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We asked about the Bank’s decision to adapt the programme governance arrangements as it moved...
Conclusion
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
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