January 16, 2018 / 10:34 AM / a month ago

UK financial system exposure to Carllion collapse "entirely manageable" - BoE

LONDON, Jan 16 (Reuters) - Exposures of banks and insurers to the collapse of construction company Carillion is “entirely manageable”, Bank of England Deputy Governor Sam Woods said on Tuesday.

Woods, who heads the BoE’s banking supervision arm, said he checked data from banks and insurers last Friday about their exposures to Carillion.

“The direct exposures are entirely manageable across all institutions,” Woods told parliament’s Treasury Select Committee.

“Will there be a wider indirect issue with all the suppliers, and that is a more difficult one. I am not massively worried about it.”

The BoE asked financial firms if they were going to be able to “open their doors” on Monday.

“So far it’s been okay,” Woods said. (Reporting by Huw Jones, editing by Andy Bruce)

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