Bank of England apologises for today’s system crash

Emergency-Preparedness-Checklist-1024x682Another reminder, stay prepared for emergencies as the global financial crisis continues…
On a related note, Mark Carney and all major institutions (central banks, their exchanges, and governments) should be scrutinized for criminal activities and links as prerequisites to implementing a alternative international value exchange system.
Increased awareness to see what is coming from those who plot wars and manipulate systems at centers of power. ~Ron

Late breaking news…. the Bank of England has just issued a statement, apologising for “any problems” caused by today’s technical crash.

It also confirmed that every payment submitted to its Real-Time Gross Settlements (RTGS) system has been processed, thanks to the four-hour extension put in place.

Here’s the full statement from Threadneedle Street:

Bank of England statement – update on RTGS

RTGS closed at 20:00 hrs (BST).

All 142,759 payments submitted to RTGS today before the extended deadline have now been processed. The Bank has put in place extra steps to monitor the system at the start of the day tomorrow when RTGS will open at 06:00 hrs (BST) as usual.

The Bank apologises for any problems caused by the delays to the settlement of payments today and has launched a thorough, independent review of the incident.

And that really is all for tonight. We’ll be back tomorrow to see if the wheels of the financial system spin smoothly tomorrow, and to cover aftermath of this rare, unfortunate, and embarrassing systems crash. GW


Want Worldwide PEACE and Prosperity. We are the solution we have been searching for... Free People on Earth will solve our crisis and create an era of Creativity. Be Aware; Be Creative; Be Active; Be Free; and then Share it. LOVE & Wholeness AMOR y Paz

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3 comments on “Bank of England apologises for today’s system crash
  1. RonMamita says:

    Carney Faces Scrutiny on Worst U.K. Payments Outage Since 2007


    Mortgage Backlog

    Royal Bank of Scotland Group Plc helped some customers to complete mortgage transactions by processing several smaller payments on their behalf using Faster Payments, a U.K. network for transfers of up to 100,000 pounds, a person with knowledge of the matter said. Employees of Nationwide Building Society worked late to clear the backlog, and the lender said all pending transactions were processed.

    On average, there were about 3,200 home sales each working day in the six months through June, according to Bloomberg calculations using U.K. Land Registry data.

    The RTGS system is the infrastructure for the Clearing House Automated Payment System, or CHAPS, used for high-value wholesale transfers and other time-sensitive payments such as house purchases. It also powers the mechanism on which securities transactions are settled.

    CHAPS Clearing Co., unable to process payments during the shutdown, extended its operating hours, as did the BOE.

    Wake-Up Call

    Simone Giansante, a lecturer in finance at the University of Bath, England, said the disruption may be a “wake-up call to update the IT infrastructure” for the system.

    “It’s something that shouldn’t happen,” he said. “You can imagine how many billions are settled every hour. It’s something unbelievable, especially in the U.K.”

    In a statement, Carney said the BOE will investigate the cause of the disruption.

    “The review will cover the causes of the incident, the effectiveness of the bank’s response and the lessons learned for future contingency plans,” the BOE said.

    The BOE described the RTGS in a 2012 report as a “critical component” of the financial system that transfers the equivalent of the U.K.’s annual gross domestic product every three days. The central bank said in 2011 that U.K. banks may experience liquidity restrictions within an hour if a lender stopped or reduced its transfers through CHAPS.

    The RTGS also runs CREST, operated by Euroclear U.K. & Ireland Ltd. and used to settle exchange-traded and over-the-counter securities transactions. In addition, it also operates the central bank’s reserves accounts.

    Read Full Report:


  2. RonMamita says:

    Technical Glitch Downs Bank Of England’s $110 Trillion Payments System

    The Bank of England’s “Real Time Gross Settlement Payment System” (RTGS) – the UK’s equivalent of the US FedWire – has gone offline this morning due to a technical glitch, according to The Telegraph. RTGS, which processes large payments in real-time (including home purchases) between British banks – and processed GBP70 trillion in payments across 5000 entities last year – has been down since 6am London time (the fault was disclosed over 5 hours later at 1130 London Time). For now the largest payments are being processed manually and smaller payments are on hold.

    As The Telegraph reports,

    The infrastructure that processes large payments including house purchases between British banks has gone offline, the Bank of England has said.

    The central bank said the “Real Time Gross Settlement Payment System” (RTGS), which settles large transfers between banks, had gone offline, and remained so on Monday morning.

    It said that the biggest payments were being processed manually and reassured the public that all payments would be on Monday.

    The RTGS is set up to settle large payments in real time, rather than at the end of the day, reducing risk.

    The system – which processes payments such as house purchases – has been down since 6am on Monday morning. The large banks were contacted early in the day, and the Bank disclosed the fault at around 11.30am.

    The RTGS routes payments made through CHAPS (the Clearing House Automated Payments System), which settles important and time-sensitive payments, including house purchases.

    According to the CHAPS website, it processed £70 trillion of payments last year and is used by 5,000 financial institutions.

    Why is this serious?

    The system helps keep the day-to-day running of banks going by acting as an intermediary between banks. If a payment is going to be made between banks, RTGS credits the bank receiving the funds quickly, and takes funds from the bank sending money, removing the risk for the receiving bank.

    In effect, RTGS sits at the top of the payment structure for banks, as shown by this Bank of England document:

    * * *
    Nothing to see here, move along…


  3. merahza says:

    Reblogged this on Amanah Satu – Malaysia and commented:
    …Love means never having to say you’re sorry…


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