The Governor of the Bank of England (BoE), Andrew Bailey, said Wednesday that now is not the time to have a regional discussion on finance with the European Union, As reported Reuters.
Featured statements:
“We need a global, not a regional, financial services regime to be effective.”
“The UK should not create high-risk, moderate regulation“.
“Some specific elements of solvency 2 have not been shown to work for that market as well as expected, so it is correct that we review it.”
“We intend to consult on plans to amend the general EU rule to maintain the above requirements to exclude software assets from bank capital.”
“The Big question is whether the financial fragmentation caused by Brexit will persist or whether it will be reversed over time”.
“I think it is more likely that in 10 years this fragmentation will reverse“.
Market reaction
The GBP / USD pair largely ignored these comments and was last seen gaining 0.23% on the day at 1.3845.
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