Select committee: Public Accounts Committee
Conclusion 25
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 took an early decision that, to support system security and long-term resilience, it would run, maintain and update the new RTGS itself, once live. It also owns the intellectual property for the new system. The Bank highlighted that knowledge transfer was an important part of the programme, which was designed so that the Bank would take full responsibility for the RTGS once the Accenture contract ended. For example, it described how it embedded its own staff alongside Accenture teams from an early stage so they could acquire the skills needed to operate and improve the new RTGS.53 The Bank said that Accenture’s involvement concluded as planned shortly before our session in March.54 It also noted how it can benefit from wider ‘experience transfer’ as Bank staff from the programme move to other roles within the organisation.55
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).