Banks step up no-deal Brexit plans

摘要

Banks are expecting to be granted a 20-month Brexit transition period - even if the UK crashes out of the European Union without any broad agreement about the terms of its withdrawal or its future relationship with the bloc. A series of temporary permissions and other stop-gap arrangements are being put in place by authorities on both sides of the channel in order to cope with such a scenario. An official at the German federal finance ministry said such measures were being done to protect financial stability.