BOE comments on Greece

July 1, 2015

The Bank of England said it stands ready to “take any actions required” after Greece’s rapid economic slide in just the past few days, Greece beame the first advanced economy to default on a loan to the International Monetary Fund on Tuesday.

The precarious position of Greece could pose a risk to the financial system, the Bank of England said on Wednesday as it pledged to step in to insulate the UK from any shock waves caused by any worsening of the crisis in the eurozone.

The BoE said British banks’ direct exposure to Greece was”very small”, but that their exposure to other peripheral euro zone economies amounted to the equivalent of 60 per cent of the core reserves that they hold against losses.

The Bank said it had been working with the Treasury, the Financial Conduct Authority and European counterparts to put in place contingency plans to tackle the situation in Greece, which has crystallised in recent days but been a focus for policy makers for the last five years. “The UK authorities will continue to monitor developments and will take actions required to safeguard financial stability in the United Kingdom,” the report said. It did not immediately provide any information about the contingency arrangements.

 

 

Allen Walkey

Highly experienced businessman with a successful career in property sales and investment both in the UK and abroad. Now a freelance writer and blogger for the property and Investment Industry, keeping readers up-to-date with changes and events in a rapidly changing world.

You May Also Enjoy

Home and Living

6 Signs That Your Roof Needs Repair or Replacement

Similar to the external face of your house walls, your roof is also constantly exposed to the external environment — which includes everything from harsh sunlight, rain, debris, and even insects. The purpose of the roof is to protect you from the impact of all those things. This exposure leads to severe wear and tear…
Read More →
Home and Living

How to Find Spare Parts for Your Home Appliances: 5 Ways to Track Down What You Need

Anyone who has had a trusty appliance break down, only to find that it’s a real struggle to find the exact spare part you need, can take comfort in the fact that they’re not alone. It happens to all of us at some point, especially as useful domestic gadgets get older and go through wear…
Read More →
Estate Agent Talk

Title Agency 101: Navigating the Real Estate Landscape with Confidence

In the intricate world of real estate transactions, one often encounters a crucial player that ensures the smooth transfer of property – the title agency. These entities play a pivotal role in safeguarding the interests of buyers, sellers, and lenders, making the real estate journey a secure and transparent experience for all involved parties. Understanding…
Read More →
Estate Agent Talk

Creating Spaces for Growth and Wellness: Canopies for Schools, Park Gym Equipment, and Hire Tower Scaffold

The physical environment plays a pivotal role in fostering growth, learning, and well-being. In this exploration, we delve into the transformative benefits of canopies for schools, park gym equipment, and the convenience of hiring tower scaffolds. Together, these elements contribute to the creation of dynamic spaces that encourage education, fitness, and seamless construction projects. 1.…
Read More →
Breaking News

Breaking Property News – 27/11/2023

Daily bite-sized proptech and property news in partnership with Proptech-X.   Offilancer has key answers to Work and who and where and how it will be done in the 2030’s The fallout from the collapse and bankruptcy of WeWork a co-working provider as we know is just beginning. A behemoth that had a market capitalisation of $47…
Read More →
what is happening to house prices
Estate Agent Talk

Can a Freeholder Refuse to Extend a Lease?

On 7th November 2023, the King’s Speech referenced upcoming leasehold reforms that are set to shake up property ownership as we know it. The Leasehold and Freehold Bill, which is due to be put in front of Parliament very soon, was masterminded with the intention of making it easier and more affordable for leaseholders to…
Read More →