Business as usual for European Union banks after Brexit

The development comes after European Union leaders last week signed off on the first stage of Brexit negotiations ending more than a year of stalemate over Britain's bill for leaving the bloc, as well the fate of the Irish border and European Union migrants.

The central bank said it made the decision on the assumption that a "high degree of supervisory co-operation with the EU" would continue after Britain leaves the bloc.

"Encouraging EU banks to continue to operate in the United Kingdom will help preserve financial stability for the United Kingdom and the EU and will help defend London's position as an open global financial centre", said Miles Celic, head of the lobbying group TheCityUK.

Prime Minister Theresa May has said the "implementation period" should last for around two years, potentially taking it up to the spring of 2021.

European Union chief negotiator Michel Barnier said talks on the transition will begin in earnest after a January 29 meeting at which the 27 remaining members are expected to approve negotiating guidelines agreed by the Commission in Brussels.

Britain will need a transition after Brexit that will avoid businesses having to adjust to new rules and regulations twice.

Arrangements could be made for the United Kingdom to be "consulted" on the allocation of annual fish quotas under the Common Fisheries Policy but Britain will not take part in the decision-making process, Mr Barnier said.

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European Union retail banks that hold United Kingdom customer deposits above a certain threshold would have to become subsidiaries, the BoE has already said.

He also revealed the Bank's plans are based on agreement being struck on a transition period by the end of the March next year.

Last week May's fragility was exposed by the rebellion of 11 largely pro-European Conservative lawmakers in a parliamentary vote on Brexit legislation that led to an embarrassing defeat.

But they are still unclear on what Britain wants from the future relationship, including the shape of any trade deal.

The cut-off date for the transition phase is contained in the EU's guidelines for the next phase of Brexit negotiations.

May has already accepted in theory the continued jurisdiction of the ECJ and that London will have no legal basis to conclude its own trade deals during the period.

Influential pro-Brexit lawmaker Jacob Rees-Mogg criticised these conditions as "rather hostile", leaving the United Kingdom "no more than a vassal state, a colony, a serf of the European Union".


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