September 13, 2017 / 6:07 PM / a year ago

Bank of England says ready to act on Brexit banking risks

LONDON (Reuters) - The Bank of England is taking a close look at financial institutions’ plans to handle Britain’s departure from the European Union and will take action if they pose risks, BoE Deputy Governor Jon Cunliffe said on Wednesday.

Britain's Deputy Governor of the Bank of England Jon Cunliffe speaks during the Bank of England's financial stability report at the Bank of England in the City of London, Britain June 27, 2017. REUTERS/ Jonathan Brady/Pool

“We are monitoring the plans of the financial institutions in the UK, their plans for how they are going to deal with Brexit. We are also monitoring the plans of all of the European Union firms that operate in the UK,” Cunliffe told broadcaster Sky News in an interview.

“And if we start to see financial stability risks coming out of those plans ... then we will take action,” he added.

Many banks are starting to implement plans to move some staff and operations out of Britain before the country leaves the European Union in March 2019.

Reporting by David Milliken; Editing by Toby Chopra

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