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MNI (London)
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
[TOPICS: M$B$$$,M$E$$$,M$X$$$,MC$$$$,M$$BE$,M$$EC$,MGB$$$,MGX$$$]
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