BoE to ease Brexit burden on EU banks

EU banks operating through branches in the UK could continue without creating subsidiaries

The Bank of England is set to reveal plans which would allow European banks offering wholesale finance to continue to operate within the UK under existing rules post-Brexit.

The Bank is set to announce the rules would apply even in a "no deal" scenario and would mean EU banks operating through branches could continue without creating expensive subsidiaries, according to the BBC. Update: Barnier rules out special Brexit deal for City Branches allow banks to move money around their international operations, but under current rules they face the risk of funds being repatriated to the foreign bank's headquarters - leaving customers of the UK branch out of pocket - in the event of a financial crisis. Subsidiaries, meanwhile, are required to hold extra capit...