The Bank of England (BoE) has said it is “broadly on track” with its efforts to prevent European Union (EU) banks and insurers from relocating their UK branches post Brexit.
BoE deputy governor Sam Woods, also the chief executive of the Prudential Regulation Authority (PRA), advised the Treasury Select Committee that 80 EU banks and insurers had applied for “branch status”.
In December 2017, the bank revealed proposals that would allow European banks to continue the operation of branches in the UK without the expensive of having to set up a subsidiary.
Woods announced that the bank expected approximately 170 EU firms to apply for “branch status”, adding that 80 had so far applied to maintain their UK branches once the UK had left the EU on 29 March 2019.
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