Santa Claus, Help! Another Glitch of Banksters’ Computers

Is HSBC on the Verge of Bankruptcy

Georgi Stankov, August 28, 2015

The Hongkong and Shanghai Bank, HSBC was founded in the then British colony of Hong Kong on 3 March 1865, and in Shanghai a month later, benefiting from the start of trading into China, including opium trading, which still remains one of the greatest crimes of GB in human history. It was formally incorporated as The Hongkong and Shanghai Banking Corporation on 14 August 1866. Since then this bank has heavily invested in Chinese stocks and economy. 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.

According to insider information, this British banking giant is nearing a total collapse after it has lost a staggering nearly $1 trillion due to the ongoing Greatest and Final Global Market Crash 2015 and earlier today it must have obviously completely ran out of cash to pay its obligations and depositors.

Due to the fulminant crash of the Shanghai Composite index that has shed more than  40% of its value since 12 June, HSBC must have 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 all-time high was reached on 27 May.

The consequences of this massive $1 trillion HSBC loss were felt in the UK today when 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”.

Only a few hours ago and before I knew about this recent glitch, I wrote the following prophetic article:

The Nearer the Crash, the Bigger the Computer “Glitches” in the Bank Sector

Although I expected this outcome and predicted it beyond any doubt, I must admit that I am really flabbergasted how quickly my creations now materialize in this timeline. If I have to extrapolate this velocity for the coming days, we may experience the ultimate financial crash and a shutdown of the banking system in the West as early as Mid-September. This is another significant forecast for you and let us see if it will become true. The chances are very high.


HSBC say ‘majority’ of 275,000 payments missed in computer meltdown will be processed tonight with the rest being finished overnight 

MailOnline, August 28, 2015

  • HSBC system failure meant businesses unable to pay staff and bills
  • Hundreds of millions have not been paid to up to 275,000 people today
  • Victims take to social media to complain as their salaries are not paid in 
  • Bank first denied fault but three hours later admitted Bacs was down 

HSBC have told customers that the ‘majority’ of payments which failed to reach their bank accounts this morning will be completed this evening.

Up to 275,000 people were not paid today and went in to the Bank Holiday weekend with depleted accounts after HSBC’s payments system failed.

Britain’s biggest bank, which has 16 million UK customers, revealed an IT glitch meant they failed to transfer hundreds of millions of pounds on pay-day.

Missing payments: HSBC today revealed 275,000 payments were not made because they have been hit by the system failure or what had caused it

In posts made on Twitter, HSBC stated: ‘We are currently processing payments that were not credited to customers’ accounts. The majority of payments will be completed today with the remainder to be completed overnight.

‘We are sorry for any inconvenience this has caused.’

The bank updated customers this afternoon using Twitter, telling them that the ‘majority’ of missed payments will be processed this evening

Victims complained about being unable to pay their mortgages or not having any money at all after discovering the issue this morning.

With a three-day weekend looming, customers waited anxiously to hear when their cash would come through.


Bacs is a system in the UK for making payments directly from one bank account to another and is used largely used by employers to pay employees weekly or monthly.

Bacs stands for ‘Bankers’ Automated Clearing Services.’ It is owned and controlled by 16 of the largest UK banks and building societies.

In 2013, nearly £6 billion UK payments were made through the Bacs system with a total combined value of £4.19 trillion.

There are three different types of payment in the Bacs scheme – direct debit, direct credit and faster payments.

Bacs direct credit is also known as a ‘Bacs transfer’ or ‘direct deposit’. It offers a secure service which enables organisations to make payments directly into another bank or building society account.

It’s typically used for making regular payments such as salaries, pensions, state benefits and tax credits – almost 90 per cent of the UK workforce are paid using Bacs direct credit, figures show.

More than 150,000 UK organisations currently use it with over 2 billion payments being processed through the scheme in 2013.

HSBC hasn’t revealed how many organisations use its Bacs direct credit system for paying salaries, but it is likely to be a significant chunk.

The fault meant that salaries were not transferred from HSBC business accounts to the accounts of employees, including those who bank elsewhere.

