BoE Says Banks Ready For Hard Brexit But Markets At Risk

Law360, London (July 11, 2019, 2:36 PM BST) -- Preparations to shield the financial system from a disruptive Brexit with no deal or transition period have improved in 2019 — but cross-border contracts remain at risk and there is still a strong possibility that British asset prices will plunge, the Bank of England said Thursday.

The central bank said in its latest report on financial stability that recent legislation and temporary agreements with the European Union should protect basic financial services from freezing up by giving British consumers and businesses access to European companies.

This would give British citizens continued access to their bank accounts and payments systems if the...

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