Featured Product

    BoE Analyzes the Effects of Brexit on Monetary and Financial Stability

    November 28, 2018

    BoE published its analysis of how leaving the EU would affect its ability to deliver its objectives for monetary and financial stability, as requested by the House of Commons Treasury Committee. PRA also issued a direction stating that a notification must be made by submitting the Temporary Permission Notification Form using the Connect system. The notification must contain the information required by that form and must be made from January 07, 2019 to March 28, 2019. This direction is given by PRA under regulation 14(2) of the European Economic Area Passport Rights (Amendment, etc., and Transitional Provisions) (EU Exit) Regulations 2018.

    The BoE report analyzes the economic effects of the Withdrawal Agreement and the Political Declaration, presents framework for the future relationship between EU and UK, and describes the consequences of leaving EU without a Withdrawal Agreement. This analysis includes scenarios, not forecasts. The Monetary Policy Committee (MPC) and Financial Policy Committee (FPC) have reviewed the relevant scenarios, which will be used as inputs in policy deliberations.

    Building the scenarios requires making key assumptions about the form of the new relationship between UK and EU, the degree of preparedness across firms, critical infrastructure, and how macro policies respond. The scenarios are only calculated for the policy relevant timelines of the committees—up to five years. Therefore, these scenarios are not assessments of the relative long-term merits of different trading relationships. The degree of uncertainty around any forecast would be greater than the ranges provided in the report, given the usual uncertainty around other key influences on the outlook, such as shocks from the world economy, commodity prices, financial conditions, and confidence. However, the scenarios are informative about the relative economic impact of various economic relationships and transitions to them. 

     

    Related Links

    Keywords: Europe, EU, UK, Banking, Brexit, EU Withdrawal Scenarios, Financial Stability, PRA, BoE

    Related Articles
    News

    US Regulators Release Stress Test Scenarios for Banks

    The U.S. regulators recently released baseline and severely adverse scenarios, along with other details, for stress testing the banks in 2024. The relevant U.S. banking regulators are the Federal Reserve Bank (FED), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC).

    February 28, 2024 WebPage Regulatory News
    News

    Asian Governments Aim for Interoperability in AI Governance Frameworks

    The regulatory landscape for artificial intelligence (AI), including the generative kind, is evolving rapidly, with governments and regulators aiming to address the challenges and opportunities presented by this transformative technology.

    February 28, 2024 WebPage Regulatory News
    News

    EBA Proposes Operational Risk Standards Under Final Basel III Package

    The European Union (EU) has been working on the final elements of Basel III standards, with endorsement of the Banking Package and the publication of the European Banking Authority (EBA) roadmap on Basel III implementation in December 2023.

    February 26, 2024 WebPage Regulatory News
    News

    EFRAG Proposes XBRL Taxonomy and Standard for Listed SMEs Under ESRS

    The European Financial Reporting Advisory Group (EFRAG), which plays a crucial role in shaping corporate reporting standards in European Union (EU), is seeking comments, until May 21, 2024, on the Exposure Draft ESRS for listed SMEs.

    February 23, 2024 WebPage Regulatory News
    News

    ECB to Expand Climate Change Work in 2024-2025

    Banking regulators worldwide are increasingly focusing on addressing, monitoring, and supervising the institutions' exposure to climate and environmental risks.

    February 23, 2024 WebPage Regulatory News
    News

    BIS Bulletin Examines Cognitive Limits of Large Language Models

    The use cases of generative AI in the banking sector are evolving fast, with many institutions adopting the technology to enhance customer service and operational efficiency.

    January 25, 2024 WebPage Regulatory News
    News

    ECB is Conducting First Cyber Risk Stress Test for Banks

    As part of the increasing regulatory focus on operational resilience, cyber risk stress testing is also becoming a crucial aspect of ensuring bank resilience in the face of cyber threats.

    January 24, 2024 WebPage Regulatory News
    News

    EBA Continues Momentum Toward Strengthening Prudential Rules for Banks

    A few years down the road from the last global financial crisis, regulators are still issuing rules and monitoring banks to ensure that they comply with the regulations.

    January 24, 2024 WebPage Regulatory News
    News

    EU and UK Agencies Issue Updates on Final Basel III Rules

    The European Commission (EC) recently issued an update informing that the European Council and the Parliament have endorsed the Banking Package implementing the final elements of Basel III standards

    December 19, 2023 WebPage Regulatory News
    News

    Industry Agency Expects Considerable Uptake for Swiss Climate Scores

    The Swiss Federal Council recently decided to further develop the Swiss Climate Scores, which it had first launched in June 2022.

    December 18, 2023 WebPage Regulatory News
    RESULTS 1 - 10 OF 8952