Eurozone Contingency Planning
CIBC Mellon employees have been working to assess and prepare for the potential exit of one or more countries from the Eurozone and in particular from the use of the Euro. CIBC Mellon’s asset servicing technology and services are built on the capabilities of our US parent, BNY Mellon. As the world’s largest custodian, BNY Mellon has also been actively involved in Eurozone contingency planning.
Over the past several months, CIBC Mellon and BNY Mellon have been testing and updating our Eurozone contingency plans. The goal of this planning exercise is to develop and refine responsive measures that can be efficiently and accurately implemented with as little impact to our clients as possible.
Should a country exit the Eurozone, CIBC Mellon will reach out to you with relevant updates by e-mail and from your relationship manager. It is important that CIBC Mellon has up-to-date contact information for the relevant individuals in your organization; given that CIBC Mellon will likely need to forward information outside of usual business hours, we ask that clients provide alternative numbers. Should a country leave the Eurozone, we anticipate that we will have limited advance notice, and that the exit would likely occur over a weekend to prepare for business opening early the next week.
Your relationship manager is available to help support your organization in preparing for possible impacts of a Eurozone departure and to discuss particular areas of concern for your organization. The Eurozone Contingency Plan for the BNY Mellon Global Network - including CIBC Mellon - covers practical considerations in such areas as:
- Cash Accounts and Transactions
- Foreign Exchange
- Fund Administration
- Securities Lending
A copy of BNY Mellon’s Eurozone contingency plan is available from your relationship manager. If you would like more information or have any further questions about how CIBC Mellon’s preparations can help support clients should a country exit the Eurozone, please contact your relationship manager.
Chief Risk Officer, CIBC Mellon