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EU Tells Regulators To Protect Deposits In No-Deal Brexit

Law360, London (March 1, 2019, 3:31 PM GMT) -- The European Banking Authority called on Friday for regulators in member states to safeguard deposits held by European Union-based branches of British lenders if the U.K. crashes out of the bloc without a deal.

The European Banking Authority, whose London HQ is pictured, is telling the bloc's regulators to protect deposits held by European Union branches of British banks after Brexit. (AP) The banking watchdog urged member states to ensure that their national deposit guarantee schemes will cover British-domiciled banks that have branches in Europe. These subsidiary units could find themselves excluded from Britain’s own depositor protection scheme if the U.K....

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