European banks withdraw from the Britain’s 350 billion euros due to Brexit

• 11.26.2017, 17:02
•  Europe

New Statesman

European banks have withdrawn from the UK assets in the amount of 350 billion Euro for the period from June 2016, when he held a referendum on the country’s withdrawal from the EU, in June 2017, writes the Financial Times, citing official statistics of the European Union, chelorg.com reports. 

Located in the UK, the assets of banks from member countries of the EU decreased by 17% — from 1.94 to 1.59 trillion euros. The total amount of financial liabilities also fell from 1.67 to 1.34 trillion euros.

Experts attribute the withdrawal of assets with fears of possible losses due to Brexit and expect that trend will continue until March 2019, when the UK finally leaves the EU .

According to the results of a survey conducted by the European banking authority (EBA), a third of European financial institutions called the main cause of concern is the uncertainty due to possible changes in legal rules governing financial contracts, data protection and execution of court decisions. Uncertainty may arise in the event of withdrawal of the Kingdom from the Union without a new agreement.

Since the summer of this year, negotiations on the terms of a British exit from the European Union, the main topics addressed are the rights of citizens "divorcing" of the regions, the Irish border and the settlement of financial obligations of the United Kingdom to the EU.