The bank said in a letter to the Treasury select committee — which on Thursday published the findings of a probe into the largest UK banks’ IT outages

Barclays said that during the incident, more than half of all online payment attempts failed. The bank estimates it will pay between £5 million and £7.5 million in compensation for this specific outage, in addition to around £5 million for other incidents between January 2023 and January 2025.

An outage led to days of disruption for Barclays customers at the end of January, coinciding with payday for many workers.

Barclays could pay out millions in compensation for recent IT outages which have prevented customers from banking.

Barclays bak could pay out up to £12.5 million in compensation to customers affected by technology outages over the last two years, it has revealed. There has been more than 33 days’ worth of unplanned tech and system outages in the last two years for nine of the UK’s biggest banks and building societies,