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| Version 1 | Version 2 |
|---|---|
| Payment system problem at Bank of England | Payment system problem at Bank of England |
| (35 minutes later) | |
| The Bank of England has stopped the automated system of transfers of large amounts of money between banks owing to a technical problem. | The Bank of England has stopped the automated system of transfers of large amounts of money between banks owing to a technical problem. |
| The fault has affected the CHAPS electronic payment system used for same-day transfers, including by solicitors at the end of the house-buying process. | The fault has affected the CHAPS electronic payment system used for same-day transfers, including by solicitors at the end of the house-buying process. |
| An institution was added to the Bank's system at the weekend, which created a problem when it was restarted on Monday. | An institution was added to the Bank's system at the weekend, which created a problem when it was restarted on Monday. |
| Some transfers are now being handled manually. | Some transfers are now being handled manually. |
| However, these manual transfers currently do not include the movement of money for house purchases. | However, these manual transfers currently do not include the movement of money for house purchases. |
| Such a move has been conducted before, when there have been technical problems with the system. | Such a move has been conducted before, when there have been technical problems with the system. |
| 'Reassurance' | 'Reassurance' |
| The Bank said its Real-Time Gross Settlement system had been paused while it was being reset. It normally operates between 0600 and 1600 on weekdays. | The Bank said its Real-Time Gross Settlement system had been paused while it was being reset. It normally operates between 0600 and 1600 on weekdays. |
| "We are working to address this issue as quickly as possible, and restart the... system in a controlled manner," said a spokeswoman for the Bank. | "We are working to address this issue as quickly as possible, and restart the... system in a controlled manner," said a spokeswoman for the Bank. |
| "The most important payments are being made manually and we can reassure the public that all payments made today will be processed." | "The most important payments are being made manually and we can reassure the public that all payments made today will be processed." |
| The Bank can extend its opening hours and increase its capacity if necessary, to make all the transfers. | The Bank can extend its opening hours and increase its capacity if necessary, to make all the transfers. |
| Phil Kenworthy, managing director of CHAPS, said: "CHAPS is currently unable to process payments. This is due to the Bank of England temporarily pausing the RTGS settlement system to resolve a technical issue. CHAPS is currently liaising with the Bank of England who are working hard to resolve the issue." | Phil Kenworthy, managing director of CHAPS, said: "CHAPS is currently unable to process payments. This is due to the Bank of England temporarily pausing the RTGS settlement system to resolve a technical issue. CHAPS is currently liaising with the Bank of England who are working hard to resolve the issue." |
| The CHAPS system moves billions of pounds every day between Britain's main banks and building societies. The latest figures show that in 2013 it was used to process payments with an average daily total of 138,000 payments with a combined value of £277bn. | The CHAPS system moves billions of pounds every day between Britain's main banks and building societies. The latest figures show that in 2013 it was used to process payments with an average daily total of 138,000 payments with a combined value of £277bn. |
| It is used to move money around the financial system, mainly for very high-value payments. It is used for short-term lending between financial institutions, foreign exchange and derivative-related payments. In 2012-13 the average payment was £2.1 million, but 78% of payments were below £100,000. | It is used to move money around the financial system, mainly for very high-value payments. It is used for short-term lending between financial institutions, foreign exchange and derivative-related payments. In 2012-13 the average payment was £2.1 million, but 78% of payments were below £100,000. |
| The highest ever settlement figure in one day was for £446bn on 28 September, 2007, during the early part of the financial crisis. | The highest ever settlement figure in one day was for £446bn on 28 September, 2007, during the early part of the financial crisis. |
| Sometimes it is used by individuals who, for example, want to buy a high-value car and need to make a same-day, guaranteed payment. There is a charge of about £25 or £30 for an individual who wants to use the system, and the payment generally needs to be made by 1500. | Sometimes it is used by individuals who, for example, want to buy a high-value car and need to make a same-day, guaranteed payment. There is a charge of about £25 or £30 for an individual who wants to use the system, and the payment generally needs to be made by 1500. |
| Are you moving house today? Have you experienced payment problems? If you are willing to be interviewed please email haveyoursay@bbc.co.uk with your phone number. | |
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