Re: Same old.
Underfunded? possibly,
however in this case it seems also likely that they were also not respected for any expertise or experience.
They were put under a lot of pressure to deliver and I suspect with a great deal of "I'll accept that risk because we have to deliver on time" type episodes. You can easily get to a critical mass of these, where they interrelate and a single issue can pull loads of other things down with it.
The fact IBM were called in for being "middleware" experts also suggests a diversion from a likely application design challenge where it simply does not function well with bits missing (stress testing anyone)
Overall my strong suspicion is that this is a catalogue of relatively simple, avoidable issues, cascading into a rather large disaster because too many corners were cut.
Add into the mix the usual fraudsters jumping in on the act (albeit some seemed to have access to possibly internal information) leaving a final social engineering trick to drain accounts.
With banking now in real time and often highly connected, there is no effective "off switch" for your accounts and a 3 hour call queue to do so is like bailing out the titanic with a teaspoon. They are getting close to being as vulnerable as your bit coin wallet left lying around online...
It will be interesting if the MP's get to anything that seems like a plausible truth though....