Republic Bank Limited has been hit with a technological problem that is affecting its customer transactions, including mobile and Internet banking.
Managing director Nigel Baptiste confirmed the situation this afternoon as he apologised to all the bank's customers for the situation.
The problem first occurred this morning resulting in transactions at the bank's branches being slowed and causing long lines.
"There was an error that resulted in the system first gradually slowing down and then eventually being non-responsive," Baptiste told the T&T Guardian.
The problem lasted about an hour and was rectified.
However, it recurred this afternoon.
"Unfortunately it seems the error has recurred so the technical team is reviewing again. Hopefully, by the time most of the branches reopen at 3 p.m., it will have permanently fixed," Baptiste said.
"Regrettably clients using our mobile, IB and ABM solutions will be affected until that solution occurs," he said.
He later confirmed that the ATMs were not affected.
Baptiste said the timing of the problem could "not have been worse".
"The bank apologises to all our customers who would have been affected first of all by slow processing time and then eventually being unable to conclude their transactions," he said.
"The timing for this type of error could not have been worse coming after a public holiday and on the first day of a new month. We regret the incident and will continue to do whatever we can to avoid recurrences and/or ensure they are speedily resolved," he said.