Cyprus Mail

ECB closely monitoring markets, ready to provide liquidity to banks

The ECB was accused of favouritism in its appointment of Stephane Rottier

The European Central Bank said it is “closely monitoring” financial markets, which took a nosedive on Friday on news of the British referendum in which voters decided to leave the European Union.

It is also in contact with other central banks, the bank supervisor said in a statement on its website on Friday.

“The ECB stands ready to provide additional liquidity, if needed, in euro and foreign currencies,” the ECB said, adding that it already had contingency plans prepared “in close contact” with supervised banks.

“The euro area banking system is resilient in terms of capital and liquidity,” the ECB said.

The central bank of the euro area said that it “will continue to fulfil its responsibilities,” which include ensuring both price stability and financial stability in single currency bloc.

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