Central Banking

BOE's tail between legs over IT fiasco

The Bank of England has approached its various account holders - including foreign central banks - with its tail between its legs after unforeseen delays in its payment system. "It is now clear that the new system was launched too early," the Bank said, which it "very much regrets".

Source: Financial Times

The Bank of England has been forced to apologise and offer compensation after the failure of a new IT system caused delays on large payments to financial institutions, government departments