Digital transformation pitched as successful.

“Positive” report card from National Audit Office (NAO).

Yet ….huge increase in needed taxpayer/bank-customer cash to finish job ….and this committee does not hold the BOE to account very much at all in a two-and-half hour session.

The running costs have gone up from £21m to £40m. (Per year, I think.)

Big mistakes framed as brave decisions to change the contract with Accenture.

Accenture staffers finally leaving the project more than 9 years later (give or take).

New system not even ready for distributed ledger tech yet ….may allow instant settlement….still experimenting with industry….18 banks.

Took 9 years to install. (Correct)

Real Time Gross Settlement system really is gross for taxpayers and bank customers.

450 people involved at one point.

“it felt like a family ” and we had colour-coded lanyards, quizzes, trying to have a lot of fun ….cake got eaten …sharing snacks….transparent culture.

*Corrected figure …apologies for the confusion. Millions not billions (must have been thinking about the billions wasted on forever wars)

Colour-coded lanyards discussed but no real accountability.

“We’ve got them (Accenture) bolted down on intellectual property.”

We’ve got to make a decision on retail central bank digital currency, this year (one official said I think).

EU ahead on CBDC.

———-

https://committees.parliament.uk/event/25890

And

https://parliamentlive.tv/event/index/42e80a43-a078-414c-a03b-6f101da1ee73

People who cost taxpayers/bank customers millions …. framed as heros

Ctee member