Bank of England's bug apology

A RED-FACED Bank of England has apologised to 1,000 customers, including Government departments and central banks, after the failure of its IT system Globus delayed payments.

The £10m system was designed to process payments between banks. The delays mean some received no interest on their money.

In a letter to customers, the embarrassed Bank promised compensation for everyone who lost money. It said no members of the public were affected.

The letter says: 'It is now clear that the new system was launched too early.' The Bank conceded that delays 'are still occurring'.