impression the banks are not particularly interested in most of our business," economist Jim Power recently wrote in the Irish Examiner.

"Customer service in the branch system is dire and is reminiscent of the post offices back in the dreadful 1980s. The IT offering of the banks is not of a very high standard, with one of the Big Two lenders offering a lamentable service," he said.