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2017-12-02 — bloomberg.com

A week ago, data from the European Banking Authority showed the scope of the issue, and that money is already on the move partly for this reason. European banks have slashed their U.K. assets by $425 billion, driven by a 35 percent drop in derivatives exposures. Insurance policies are affected too, with Carney saying that about 20 billion pounds ($26.9 billion) of insurance liabilities in Britain could be affected without swift action.

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"A bank which enters into a contract which becomes illegal to perform by reason of Brexit may well be liable in damages for its non-performance to the counterparty," said Gleeson. "Dealing with this is so much in everyone's interest that I'm amazed it hasn't been addressed."

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