Central Banking

Carney launches review into RTGS failure

Inquiry will cover the cause of the problem and the BoE’s response

Bank of England governor Mark Carney
Mark Carney

Mark Carney has launched a review of the "disruption" that forced the closure of the Bank of England's (BoE) real-time gross settlement (RTGS) system for several hours yesterday.

An unspecified "technical issue" meant the system – used for settling high-value payments – was unable to process payments made though the Clearing House Automated Payment System (Chaps).

The central bank resorted to processing the "most important" payments manually throughout the day, until – at around 16:00 – the RTGS

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