Euromoney Sibos Insider: Microsoft can move its cash from banks instantly if risks are high
After Siemens, Colin Kerr is confident in the banks
In an exclusive interview with Euromoney Sibos Insider Colin Kerr, industry solution director for worldwide financial services at Microsoft, says that if data shows that risks were too high, it would be able to pull out its cash and place it into another bank almost instantly. “From an industry perspective, we are prepared to move all our cash if we need to, such as when we believe that there is too high a level of risk across regions or the banks,” says Kerr. “We can move the cash to another bank almost immediately. It doesn’t mean we are not confident in the banks, but if for whatever reason we believe that our cash isn’t safe, we have the flexibility to pull it out immediately.”
Only last week the media reported that Siemens withdrew more than €500 million in cash deposits from a large French bank and transferred it to the ECB. While reports said that Siemens withdrew the cash because it feared for the health of the bank, it has highlighted the steps corporates will take to safeguard themselves from another round of banking crises.
The technology company has come to Sibos under two categories, both as a client and a provider.