January 11, 2017 / 2:33 PM / a year ago

Brexit risks bigger for EU banks than UK's - Carney

LONDON, Jan 11 (Reuters) - Bank of England Governor Mark Carney said Britain’s planned departure from the European Union poses more short-term risks for the financial system in continental Europe than in Britain because of the importance of the British financial services industry for the region.

“I think that the financial stability risks around that process are greater on the continent than they are for the UK,” Carney said in a question-and-answer session with lawmakers in parliament on Wednesday.

“I‘m not saying there are not financial stability risks to the UK, and there are economic risks to the UK. But there are greater financial stability risks on the continent in the short term, for the transition, than there are for the UK.” (Reporting by David Milliken, Huw Jones and Ritvik Carvalho; Writing by William Schomberg; Editing by Andy Bruce)

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