Question to the HM Treasury:

To ask Mr Chancellor of the Exchequer, what assessment he has made of the vulnerability of the UK banking system to a Russian debt default; and if he will make a statement.

The Financial Policy Committee (FPC) within the Bank of England identifies, monitors and addresses risks to the UK financial system; including overseas exposures.

The FPC regularly publishes the indicators that it considers when formulating policy, and this includes all countries to which UK banks have large or rapidly growing total exposure. The most recent indicators (for Q2 2015) can be found on the Bank of England’s website using the link below.

http://www.bankofengland.co.uk/financialstability/Pages/fpc/coreindicators.aspx