November 20, 2018 / 8:22 AM / a year ago

BoE brings forward bank stress test results due to Brexit deal

FILE PHOTO: People pass the Bank of England in the City of London January 16, 2014. REUTERS/Luke MacGregor/File Photo

LONDON (Reuters) - The Bank of England said on Tuesday it would bring forward publication of bank stress tests to Nov. 28 so that it could give analysis of how the central bank would cope with a possible “no deal” Brexit before parliament votes on a deal.

The BoE said the Financial Stability Report (FSR) and the full results of the Bank’s annual stress test of major UK banks would be published on Nov. 28 rather than Dec. 5.

The BoE said it would fulfil a request from parliament’s Treasury Committee to provide analysis of how the draft Brexit divorce deal “will affect the Bank’s ability to deliver its statutory remits for monetary and financial stability, including in a ‘no deal, no transition’ scenario.”

The committee had requested this analysis be concluded in good time before parliament votes on a deal.

Reporting by Michael Holden and Guy Faulconbridge; editing by Andy Bruce

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