Britain is planning for the worst possibilities on exit from the European Union

Britain is planning for the worst possibilities on exit from the European Union

Date: 20:20 04/09/2017
London -2

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Bank of England urged major financial institutions in Britain to develop plans "for all possibilities" resulting from Britain's exit from the European Union.

He said the bank's governor, Mark Carney, said that the vast majority of London's financial companies have already developed contingency plans under implementation.

However, Carney added that some financial institutions are still in the need to prepare in the event of the results of the "more strained."

It also urged the United Kingdom and the European Union, to recognize the laws of their banks after the completion of the checkout process.

The results of Britain's exit from the EU negotiations could be influential significant influence in determining the route of the global financial system.

And did the President of the British Ministers, Theresa May, Article 50 of the Lisbon Treaty last week, to begin formal negotiations over two years, about Britain's exit from the European Union.

It announced that banks including Goldman Sachs and "HSBC" and "UPS" it will transfer some of its functions outside of London as a result of the exit from the European Union.

British Central Bank and sent letters to all banks, insurance companies and other financial institutions operating in the European Union and its branches in the United Kingdom to put Khttalha.

Bank companies and give notice of three months, ending on July 14 to provide emergency plans prepared by.

In his speech, the bank said that some companies are probably not ready for the worst possible outcome. "

He added that this may occur if trade arrangements or interim agreement was canceled when Britain out of the Union.

And whether the companies should move now, Carney said: "No, this is not the perfect choice, but it is wise to be prepared to continue to work after Britain's exit."

The Bank noted that satisfied significantly from major banks planning, but said that the level of contingency planning in each sector is uneven.

Many American and European banks in London services across the European Union countries and progress through a process known as "Basportng".

In an important speech on the effects of Britain's exit on the city of London, Carney Britain and the European Union urged to reach agreement on banks in the United Kingdom, offering its services to the European Union countries and vice versa.

Carney said that the two sides in the "ideal situation" allowing them to reach an agreement, because they now possess the same Almsrvih.anthy / d 25 laws

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