”think we are seeing signs of a hemorrhaging banking sector.
Just a few hours ago,
Bank of England payment system crashes
Homebuyers were left in limbo on Monday after a Bank of England system used for transferring money failed for most of the day, raising fears that buyers would be left without keys to their new homes.
The system failed to open at 6am and remained shut until 3.30pm – usually the cut-off point for money to be transferred for house sales. The Bank of England, which did not announce the shutdown for more than four hours after the system had been due to open, was forced to extend opening hours by four hours to 8pm to clear the backlog of payments.
While the clearing house automated payment system (Chaps) was down, there were fears that homebuyers and sellers around the country would be left unable to complete purchases on time and that big businesses, which also use the system, would fail to make payments.
MPs demanded answers to the outage, which prompted the Bank of England governor, Mark Carney, to order a “thorough, independent review of the causes” of the problem and to promise to publish the findings. Only weeks ago the Bank said it had a new contingency plan for the collapse of the payments system.
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