According to insiders, Germany’s financial authorities are working on emergency plans for the supply of cash in the event of a long-term power outage due to the gas crisis. The Bundesbank, the financial regulator BaFin and several industry associations are stepping up their preparations for such a case, said four people familiar with the talks. Part of the plan is to build up cash holdings at the Bundesbank and potentially limit the amount customers can withdraw from their accounts, one insider said. Banks and regulators are also examining potential weaknesses in cash distribution, others said. Cash continues to play a major role in the German economy. In the event of a power failure, electronic payment systems and ATMs would be out of order. “In the event of a blackout, cash will be the only official means of payment that still works,” estimates Thomas Leitert, CEO of KomRe, which advises cities on how to prepare for power outages and other disasters.
Cash supply – financial authorities are working on contingency plans – economy
