KTFA:
Cleitus: As you've been saying Frank the MR is a lava flow. How right you are! "... The HCL is lacking the fourth and final part for......... THE CITIZENS. BUT IT IS CHANGING NOW," you say. This is a present continuous tense that is in motion and waiting for finality. Barriers/barricades are lifted from the Green Zone..., The crowds are with A and he with them..., Sistani has given his blessing to the GOI/CBI, security is snug as a baby in its blanket. Can you see it family? Now the missing piece to this puzzle that we've all been waiting for, IMO,is all that is left and knocking at the door! "...BUT IT IS CHANGING NOW"!!
moneytalks1 :Hi Frank,A bit slow on the laws today. Maybe WS will have articles out later today. I know lots of great things happening between today and Tuesday. IMO, September will be a month to remember!!!
....
Cleitus: As you've been saying Frank the MR is a lava flow. How right you are! "... The HCL is lacking the fourth and final part for......... THE CITIZENS. BUT IT IS CHANGING NOW," you say. This is a present continuous tense that is in motion and waiting for finality. Barriers/barricades are lifted from the Green Zone..., The crowds are with A and he with them..., Sistani has given his blessing to the GOI/CBI, security is snug as a baby in its blanket. Can you see it family? Now the missing piece to this puzzle that we've all been waiting for, IMO,is all that is left and knocking at the door! "...BUT IT IS CHANGING NOW"!!
moneytalks1 :Hi Frank,A bit slow on the laws today. Maybe WS will have articles out later today. I know lots of great things happening between today and Tuesday. IMO, September will be a month to remember!!!
....
Frank26: Yes Sir ........... But September will be not just historical for Iraq but for the World.
Many countries are about to step into a time warp.
Fast changes. KTFA Frank
************
Lexi: Frank do you think the article is true that DrS will be there back in Iraq in time for the banking forum Sept.15?
Frank26: Yes ...... DRS is talking as his voice soon will become the only voice of his MR of the IQD.
Coming back .......... Nice.
Now. What do You think will be the first thing he does?
KTFA Frank
************
Lexi: Then Frank I got to thinking in WS post# 45 on same thread it talked about Keywords(AKA) DrS would be present for money laundry law. Another article tells us that they want to do that on Monday. So my minds wondering is he already back if he will over see that Monday hmmmmm
Frank26: GREEN LIGHT ......... GREEN ZONE ....... EQUALIBRIUM....... IN OUR STUDIES.
************
Baker: Lexi, I think Monday will be an important day IMO.
Frank26: What did M accuse DRS of? Money Laundering.
What LAW is about to come out? Build it and more than his KEYWORDS will be heard.
Wink. KTFA Frank
Purifiers: Yes Sir! The money laundering law / laws... have sure been a hot topic in Iraq news lately...
(How do they say it in the south?) “Git Er’ Done!!!!”
**************
Bluedog: NATIONAL GUARD LAW ................ I SAID LAST JANUARY 2014 THAT THIS WOULD BE THE KEY ............... FORGET ALL OTHER LAWS THEY WILL FOLLOW THIS LIKE DUCKLINGS TO THE MOTHER DUCK.............. EVERYONE SAID OR THOUGHT WHAT DOES THAT LAW HAVE TO DO WITH ANYTHING .............. WELL YOU WILL FIND OUT YOU CANNOT SUPPORT THIS LAW WITHOUT A CHANGE IN CURRENCY REFORM ............. I LOOK AT HCL AS BOGAS PROPAGANDA AND THAT THEY WILL LIE TO YOU THE THING TO WATCH IS WHAT I HAVE BEEN DRIVING HOME ........... JIMO .......... Bluedog
************
Mike100: True you have said the national guard law was crucial for some time now but i am now starting to connect the dots that the anti money laundering law MUST be done right now in order for the good Dr. to finish the monetary reform. I completely forgot this is what Maliki acccused Dr. shabbibi with was money laundering. Next week is gonna show us a lot of what our timeline is this year imho.
Frank26: Well done ......... Mike.
************
Bluedog: HI MIKE ALL A GAME THIS NATIONAL GUARD WAS TO BE IN PLACE BUT IT WAS IN THE LINE .....OF WAIT BUT SEE THIS ONE LAW IS THE KEY TO IRAQ ....... CAUSE NO INVESTORS TILL PROTECTED ..............
CORRUPTION IS GOOD TO GET RID OF AND HCL WOULD BE GREAT FOR CITIZENS BUT ....... IRAQS SECURITY IS IMPORTANT TO IRAQ ......
