BOE: Brexit transition desirable for UK, EU banks - RTRS

Reuters out with comments from the BOE's Deputy Governor and Prudential Regulation Authority (PRA) Chief Executive Sam Woods, advocating a transition period for the UK banks after the Britain leaves the European Union.

Key Quotes:

"Some form of implementation period is desirable" between Britain leaving the bloc and start of new trading terms to "give UK and EU firms" more time to make necessary changes.

The BOE will need to ensure that supervising firms with links between the EU and a Britain outside the bloc, is still doable, he added.