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B of E Governor calls for UK-EU bank rules pact

B of E Governor calls for UK-EU bank rules pact

(10 April 2017 – United Kingdom) The governor of the United Kingdom’s central bank, Mark Carney has called for Britain and the European Union (EU) to recognise each others' bank rules following Brexit to ensure the stability of financial services across Europe.

In a speech Carney added that the Bank of England (BOE) and banks had to be ready for the possibility of a “hard” Brexit, setting a 14 July deadline for cross-border financial institutions to advise the central of how they plan to address a rapid exit.

Many international banks use EU "passporting" rights to offer their services from London to the European mainland, however, that agreement may end once the UK withdraws from the single market by 2019.

Carney added that he expected financial services to be part of a "bigger deal" on trade between the two entities.

"How Brexit negotiations conclude will be a litmus test for responsible financial globalisation," Carney said.

"The EU and UK are therefore ideally positioned to create an effective system of deference to each other's comparable regulatory outcomes, supported by commitments to common minimum standards and open supervisory co-operation," he said.

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