MNI: BBK Dombret: Brexit May Bring Lack of Finc'l Services FTA

By Christian Vits

     FRANKFURT (MNI) - Bundesbank Board member Andreas Dombret Thursday warned

banks operating from the UK that Brexit could lead to a situation where there

will be no accord on financial services.

     "It is not that unlikely that there will be no free trade agreement for

financial services -- or other services sectors," Dombret said at a conference

in London. 

     "I strongly advise banks not to slow down in their preparatory efforts

because of a vague possibility of a transitional period," he added.

     Those who do not complete their plans and start implementing them by March

this year "risk being left high and dry by Brexit one year later," Dombret

stressed.

     "As long as there is no deal on future relations, no divorce deal and not

even a reliable and consistent declaration of intent, we have no other choice

than to warn financial institutions of the risk of being caught unprepared," he

said. 

     Such a situation would not be in the interest of either the EU or the UK,

Dombret noted.

--MNI Frankfurt Bureau; +49 69 97782671; email: christian.vits@marketnews.com

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