Eurozone Crisis

Nick Smith Excerpts

Thursday 27th October 2011 Commons Chamber

[Mr Osborne]

Yes, I think that I can agree with my hon. Friend.

[Nick Smith (Blaenau Gwent) (Lab)]

Can the Chancellor update us on the situation regarding Cypriot banks, with their many customers in the UK and their tie-in to the Greek economy?

[Mr Osborne]

We keep under close surveillance not only British banks but the branches of Cypriot banks and the subsidiaries of other banks operating here in the UK. So we are closely monitoring the Cypriot banks, as we do with the other eurozone banks in Britain.