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British banks are storing cash in anticipation of Brexit

Categories : Cash is trust
June 22, 2016
Tags : ATM, Central Bank, Contingency, Europe
Bank of England advises banks to fill-up ATMs.
Guillaume Lepecq

The Bank of England’s Prudential Regulation Authority has advised banks to prepare for a bank run in case of Brexit. Measures include ensuring ATMs are fully stocked and running.

Anticipating a sharp increase in cash demand is a common procedure for the Bank of England and similar measures were taken prior to the referendum on the independance of Scotland in 2014.

Law firms and major banks have also indicated they will establish war rooms to monitor developments and respond to clients on the 23rd of June.

Further information is available here.