EU Prudential Regulation Authority has ordered the largest high-street banks, including Lloyds and RBS, to stockpile cash ahead of Brexit results in case a 'leave' vote prompts mass withdrawals. The banks' IT systems and infrastructure have also come under close scrutiny, while the The Bank of England's referendum is believed to be one of the biggest risks to UK financial stability and international markets. The stockpiling of cash is a regular practice during big events, however, with concerns of a second 'black Friday', these stockpiles appear more important than ever.
The Bank of England's Prudential Regulation Authority has ordered the largest high-street banks, including Lloyds and RBS, to stockpile cash ahead of Brexit results in case a 'leave' vote prompts mass withdrawals. The banks' IT systems and infrastructure have also come under close scrutiny, while the EU referendum is believed to be one of the biggest risks to UK financial stability and international markets. The stockpiling of cash is a regular practice during big events, however, with concerns of a second 'black Friday', these stockpiles appear more important than ever.