Banks talked via secret chatroom
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Banks talked via secret chatroom

BBC News | July 11, 2005

A secret internet chatroom helped keep London's financial markets open after Thursday's bomb attacks, it has been revealed.

The Bank of England, the Treasury and the Financial Services Authority switched to the chatroom to talk to the major banks about how they were coping.

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A spokeswoman for the Bank of England said it was the first time the facility had been used.

It was created in the aftermath of the 11 September 2001 attacks in the US.

Crisis management

The secure chatroom is located on the government's Financial Sector Continuity website.

"In the light of yesterday's events, the tripartite authorities (Treasury, Bank of England and FSA) have activated the contingency part of the website," the three organisations said in a joint statement.

London's financial markets kept trading on Thursday, despite the disruption caused by the bomb blasts.

"Contingency planning by banks has increased considerably in last three years, post September 11, and what yesterday shows is that the planning has worked," said David Key, crises management practice leader at Control Risks Group, which advises many banks on crisis and security management.

 

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