Banks Turn to COVID-19 Lockdown Plans for Winter Outage
September 23, 2022
London banks are reviewing their COVID-19 lockdown plans to cope with potential blackouts this winter.
Banks in the city discuss during regular meetings how to deal with the threat of power outages.
Some banks are considering measures such as using remote locations or encouraging staff to work from home.
Some London banks are reviewing their COVID-19 lockdown plans to deal with the looming energy crisis this winter.
According to the trade association UK Finance, which is coordinating the talks, banks in the City of London have discussed in regular talks how potential blackouts could affect their operations.
Some are returning to contingency plans made during the COVID-19 pandemic, considering measures such as using remote locations, installing additional generators or encouraging staff to work from home, the UK trade organization confirmed to Insider.
According to the trade organization, lenders, mortgage banks and branch offerings for international banks are all participating in the talks.
Andrew Rogan, director of operational resilience at UK Finance, told Bloomberg that all companies of all sizes are “watching closely” the potential for blackouts.
“There is no sense of panic,” he added. “Everyone just gets their ducks lined up.”
Companies are also studying South Africa, where power outages have become a part of everyday life, UK Finance told Bloomberg.
The UK, US and EU have all been preparing for more general blackouts since Russia put pressure on energy supplies in response to sanctions against Moscow after the country invaded Ukraine.
The UK has plans for the possibility of organized blackouts this winter for both industry and households, Bloomberg said.
Earlier this month, Reuters reported that major banks in Europe are taking energy-saving measures to cope with the limited gas supply to the continent.
JPMorgan and other major banks have reportedly turned off hot water and fountains to reduce energy consumption.