14
The Bank did not find that current procurement legislation and rules constrained its approach.
Conclusion
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
Government Response
A response document is linked to this report. Response attribution to this conclusion has not been verified. Read the response document.
Source
Committee
Public Accounts Committee
Report
78th Report - The Bank of England’s Real-Time Gross Settlement Renewal Programme
29 Apr 2026
HC 1732
Addressee Bodies
HM Treasury
Timeline
Recommendation age
0.4 yrs
Report published
29 Apr 2026