OH THE COALITION FORCES HOLD THAT FORT RIGHT NOW ..............IRAQ NEEDS TO SHOW INVESTOR THEY CONTROL ALL OF IRAQ AND NEED TO DO THAT FAST ........SO NEED THAT LAW FAST ...... THEN CBI CAN MOVE FORWARD ........AND FILL THE MILITARY NEEDS ABOVE I TALKED OF....IMO... Bluedog
Mike100: makes sense i am just glad to actually see these very important laws being adressed finally with some urgency now. A crisis of a countries economy can do wonders eh? to get the government in high gear oh yea and thousands of people putting pressure on the new PM in demonstrations. We shall see how serious Iraq is the next few weeks.
Bluedog: IMO... WHEN YOU SEE THE NATIONAL GUARD LAW ENACTED ............ THEN YOU WILL SEE THE SHIPS THAT HAVE BEEN WAITING ....UNLOADED ........WITH MILITARY EQUIPMENT.......... COUNTRIES WAIT FOR THIS LAW THAT TOOK IRAQ AT THEIR WORD ............. Bluedog
Bluedog: IMO ........ NATIONAL GUARD LAW IS WHAT WE HAVE WAITED FOR SO HCL COULD FOLLOW ......AND CURRENCY REFORM ALSO ...... SO JUMP FOR JOY WHEN LAW ABOVE IS ENACTED ............ ONLY THEN ............ IMO .........DO NOT TRY TO FIND OUT ...... WHO IS HEAD OF THE CBI BUT WATCH THIS NGL THEN LOOK TO THE CBI................IMO..... Bluedog
************
JJONES MX: » August 30th, 2015, 8:29 am CBI News & Announcements
(Announcement) of the Central Bank of Iraq will extend the sales in nominal bond futures delivery in the currency of the US dollar (bearer) on behalf of the Ministry of Finance to be one of 2015/9/1 and up to 2015/9/30
http://ift.tt/1ei96fB
*************
BenBlessed » World's Central Bankers Meet at Jackson Hole
http://ift.tt/1U1GUrC
Many countries are about to step into a time warp.
Fast changes. KTFA Frank
************
Lexi: Frank do you think the article is true that DrS will be there back in Iraq in time for the banking forum Sept.15?
Frank26: Yes ...... DRS is talking as his voice soon will become the only voice of his MR of the IQD.
Coming back .......... Nice.
Now. What do You think will be the first thing he does?
KTFA Frank
************
Lexi: Then Frank I got to thinking in WS post# 45 on same thread it talked about Keywords(AKA) DrS would be present for money laundry law. Another article tells us that they want to do that on Monday. So my minds wondering is he already back if he will over see that Monday hmmmmm
Frank26: GREEN LIGHT ......... GREEN ZONE ....... EQUALIBRIUM....... IN OUR STUDIES.
************
Baker: Lexi, I think Monday will be an important day IMO.
Frank26: What did M accuse DRS of? Money Laundering.
What LAW is about to come out? Build it and more than his KEYWORDS will be heard.
Wink. KTFA Frank
Purifiers: Yes Sir! The money laundering law / laws... have sure been a hot topic in Iraq news lately...
(How do they say it in the south?) “Git Er’ Done!!!!”
**************
Bluedog: NATIONAL GUARD LAW ................ I SAID LAST JANUARY 2014 THAT THIS WOULD BE THE KEY ............... FORGET ALL OTHER LAWS THEY WILL FOLLOW THIS LIKE DUCKLINGS TO THE MOTHER DUCK.............. EVERYONE SAID OR THOUGHT WHAT DOES THAT LAW HAVE TO DO WITH ANYTHING .............. WELL YOU WILL FIND OUT YOU CANNOT SUPPORT THIS LAW WITHOUT A CHANGE IN CURRENCY REFORM ............. I LOOK AT HCL AS BOGAS PROPAGANDA AND THAT THEY WILL LIE TO YOU THE THING TO WATCH IS WHAT I HAVE BEEN DRIVING HOME ........... JIMO .......... Bluedog
************
Mike100: True you have said the national guard law was crucial for some time now but i am now starting to connect the dots that the anti money laundering law MUST be done right now in order for the good Dr. to finish the monetary reform. I completely forgot this is what Maliki acccused Dr. shabbibi with was money laundering. Next week is gonna show us a lot of what our timeline is this year imho.
Frank26: Well done ......... Mike.
