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.

Similar

Popular

Greenback descends versus yen

On Thursday, the evergreen buck was just a touch lower versus the Japanese yen after reaching an eight-week peak overnight…

Gold is at 5-month minimums on stronger greenback

On Friday, gold dived to five-month minimums because optimism as for the US tax reform overhaul kept underpinning demand for the US dollar ahead of the highly-anticipated American nonfarm payrolls report to be released a bit later in the day…

Gold descends on profit-taking in Asia

On Monday, gold sank on profit-taking in Asia because market participants are closely watching the evergreen buck for potential further dives closely connected with a more gentle than anticipated rate lift path by the key US bank in 2018 after gloomy…

promotions you can be interested in

Deposit with your local payment systems

Callback

A manager will call you shortly.

Change number

Your request is accepted.

A manager will call you shortly.

Internal error. Please try again later

You are using an older version of your browser.

Update it to the latest version or try another one for a safer, more comfortable and productive trading experience.

Safari Chrome Firefox Opera