Proposed referendum on United Kingdom membership of the European Union: European Central Bank requires banks contingency plans – SPIEGEL ONLINE

The European Central Bank (ECB) requires major banks in the euro zone have their contingency plans for the possible exit of Britain from the EU. The ECB Banking Supervision had sent to institutions with large shares in the UK corresponding letters, reports Reuters.

A spokesman for the central bank said the ECB Banking Supervision is in contact with the relevant institutions. It should be ensured that they adequately einstuften the risks of Proposed referendum on United Kingdom membership of the European Union and are prepared for all possible outcomes. The banks are, for example, specify how they prepare themselves for the possible withdrawal from the EU and Britain would deal with possible market shocks and other changes.

The British decide on June 23 about the whereabouts of their country in the European Union. The ECB is responsible for the direct supervision of the largest banks in the euro area since the fall of 2014; now supervises 129 institutions.