************
Bluedog: HI MIKE ALL A GAME THIS NATIONAL GUARD WAS TO BE IN PLACE BUT IT WAS IN THE LINE .....OF WAIT BUT SEE THIS ONE LAW IS THE KEY TO IRAQ ....... CAUSE NO INVESTORS TILL PROTECTED ..............
CORRUPTION IS GOOD TO GET RID OF AND HCL WOULD BE GREAT FOR CITIZENS BUT ....... IRAQS SECURITY IS IMPORTANT TO IRAQ ......
OH THE COALITION FORCES HOLD THAT FORT RIGHT NOW ..............IRAQ NEEDS TO SHOW INVESTOR THEY CONTROL ALL OF IRAQ AND NEED TO DO THAT FAST ........SO NEED THAT LAW FAST ...... THEN CBI CAN MOVE FORWARD ........AND FILL THE MILITARY NEEDS ABOVE I TALKED OF....IMO... Bluedog
Mike100: makes sense i am just glad to actually see these very important laws being adressed finally with some urgency now. A crisis of a countries economy can do wonders eh? to get the government in high gear oh yea and thousands of people putting pressure on the new PM in demonstrations. We shall see how serious Iraq is the next few weeks.
Bluedog: IMO... WHEN YOU SEE THE NATIONAL GUARD LAW ENACTED ............ THEN YOU WILL SEE THE SHIPS THAT HAVE BEEN WAITING ....UNLOADED ........WITH MILITARY EQUIPMENT.......... COUNTRIES WAIT FOR THIS LAW THAT TOOK IRAQ AT THEIR WORD ............. Bluedog
Bluedog: IMO ........ NATIONAL GUARD LAW IS WHAT WE HAVE WAITED FOR SO HCL COULD FOLLOW ......AND CURRENCY REFORM ALSO ...... SO JUMP FOR JOY WHEN LAW ABOVE IS ENACTED ............ ONLY THEN ............ IMO .........DO NOT TRY TO FIND OUT ...... WHO IS HEAD OF THE CBI BUT WATCH THIS NGL THEN LOOK TO THE CBI................IMO..... Bluedog
************
JJONES MX: » August 30th, 2015, 8:29 am CBI News & Announcements
(Announcement) of the Central Bank of Iraq will extend the sales in nominal bond futures delivery in the currency of the US dollar (bearer) on behalf of the Ministry of Finance to be one of 2015/9/1 and up to 2015/9/30
http://ift.tt/1ei96fB
*************
BenBlessed » World's Central Bankers Meet at Jackson Hole
http://ift.tt/1U1GUrC
Thunderhawk » August 29th, 2015, 11:22 pm
ThunderHawk ALERT!!!! HSBC customers left without cash
Computer glitch leaves thousands waiting for their salaries:
HSBC was last night struggling to get money to customers hit by a failure of its payments and online systems.
The payments system was still down more than 12 hours after the bank first admitted that hundreds of thousands of money transfers from businesses had failed to reach their intended re- cipients. Businesses who bank with HSBC tried to send payments through the BACS system, including pay cheques to employees, but found the money was not being delivered.
Around 275,000 payments failed, leaving staff without money ahead of the bank holiday weekend, after HSBC apparently forwarded the “wrong information” into the BACS system, which is owned jointly by the biggest banks.
The bank’s business website also crashed later in the day.
“HSBC apologises for the significant inconvenience caused to customers by today’s payments problems. We are now processing the payments so that they reach the beneficiary accounts as quickly as possible,” the bank said.
“The majority of payments will be completed over the course of the afternoon and early evening, with any remaining payments completed overnight. We are committed to ensuring that no one loses out as a result of today’s unacceptable problems. We will work with our customers and the other banks including providing compensation where appropriate.
“Customers who do not receive the delayed payment by Saturday morning should speak with their bank in the first instance. They should also contact their bank if they have suffered any costs as a result of today’s problems.”
Later, the bank added: “Over 99pc of payments that were delayed today have now been processed, with the remaining to be credited overnight.”
The failures followed a series of payments system crashes at Royal Bank of Scotland and NatWest, with a particularly damaging case in 2012 leading to a £56m fine last year.
