Banking

House of Lords written question – answered at on 3 October 2011.

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Photo of Lord Myners Lord Myners Labour

To ask Her Majesty's Government whether the Financial Services Authority has considered the impact on United Kingdom banks of a possible withdrawal from the European Union by the Republic of Ireland and the impact on the capital of United Kingdom banks from the unhedged central funding of their Irish subsidiaries.

Photo of Lord Sassoon Lord Sassoon The Commercial Secretary to the Treasury

The Treasury, the Bank of England and the Financial Services Authority monitor the financial system on an ongoing basis. Contingency plans are prepared and maintained for a range for possible scenarios, as part of the normal policy development process.

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