Select committee: Public Accounts Committee
Conclusion 14
78th Report - The Bank of England’s Real-Time Gross Settlement Renewal Programme
Published 29 Apr 2026
Addressed to HM Treasury
Public Accounts Committee The Bank of England’s Real-Time Gross Settlement Renewal Programme All items in this report Report on parliament.uk ↗ Inquiry on parliament.uk ↗
Conclusion (the committee's words)
The Bank did not find that current procurement legislation and rules constrained its approach. The programme had a dedicated procurement team that helped ensure a compliant and fair process. To help manage security considerations, the Bank also worked with the National Cyber Security Centre to identify all potential issues. For example, it told us it provided clear guidance to bidders on security requirements for their facilities, and the need for accreditation. The Bank told us that it deliberately took its time with the procurement process, extending it by five months, which provided more time for designs to be refined and helped ensure it had asked all the right questions before awarding a contract.29
From: Public Accounts Committee, 78th Report - The Bank of England’s Real-Time Gross Settlement Renewal Programme (HC 1732), 29 April 2026
Government response
The government responded to the whole report on 4 August 2026 (deadline 29 June 2026).