As a result of a referendum held on 23 June 2016 the United Kingdom is expected to leave the European Union. After the ‘flextension granted by the EU governments, the exact date of for this departure has been set for the 31st of January 2020.
Although the Withdrawal Agreement has been approved by both the British Parliament and the EU Parliament, a “no-deal” outcome still is a possible scenario if both parts fail to conclude a new trade agreement by the 31st of December 2020 and the transition period is not extended. As long as the signing of a trade agreement is pending, bank sector clients whose finances involve the UK and the EU still face uncertainty.
Like many companies across Europe, banks have already taken contingency measures to ensure that their business continues to run after Brexit. However, many of Europe’s small and medium-sized companies however are not yet ready. The European Banking Authority has encouraged banks to communicate to customers over Brexit. The European Central Bank also has underlined the need for banks to inform clients. To see what the EBF has previously said about Brexit, click here.
Key EU institutions such as the European Commission, the European Central Bank, the European Banking Authority have information available for companies and consumers. A number of national banking associations in Europe – members of the European Banking Federation – also have created dedicated national campaigns to support customers, both business and retail. Find the links to these websites below, together with links to other relevant sources of information that can help you prepare for Brexit.
To address the specific questions you may have if your finances involve the UK then it’s best to directly approach your bank. Brexit is going to be hard enough, so do so now if you have not done so already. It really is time to prepare for the worst while hoping for the best.
The EBF is the voice of the European banking sector, bringing together national banking associations from 45 countries. The EBF is committed to a thriving European economy that is underpinned by a stable, secure and inclusive financial ecosystem, and to a flourishing society where financing is available to fund the dreams of citizens, businesses and innovators everywhere.
56 Avenue des Arts