News

As Scots debate independence, banks stock ATMs

Bankers are worried about the possibility of a run on ATMs should Scotland vote on Thursday to break away from the United Kingdom.

September 16, 2014

Scottish citizens will vote Thursday to determine whether the country should withdraw from the United Kingdom. In the meantime, banks are trucking banknotes from England to Scotland in case a "yes" vote sparks a run on ATMs and banks.

According to a report by Huffington Post UK, "millions" of banknotes have been brought into the country to prepare for this possibility.

The publication also reported that many Scottish citizens and businesses are already moving their accounts to English banks in the event of an untethering of their country's FIs from the Bank of England, although the BoE has guaranteed Scottish accounts for 18 months after the vote.

HP cited a BBC interview with Spanish Europe Minister Íñigo Méndez de Vigo, who said that if an independent Scotland should decide to join the European Union, entry might take up to five years; during much of this time, Scottish banks would be on their own, and they would almost certainly have to convert to the euro.