Select committee: Public Accounts Committee
Conclusion 20
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)
We asked about the Bank’s decision to adapt the programme governance arrangements as it moved from planning into delivery, which the Bank explained was driven by “learning by doing”.42 Initial programme oversight was through the NED-led RTGS Renewal Committee (RRC), which drew on NEDs’ commercial and procurement experience. For delivery, the Bank replaced the RRC with an executive-led Renewal Executive Board (REB), which it felt would have closer sight of the programme to make necessary strategic and operational decisions. The REB included the Chief Operating Officer, who provided support for commercial negotiations and managing dependencies with other parts of the Bank, and it was also attended by Accenture. The Bank told us that the REB met more frequently as delivery intensified, weekly during the final stages, to maintain close oversight of progress.43 40 C&AG’s Report, Paras 23 and 2.2; Qq 33-34 41 C&AG’s Report, para 2.25 42 Q 22 43 Qq 15, 17-18 and 22-23; C&AG’s Report, para 2.21 13
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).