One customer wrote on Twitter: ‘HSBC. None of my staff have been paid. Cannot get through to them on the phone. Absolute shambles of a bank! Extremely poor performance’.

The Bacs system transfers £50 billion across Britain every day but the problem appears to be confined to HSBC.

A source said that the fault was at HSBC’s end and involved an incorrect piece of IT code and added they were not hacked.

One Twitter user wrote: ‘None of my staff have been paid. HSBC when will this be sorted?’

And one said: ‘Bacs payment system down on payday and before Bank Holiday. Lovely.’

The system failure means businesses who bank with HSBC have been unable to pay staff, pay bills or other transfers via the Bacs system – the main way all banks transfer cash to other accounts.

In April Royal Bank of Scotland’s systems failed and it later emerged 600,000 customers were hit and last year it was fined a record £56million after they locked millions out of their accounts.

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.’

HSBC could incur huge costs from the error, both in compensation from customers and victims as well as a fine from Britain’s banking regulator the Financial Conduct Authority.

An HSBC spokesman said: ‘There has been a fault in the information used to process some payments from HSBC business customers.

Upset: Businesses were complaining they had been unable to pay staff while workers were upset about being broke

‘Approximately 275,000 payments have been affected, including payments to customers of other banks.

‘HSBC apologises for the inconvenience this has caused. We are taking immediate steps to ensure the payments reach beneficiaries as quickly as possible.


RBS was fined a record £56 million for an IT glitch which locked millions of customers out of the bank accounts – equivalent to £8.60 for every affected customer.

Last year the Financial Conduct Authority levied a £42million fine and the Bank of England’s Prudential Regulation Authority fined them £14million.

Some 6.5 million customers of RBS, NatWest and Irish subsidiary Ulster Bank endured a week of chaos in June 2012 when a software upgrade went spectacularly wrong.

RBS admitted they had failed to invest enough in their IT systems for decades, following a computer meltdown that hit millions of customers.

The extraordinary admission after a string of glitches where millions of debit card cash withdrawals and purchases, some credit card transactions, plus online banking and banking via mobile phone, were blocked.

RBS chief executive Ross McEwan said the most recent systems failure was ‘unacceptable’, and admitted: ‘For decades, RBS failed to invest properly in its systems. We know we have to do better.’

In 2012 a junior technician in India was blamed for causing the RBS computer meltdown which froze millions of British bank accounts.

But it later emerged it came from their Edinburgh headquarters.

‘We will work with other banks to ensure that customers do not lose out as a result of today’s problems.’

Customers began raising concerns that the system had failed at 7.30am but the bank responded on Twitter that it was not aware of any problems.

Three hours later they admitted online that customers could not use their online banking accounts and the business service remains.

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.’

HSBC shot to the third highest UK trending topic on Twitter as victims of the breakdown flocked to social media to vent their frustration.

The bank said on Twitter: ‘There has been an issue affecting Bacs payments by some HSBC customers today.

‘We apologise for any inconvenience caused and are working hard to resolve the issue as quickly as possible.’ The bank said it will post updates there.

Bacs processes transactions worth up to around £50billion 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.’

HSBC is understood to have contacted the Bank of England over the problem today, while the Financial Conduct Authority has also been made aware.

A Bank of England spokesman said: ‘We are in contact with HSBC regarding their recent IT issue. We will be working closely with HSBC as it resolves the problem.’

It is the latest in a long line of banking IT meltdowns, as the rapid growth of online and mobile app access to accounts has put a strain on lenders’ existing systems.

Nationwide has suffered several breakdowns in the last two years which left millions of its customers unable to access internet or mobile banking.

 Anger: Hundreds of customers of HSBC, and of other banks expecting payments from HSBC, took to Twitter to complain of not receiving salaries.

 More problems: The business online banking system was also down today as customers tried to log in.

One of the worst banking meltdowns happened in the summer of 2012 when RBS-owned NatWest suffered IT problems.

Up to 12 million people were affected by the major computer error which was triggered when a software upgrade was being installed to the payment system.

This left them unable to access their salaries or cash machine network in what was described as one of the worst technical failures at a British bank.


Just wait and see what will happen in September! – A total financial infarct.

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