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ECB says it's prepared for all contingencies from Brexit

(Xinhua)    11:41, January 31, 2020

FRANKFURT, Jan. 30 -- The European Central Bank (ECB) said Thursday that it has taken steps to prepare for all contingencies from the United Kingdom's departure from the European Union and it will continue to closely monitor developments in the financial markets.

"It is with great regret that we see our British friends leave the European Union. This agreement, however, will pave the way for an orderly and less disruptive departure," ECB President Christine Lagarde said in a statement.

"We will work hard to ensure Brexit causes as little disruption as possible for the citizens, employers and financial markets in the euro area and the rest of the EU," Lagarde said.

The European Parliament voted overwhelmingly on Wednesday to approve the Withdrawal Agreement between the EU and the UK.

Meanwhile, the ECB said it processed around 25 licensing procedures for banks relocating to the euro area and assessed the Brexit plans of 42 euro area banks that will maintain their UK branches after the UK leaves the EU.

The ECB urged the banks to press ahead with the implementation of their Brexit plans in accordance with agreed timelines.

The ECB also said Thursday that its subscribed capital will remain steady at 10.8 billion euros (11.9 billion U.S. dollars) after the Bank of England (BOE) leaves the European System of Central Banks.

The current share of the BOE in the ECB's subscribed capital, which stands at 14.3 percent, will be reallocated among remaining national central banks.

(For the latest China news, Please follow People's Daily on Twitter and Facebook)(Web editor: Du Mingming, Bianji)

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