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Brexit transition period desirable for UK and EU banks: Bank of England

The BoE's PRA said it faces heavy demands from Brexit fallout on banks, insurers

Reuters  |  London 

The Bank of England (BoE) said a transition period after the Britain leaves the European Union (EU) would give banks more time to make orderly changes as Brexit poses risks to financial stability. With the UK due to leave the bloc in March 2019, the BoE's Prudential Regulation Authority (PRA) said it faces heavy demands from Brexit fallout on banks and insurers. BoE Deputy Governor and PRA Chief Executive Sam Woods said, "some form of implementation period is desirable" between Britain leaving the bloc and start of new trading terms to "give UK and EU ...

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First Published: Wed, August 09 2017. 17:15 IST