Bank of England will check if banks are ready for Brexit

Bank of England will check if banks are ready for Brexit

British banks require preparing for a wide range of potential outcomes. Moreover, they should also avoid sudden changes to lending because Great Britain gets ready to abandon the European Union, as Bank of England policymakers told on Monday.

Two days before Prime Minister Theresa May intended to notify the EU that the UK is ready to start two years of exit negotiations, as the major bank told. British banks are bound to provide copies of contingency plans in order to reassure regulators that they are ready for probable outcomes.

The BOE’s Financial Policy Committee is asking British financial institutions to show how they can potentially avoid their continental clients being steeply cut off after Brexit.

Lenders worry that Great Britain won’t secure unfettered continued access to the bloc's single market, and some of them are already intending to beef up their presence on the continent.

 

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