Bank of Ireland says it dealt with more than 400 cases involving vulnerable customers in the past month.

The bank is setting up a new dedicated unit, the Vulnerable Customer Unit (VCU), to provide enhanced support to them.

This unit will provide banking support to customers facing vulnerable circumstances or situations - including age-related or cognitive impairment, financial abuse, illness and addiction.

According to the most recent Central Statistics Office (CSO) census, there are 643,000 people with a disability in Ireland.

While a report prepared by the Department of Health shows that the number of people over-65 is increasing by over 20,000 a year - with 673,000 people over 65 as of 2018, an increase of 35% since 2009.

File Photo | Image: Leah Farrell/RollingNews.ie

The report also shows that there were 263,000 people on the long-term illness scheme in 2017, an increase of 119% since 2008.

Speaking about the launch of the unit, Laura Lynch from Bank of Ireland says: "Over the course of our lives most of us will probably find ourselves in a vulnerable situation, whether due to financial hardship, bereavement, illness, or cognitive impairment as we get older."

"Our Vulnerable Customer Unit will provide expert support and guidance to our frontline customer service colleagues so that issues can be dealt with appropriately and efficiently when they arise."

The new VCU is based in Co Carlow and staffed by eight specialists with experience in retail and community banking, fraud and financial crime.