the causes of the incident, the effectiveness of the Bank’s response and the lessons learned for future contingency plans.

Andrew Tyrie, head of the Treasury Committee, is demanding answers on what went wrong.
And the Law Society wants reassurances that it can’t happen again.
There were already calls for a thorough inquiry into the failure of the Real Time Gross Settlement RTGS system, which only began working at 4pm.
RTGS is due to keep processing payments until 8pm tonight, four hours later than usual, in a bid to clear the backlog.
RTGS allows banks to transfer money between each other almost instantly (explainer here). It handling large cash payments between banks, businesses, and between house sellers and buyers. It failed to launch at 6am, following technical changes to add another bank to the system.

CHAPS (or Clearing House Automated Payment System), which is used for house sales, was offline until around 4pm today. This left thousands of home-movers unable to complete their transactions.
In Sheffield, an 88-year old lady and her son found they were unable to move house as planned, as their removals van stood packed on the driveway.
With the systems in limbo, solicitors eventually hammered out a legal agreement to get the move underway, we are hearing tonight.
And in Great Missenden, Amanda Hart found the payment for her property hadn’t arrived. She lent the buyers the keys so they could crack on, and was left wondering how the delay would affect her own plans.
The National Association of Estate Agents has predicted a ‘cascade effect’, as thwarted house buyers are forced to cancel removals vans and delay utility work.
Housing analyst Neal Hudson points out that Monday is not the busiest day of the week for completions, but nor is it the quietest.