Bundesbank Dombret:A ‘No Deal’ On Financial Services Between UK And EU Is A Realistic Outcome

by | February 8th, 2018, 14:42:12 | Brexit, Bundesbank, Central Banks

Central Bank galore today 08.02.2018 , they all have something very important to say 😉

–         The UK And EU Going Separate Ways Will Be A Tremendous Loss For Both Sides
–         Still At Least A 50% Chance Of Avoiding A “No Deal” Brexit Scenario
–         A Sufficient Brexit Transition Period Is Not Assured At The Moment
–         Skeptical As To Whether A Mutual Recognition Framework Is Actually Possible
–         Skeptical As To Whether The Mutual Recognition Framework Proposed By UK Finance Is Actually 100% Feasible
–         A Deal On The Transition Phase Hinges On An Agreement On The Overall Future Relationship
–         Cautiously Optimistic That A Transition Phase Can Be Agreed Upon
–         Financial Institutions Should Not Fall Prey To A False Sense Of Certainty That There Will Be An Agreement And That They Will Have Sufficient Time Left To Adapt To The New Framework
–         We Will Certainly Not Accept Empty Shells Or “Letterbox Companies” Where The Business Effectively Continues To Be Run From London
–         For Critical Functions Such As Management, Controlling And Compliance, Qualified Personnel Need To Be Present At The EU Entity At All Times
–         In The Context Of Brexit, We Are Looking At More Than 100 Financial Institutions Currently Operating Out Of The UK That Potentially Need A New Or Modified License In The EU
–         I Strongly Advise Banks Not To Slow Down In Their Preparatory Efforts Because Of A Vague Possibility Of A Transitional Period
–         Financial Institutions That Do Not Complete Their Brexit Contingency Plans And Start Implementing Them By March This Year Risk Being Left High And Dry By Brexit One Year Later

K-man
Latest posts by K-man (see all)

Pin It on Pinterest