Report into Real Time Gross Settlement downtime incident published

Published: Friday, 03 April 2015 16:00

The Bank of England has published the results of an independent review by Deloitte into the disruption to the Real Time Gross Settlement (RTGS) system that occurred on 20 October 2014. The Bank also published its response, in which it accepted all of the review’s recommendations and set out how it intends to implement each of them.

The key findings of the Deloitte review are:

A series of actions taken by the Bank, in parallel to Deloitte’s review, have already addressed several of the review’s recommendations. The Bank has reconstituted its RTGS Board, now chaired by the Deputy Governor for Markets and Banking, and is putting in place an enhanced crisis management framework. All of the remaining recommendations will be implemented as soon as possible.

Read the report here (PDF).