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TSC chair Andrew Tyrie demands answers over BoE technical glitch

Treasury select committee chairman Andrew Tyrie has written to the Bank of England after a technical glitch shut down a crucial payments system today.

After undergoing checks at the weekend the Bank found a technical fault in its real time gross settlement system payment system on Monday morning.

The system allows banks and building societies to transfer funds immediately, keeping the flow of money running through the financial system.

The fault affected the Clearing House Automated Payment System, which processes high value same-day transfers, used by solicitors to transfer the mortgage during the house-buying process.

It has now been resolved with processing times extend until 8pm this evening.

The National Association of Estate Agents has warned the problems could last for days in a “cascading” effect as banks catch up with delays.

Tyrie says: “A crucial part of the UK’s financial infrastructure failed for several hours today. I will be writing to the Bank of England to find out why. 

“The whole economy depends on a reliable payment system. We need to have confidence that the cause has been found and addressed.”

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  1. And if he doesn’t get the answers he wants…..?

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