How ECB dodged a payment disaster in 10 hours of tech meltdown

6 March 2025, 10:40 am

1 min read

Dark clouds are seen over the building of the European Central Bank (ECB) before the ECB's monetary policy meeting in Frankfurt, Germany, June 6, 2024. REUTERS/Wolfgang Rattay/File Photo

The European Central Bank’s payments crash last week meant salaries and welfare funds were delayed for thousands of people. It could have been much worse.

If the same disruption had struck, or persisted into, the following day – the end of the month, and payday for many public-sector workers, pensioners and welfare recipients – the mayhem could have hit millions of people and businesses, and strained the banking system.