Disorderly Brexit is possible, warns senior Bundesbank official
Dombret hopes for supervisory co-operation, but tells banks to prepare for “no deal”
Financial institutions based in the UK “should prepare for the worst case – that is, a ‘no deal’ – scenario, with a disorderly exit of the UK in March 2019”, Andreas Dombret has told an audience in London.
“A disorderly exit will remain an option until the very end” of negotiations, the member of Deutsche Bundesbank’s executive said on November 8.
In such a case, he said UK-based banks would operate under World Trade Organisation rules and need a licence from a European Union-based supervisor
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