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Carney Faces Scrutiny on Worst Payments Outage Since 2007

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Bank of England Governor Mark Carney is facing scrutiny on the management of Britain’s payments system after the biggest disruption in at least seven years delayed bank transfers and house purchases.

Carney announced a “thorough, independent” review late yesterday after the BOE had to shut down the system that handles about 575 billion pounds ($929 billion) of daily payments. The nine-hour disruption affected the same-day electronic transfers used by homebuyers, delaying some payments until late into the evening. The BOE extended the system’s operating hours and all 142,759 transactions submitted were eventually processed.