Bank of England to investigate crucial CHAPS payments system crash October 20, 2014 Bank of England governor Mark Carney last night announced an independent probe into the fault which yesterday crashed the CHAPS payment system, used to channel large payments around UK accounts. The Bank of England described it as a “technical issue related to some routine maintenance of the Real Time Gross Settlement (RTGS) payment system”, [...]
Bankers’ pay may be cut to reflect lower industry returns, warns Bank of England executive Jon Cunliffe October 20, 2014 Bank of England deputy governor Jon Cunliffe has said bankers need to get used to lower salaries, as decreased industry returns since the financial crisis will force the UK's banks to cut employees' pay. "It is unlikely that we will see, or want to see again, the returns on equity that we saw before [...]
Chaps payments resume as Bank of England fixes its RTGS error October 20, 2014 The Bank of England said this afternoon it has fixed its real-time payment system, after it was down for most of the day. The Bank suspended its Real Time Gross Settlement (RTGS) system, which is responsible for large transfers, this morning, after it discovered an error. That caused the Clearing House Automated Payments System ("Chaps" [...]
Bank of England’s RTGS payment system suspended due to “technical issue” October 20, 2014 The Bank of England's (BoE) Real Time Gross Settlement (RTGS) payment system has fallen foul of a technical glitch, causing the BoE to suspend the service until the problem is resolved. The situation is something of a nightmare for bankers: the system transfers money between banks in real time, acting as an intermediary, and is [...]
Bank of England’s Andrew Haldane: Interest rates could stay lower for longer October 17, 2014 The Bank of England's chief economist Andrew Haldane has warned that interest rates may need to be kept lower for longer due the deteriorating state of the world economy. The BoE kept rates at their record lows of 0.5 per cent last week citing concerns over health of the global recovery, lacklustre wage growth in [...]
Bank of England fires back at Europe’s bid to stamp on bonuses October 16, 2014 Bankers need bonuses to create incentives to behave well, and the EU’s efforts to stamp them out are harming this goal, the Bank of England’s Andrew Bailey said last night. Stepping up the prudential regulation authority’s campaign against the bonus cap, Bailey argued that the cap was a “bad policy”. He told the City of [...]
Sluggish wage growth gives Bank of England a tough choice over interest rates October 15, 2014 Unemployment rate: down. Wages: up a tiny bit. How does this affect the Bank of England's plans for interest rates? At six per cent, according to the Office of National Statistics (ONS), the unemployment rate is looking healthier by the month. It’s comparable to the US rate (5.9 per cent) and far lower [...]
Da La Rue’s share price climbs after Bank of England confirms 10-year deal October 13, 2014 De La Rue's share price rose today after its 10-year deal to print sterling bank notes received the final approval. The printer and passport manufacturer will take on the new contract, producing bank notes from the Bank of England's base in Debden, Essex, in April. De La Rue, which has been printing bank [...]
BoE had prepared emergency bank fund in event of Scottish independence referendum Yes vote October 10, 2014 The Bank of England had prepared emergency funding if Scotland voted for independence, and warned over the possible impact it could have on the UK's credit rating, it has emerged. Minutes of discussions by the BoE's financial policy committee (FPC) published today show detailed contingency plans had been put together, including provisions for banks [...]
Interest rates: Bank of England keeps base rate at 0.5 per cent October 9, 2014 The pound has risen against the dollar today, after the Bank of England confirmed the base rate would stay at 0.5 per cent. The Old Lady of Threadneedle Street threw no surprises into the mix today, with the monetary policy committee (MPC) voting to keep the interest rate where it has been since March 2009. [...]