Lord Forsyth of Drumlean
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(10 years ago)
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Lord Newby
A notable feature of the referendum campaign was that Alex Salmond was desperately keen to keep the comfort blanket of the Bank of England. As far as I am aware, he never suggested that its name should change.
Lord Forsyth of Drumlean (Con)
My Lords, given that the Bank of England has responsibility for ensuring that other banks and financial institutions have proper systems and back-up systems in place, what action has been taken following the failure of the CHAPS system—for which the Bank of England is responsible—that resulted in many people being unable to buy their houses on the day concerned; quis custodiet ipsos custodes?
Lord Newby
Quite, my Lords. The Financial Services Act gave the Bank of England new powers in this area. It is conducting an investigation to see what happened in that unfortunate case and what lessons can be learned for the future.