Bank of England Governor Mark Carney News

EU Dismisses UK Concerns About Post-Brexit Continuity of Insurance Contracts

The Bank of England’s warning that Brexit threatens trillions of pounds of financial contracts is falling on deaf ears in Brussels. Valdis Dombrovskis, the European Union’s head of financial-services policy, dismissed an alert issued by BOE Governor Mark Carney, who …

EU Needs to Prevent Brexit Threat to Derivative Contracts: BOE’s Carney

Mark Carney warned that time is running out to remove the threat that Brexit poses to trillions of pounds of derivative contracts, stepping up pressure on the European Union to act. Unless the EU follows the U.K. government in putting …

U.K.-EU Brexit ‘Working Group’ Tasked with Fate of Insurance Policies

The European Central Bank and the Bank of England have been drafted in to study the threats that Brexit poses to financial services. Just don’t expect this “technical working group” to save the day. Brexit’s potential to disrupt trillions of …

UK Supports Post-Brexit Mutual Recognition System for London’s Financial Services

Britain’s government is ready to push for the kind of Brexit plan for financial services that the City of London has long favored, but which has already run into opposition in Brussels, two government officials said on Friday. London is …

Update: Messy Brexit Could Lead to ‘Contract Continuity’ Disruption for Insurers, Banks

As far as Brexit headaches go, Barclays Plc’s John McFarlane says that while his bank is on top of job relocations, he’s more concerned about rewriting “hundreds of thousands” of contracts. He’s not alone. Andrew Bailey, head of the U.K. …

Dangers of Messy Brexit Without Insurance Deal Highlighted by Bank of England

British banks may have unanimously passed Bank of England stress tests, but that clean bill of health came with concern about a messy Brexit, courtesy of Governor Mark Carney. The central bank told lenders to add another 6 billion pounds …

Dutch Insurers & Banks Warned to Account for Risks of Climate Change

Banks, insurers, and other financial institutions must do more to take into account the risks posed by climate change to their business, a Dutch Central Bank study said. As global warming increases the risk of extreme weather events, regulators are …

UK Financial Services Sector Seeking ‘Ambitious’ Brexit Trade Agreement

The UK’s financial sector is seeking an “ambitious” trade pact between Britain and the European Union to try to prevent a costly shift of jobs and business to the continent once the country leaves the bloc, according to a draft …

Bank of England Governor Warns Investors Failing to Consider Climate Risks

Bank of England Governor Mark Carney said he’s concerned investors aren’t doing enough to assess threats that global warming will have on assets they purchase. The central bank governor who also leads the Financial Stability Board advising the Group of …

More UK Insurers Consider Move to Ireland for Europe HQs: Central Bank

A growing number of global insurers are considering moving to Ireland and some may choose to locate European headquarters there rather than Britain following that country’s vote to leave the European Union, Ireland’s central bank said on Thursday. Ireland is …