Lloyds Banking Group also had problems with its faster payments system in 2013, while in 2014 computer problems at the Bank of England led to problems in the CHAPS payments system.
http://ift.tt/1LDvJOP
***************
August 28, 2015
Western Banks In Turmoil As British Banking Giant HSBC Nears Total Collapse
The Ministry of Finance (MoF) is reporting today that British banking giant HSBC is nearing a total collapse after its having lost a staggering nearly $1 trillion due to the ongoing Great 2015 Global Market Crash and earlier today it completely ran out of cash to pay its obligations and depositors.
According to this report, HSBC is a multinational banking and financial services company headquartered in London, United Kingdom and is the world's fourth largest bank by total assets worth $2.67 trillion.
Not known to many Westerners, this report continues, HSBC was established in its present form in London in 1991 by the Hong Kong and Shanghai Banking Corporation Limited to act as a new group holding company and the origins of this banking giant mainly lies in Hong Kong, and also to a lesser extent Shanghai, where branches were first opened in 1865.
Due to the staggering crash of the Shanghai Composite index that has shed 38% of its value since 12 June, this report explains, HSBC lost nearly $700 billion of its value in China while a further estimated $300 billion has been lost due to the Dow’s collapse of over 1,800 points since its high for the year was reached on 27 May.
To the consequences of this massive $1 trillion HSBC loss, this report says, began hours ago when reports began to surface in the UK that hundreds-of-thousands of people were not being paid their salaries, which this British banking giant first tried to deny, but a few hours later blamed their failure to pay on a “computer glitch”.
MoF experts in this report dismiss HSBC’s explanation of a “computer glitch” noting that this phrase is commonly used by Western banking and financial institutions as a “cover story” to mask their inability to access cash…and is likewise being used to explain what is preventing hundreds of American mutual and exchange-traded funds from providing their investors with the values of their holdings, and why one of the world’s largest brokerages, Charles Schwab, shut down earlier today too.
As HSBC is Britain’s largest bank, this report notes, it has appealed for an emergency loan from the Bank of England (BoE), with the BoE then appealing to the European Central Bank (ECB), and the ECB then appealing to the US Federal Reserve System (FRS).
With the US Congress having verified that over $16 trillion of the American peoples money was given by the US Federal Reserve to European corporations and banks, purportedly for “financial assistance” during and after the 2008 fiscal crisis, this report says, it remains “highly probable” they will do so again before HSBC totally collapses.
And with China continuing to dump hundreds-of-billions of its US held debt to stabilize its own markets and economies, this report concludes, the near collapse of HSBC today is but a prelude to the coming greater global financial collapse some experts have warned will “change the landscape of the entire world”.
Though not mentioned in this report, it is interesting to note that at least the American people are seeing the truth and, according to one news source, are “yanking their money from almost everything”…which in turn has led one of the elites major mouthpieces, the Financial Times, to publish an anonymous article calling for the outright abolition of cash in order to give central banks and governments more power.
http://ift.tt/1EqZmTm
************
Thunderhawk » August 29th, 2015, 11:33 pm Backdoc Alert
HSBC vows 275,000 payments hit by glitch processed by morning
HSBC has said all of the 275,000 payments held up by a glitch today will be processed by tomorrow morning.
The failure left many workers without their monthly salaries going into the Bank Holiday weekend.
HSBC said 99% of payments that were delayed had now been processed, while those remaining would be credited overnight.
The bank said: "HSBC apologises for the significant inconvenience caused to customers by today's payments problems.
"We are committed to ensuring that no one loses out as a result of today's unacceptable problems. We will work with our customers and the other banks including providing compensation where appropriate.
"Customers who do not receive the delayed payment by Saturday morning should speak with their bank in the first instance. They should also contact their bank if they have suffered any costs as a result of today's problems."
The fault affecting payments relates to the way HSBC transmitted information to the national Bacs payment system.
It centred on payments such as invoices and salaries which should have gone out automatically overnight.
While the problem does not relate to payments from banks other than HSBC, their customers will be affected by not receiving money that they expected to have been paid.
HSBC is working with other banks to make sure that, for example, should an account holder not receive their salary as a result of the problem but still makes a regular direct debit payment and goes into an overdraft, he or she would not lose out.
Alan Charlesworth, managing director of insurance and legal recruiter IPS Group, took to Twitter to complain: "None of my staff have been paid. HSBC when will this be sorted?"
Another Twitter user wrote: "HSBC. None of my staff have been paid. Cannot get through to them on the phone. Absolute shambles of a bank! Extremely poor performance.
"I trust you are going to reimburse my employees that will incur late payment fees due to your Bacs payments failure."
Also on Twitter, one user wrote: "Bacs payment system down on payday and before Bank Holiday. Lovely."
