Bank of England casts itself as model of reasonableness in allowing EU banks to continue operating in UKSmart move by the Bank of England. While Michel Barnier,the European Union’s chief Brexit negotiator, is warning approximately UK banks losing their passporting rights to operate in the single market, or Threadneedle Street is trying to position itself as a model of sweet reasonableness. All being well,EU investment banks operating in the City will be able to carry on after Brexit nearly as whether nothing has changed.
EU wholesale banks will still have to fill out a form shifting the status of their current UK branches from “passported” to authorised, but the process sounds straightforward. The Bank doesn’t want to be heavy handed and insist that EU banks’ lightly regulated branches in the UK are changed into subsidiaries, and which are costlier to operate since capital has to be ringfenced.
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Source: guardian.co.uk