The Bank of England has launched a “thorough” and “independent” investigation into what caused a 10-hour crash of the U.K.’s interbank payment system Monday which halted high value payments such as house purchases.
The RTGS (Real Time Gross Settlements) system had been suspended from its open at 6.00 a.m. London time until 4.00 p.m. in the afternoon, bringing the exchange of interbank transactions in the U.K. to a grinding halt. The RTGS then reopened for two hours, giving banks an extended time to submit all their interbank payments for processing. All 142,759 payments on Monday were eventually processed, according to the Bank.
A statement late Monday from Bank Governor Mark Carney stated that the investigation will cover “the causes of the incident, the effectiveness of the Bank’s response and the lessons learned for future contingency plans.”
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