Lydia Smith tweeted: "HSBC UK where's my money? I didn't get paid my wages today and I have bills to pay."
The glitch comes in the wake of other major banking IT failures affecting customers in recent years, notably by state-backed Royal Bank of Scotland.
It drew criticism from Andrew Tyrie, chairman of the Commons Treasury select committee. He said: "This appears to be yet another serious IT failure by one of the major clearing banks.
"It is increasingly clear that most, if not all, of these banks' IT payments systems need a good deal of investment, and there is a lot to put right."
The Bank of England has been alerted over the glitch while the Financial Conduct Authority (FCA) said it would ensure the bank took steps to help those left at a disadvantage.
Bacs processes transactions worth up to around £50 billion every day and is seen as critical to the functioning of the UK financial system.
It said: "Bacs is aware of an isolated issue affecting one of its member organisations. The Bacs system is operating as normal and we are currently working with our partners to help resolve this as quickly as possible."
Richard Lloyd, executive director of consumer group Which?, said: "Banks have suffered a series of unacceptable failures with their IT systems in recent years and this latest one at HSBC will do little to reassure consumers that banks are making improvements.
"It's essential regulators continue to take tough action to ensure banks properly maintain the payments system we all rely on, and we expect HSBC to fully compensate anyone affected."
http://ift.tt/1LDvLWK
ThunderHawk ALERT!!!! HSBC customers left without cash
Computer glitch leaves thousands waiting for their salaries:
HSBC was last night struggling to get money to customers hit by a failure of its payments and online systems.
The payments system was still down more than 12 hours after the bank first admitted that hundreds of thousands of money transfers from businesses had failed to reach their intended re- cipients. Businesses who bank with HSBC tried to send payments through the BACS system, including pay cheques to employees, but found the money was not being delivered.
Around 275,000 payments failed, leaving staff without money ahead of the bank holiday weekend, after HSBC apparently forwarded the “wrong information” into the BACS system, which is owned jointly by the biggest banks.
The bank’s business website also crashed later in the day.
“HSBC apologises for the significant inconvenience caused to customers by today’s payments problems. We are now processing the payments so that they reach the beneficiary accounts as quickly as possible,” the bank said.
“The majority of payments will be completed over the course of the afternoon and early evening, with any remaining payments completed overnight. We are committed to ensuring that no one loses out as a result of today’s unacceptable problems. We will work with our customers and the other banks including providing compensation where appropriate.
“Customers who do not receive the delayed payment by Saturday morning should speak with their bank in the first instance. They should also contact their bank if they have suffered any costs as a result of today’s problems.”
Later, the bank added: “Over 99pc of payments that were delayed today have now been processed, with the remaining to be credited overnight.”
The failures followed a series of payments system crashes at Royal Bank of Scotland and NatWest, with a particularly damaging case in 2012 leading to a £56m fine last year.
Lloyds Banking Group also had problems with its faster payments system in 2013, while in 2014 computer problems at the Bank of England led to problems in the CHAPS payments system.
http://ift.tt/1LDvJOP
***************
August 28, 2015
Western Banks In Turmoil As British Banking Giant HSBC Nears Total Collapse
The Ministry of Finance (MoF) is reporting today that British banking giant HSBC is nearing a total collapse after its having lost a staggering nearly $1 trillion due to the ongoing Great 2015 Global Market Crash and earlier today it completely ran out of cash to pay its obligations and depositors.
According to this report, HSBC is a multinational banking and financial services company headquartered in London, United Kingdom and is the world's fourth largest bank by total assets worth $2.67 trillion.
Not known to many Westerners, this report continues, HSBC was established in its present form in London in 1991 by the Hong Kong and Shanghai Banking Corporation Limited to act as a new group holding company and the origins of this banking giant mainly lies in Hong Kong, and also to a lesser extent Shanghai, where branches were first opened in 1865.
Due to the staggering crash of the Shanghai Composite index that has shed 38% of its value since 12 June, this report explains, HSBC lost nearly $700 billion of its value in China while a further estimated $300 billion has been lost due to the Dow’s collapse of over 1,800 points since its high for the year was reached on 27 May.
To the consequences of this massive $1 trillion HSBC loss, this report says, began hours ago when reports began to surface in the UK that hundreds-of-thousands of people were not being paid their salaries, which this British banking giant first tried to deny, but a few hours later blamed their failure to pay on a “computer glitch”.
