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Information on Brexit for the financial sector

NB: Following the decisions adopted by the European Council on 22 March and 11 April 2019, reference to the United Kingdom’s withdrawal from the EU on 29 March and 12 April should be read as 31 October 2019, in the absence of a ratified Withdrawal Agreement.

In line with the decision adopted by the European Council on 11 April 2019, should the Withdrawal Agreement be ratified at any stage before 31 October 2019, the withdrawal of the United Kingdom from the EU will take place on the first day of the month following the completion of the ratification procedures. In the event that the United Kingdom has not held elections to the European Parliament and has not ratified the Withdrawal Agreement by 22 May 2019, the extension of the period provided for in Article 50 TEU shall cease to apply on 31 May 2019 – the withdrawal date under these circumstances.

 

Banco de Portugal is monitoring the process for the United Kingdom's departure from the European Union (Brexit), scheduled for 29 March 2019, and its potential impact on the financial system.

Banco de Portugal set up a working group in February 2017, coordinated by José de Matos, advisor to the Board of Directors. The working group brings together experts from the various departments of the Bank responsible for the areas where the impact of Brexit will probably be felt the most and that participate in international working groups where Brexit-related issues are discussed.

Banco de Portugal has held discussions with the financial sector and, in particular, with the organisations representing its institutions.

On this page, Banco de Portugal shares with financial institutions and the general public a range of relevant information on Brexit, including: