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The Bank of England said CHAPS will be closed on 19th September, in line with its normal bank holiday arrangements.
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CHAPS handled around 174,000 payments each day, in the year to February 2021, with an average payment value of £2.1m. That works out at around £367bn each working day.
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Get in touch with Mortgage Broker UK today to discuss your residential and Buy to Let Mortgage requirements.
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CHAPS is used by banks and large corporations to settle high-value money market and foreign exchange transactions, by companies to pay taxes, and by solicitors and conveyancers to settle property transactions.
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The Bank’s Real Time Gross Settlement (RTGS) service, which underpins large transfers between bank accounts, will also be closed.
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Read about the UK Housing Market via our Specialist Residential & Buy to Let Division
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Back in 2014, RTGS collapsed for most of a day, putting thousands of housing market transactions on hold.
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Discover our Mortgage Broker services
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Last week the BoE said the sale of corporate bonds held by the Asset Purchase Facility will be delayed by a week, to 26 September, following its decision to delay its next interest rate decision by a week (to 22nd September).
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Source: London Loves Business
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