MoF experts in this report dismiss HSBC’s explanation of a “computer glitch” noting that this phrase is commonly used by Western banking and financial institutions as a “cover story” to mask their inability to access cash…and is likewise being used to explain what is preventing hundreds of American mutual and exchange-traded funds from providing their investors with the values of their holdings, and why one of the world’s largest brokerages, Charles Schwab, shut down earlier today too.
As HSBC is Britain’s largest bank, this report notes, it has appealed for an emergency loan from the Bank of England (BoE), with the BoE then appealing to the European Central Bank (ECB), and the ECB then appealing to the US Federal Reserve System (FRS).
With the US Congress having verified that over $16 trillion of the American peoples money was given by the US Federal Reserve to European corporations and banks, purportedly for “financial assistance” during and after the 2008 fiscal crisis, this report says, it remains “highly probable” they will do so again before HSBC totally collapses.
And with China continuing to dump hundreds-of-billions of its US held debt to stabilize its own markets and economies, this report concludes, the near collapse of HSBC today is but a prelude to the coming greater global financial collapse some experts have warned will “change the landscape of the entire world”.
Though not mentioned in this report, it is interesting to note that at least the American people are seeing the truth and, according to one news source, are “yanking their money from almost everything”…which in turn has led one of the elites major mouthpieces, the Financial Times, to publish an anonymous article calling for the outright abolition of cash in order to give central banks and governments more power.
http://ift.tt/1EqZmTm
************
Thunderhawk » August 29th, 2015, 11:33 pm Backdoc Alert
HSBC vows 275,000 payments hit by glitch processed by morning
HSBC has said all of the 275,000 payments held up by a glitch today will be processed by tomorrow morning.
The failure left many workers without their monthly salaries going into the Bank Holiday weekend.
HSBC said 99% of payments that were delayed had now been processed, while those remaining would be credited overnight.
The bank said: "HSBC apologises for the significant inconvenience caused to customers by today's payments problems.
"We are committed to ensuring that no one loses out as a result of today's unacceptable problems. We will work with our customers and the other banks including providing compensation where appropriate.
"Customers who do not receive the delayed payment by Saturday morning should speak with their bank in the first instance. They should also contact their bank if they have suffered any costs as a result of today's problems."
The fault affecting payments relates to the way HSBC transmitted information to the national Bacs payment system.
It centred on payments such as invoices and salaries which should have gone out automatically overnight.
While the problem does not relate to payments from banks other than HSBC, their customers will be affected by not receiving money that they expected to have been paid.
HSBC is working with other banks to make sure that, for example, should an account holder not receive their salary as a result of the problem but still makes a regular direct debit payment and goes into an overdraft, he or she would not lose out.
Alan Charlesworth, managing director of insurance and legal recruiter IPS Group, took to Twitter to complain: "None of my staff have been paid. HSBC when will this be sorted?"
Another Twitter user wrote: "HSBC. None of my staff have been paid. Cannot get through to them on the phone. Absolute shambles of a bank! Extremely poor performance.
"I trust you are going to reimburse my employees that will incur late payment fees due to your Bacs payments failure."
Also on Twitter, one user wrote: "Bacs payment system down on payday and before Bank Holiday. Lovely."
Lydia Smith tweeted: "HSBC UK where's my money? I didn't get paid my wages today and I have bills to pay."
The glitch comes in the wake of other major banking IT failures affecting customers in recent years, notably by state-backed Royal Bank of Scotland.
It drew criticism from Andrew Tyrie, chairman of the Commons Treasury select committee. He said: "This appears to be yet another serious IT failure by one of the major clearing banks.
"It is increasingly clear that most, if not all, of these banks' IT payments systems need a good deal of investment, and there is a lot to put right."
The Bank of England has been alerted over the glitch while the Financial Conduct Authority (FCA) said it would ensure the bank took steps to help those left at a disadvantage.
Bacs processes transactions worth up to around £50 billion every day and is seen as critical to the functioning of the UK financial system.
It said: "Bacs is aware of an isolated issue affecting one of its member organisations. The Bacs system is operating as normal and we are currently working with our partners to help resolve this as quickly as possible."
Richard Lloyd, executive director of consumer group Which?, said: "Banks have suffered a series of unacceptable failures with their IT systems in recent years and this latest one at HSBC will do little to reassure consumers that banks are making improvements.
"It's essential regulators continue to take tough action to ensure banks properly maintain the payments system we all rely on, and we expect HSBC to fully compensate anyone affected."
http://ift.tt/1LDvLWK
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