Information on Brexit for the financial sector

Banco de Portugal is monitoring the process for the United Kingdom's departure from the European Union (Brexit), which took place on 31 January 2020, 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.

Information from the European Central Bank

Information from the European Central Bank (within the scope of the Single Supervisory Mechanism) on the procedures to be adopted for the relocation of banks to the euro area and other supervisory issues in the context of Brexit.
Information on the convening of a joint technical working group on risk management in the period around 30 March 2019, chaired by the President of the ECB and the Governor of the Bank of England.

Information from the European Commission

European Commission press release of 24 December 2020 on the EU-UK Trade and Cooperation Agreement and information material.
European Comission's communication of 9 July 2020 “Readiness at the end of the transition period".
Readiness Notice about “Banking and payment services” of 7 July 2020.
European Comission's Q&A of 24 January 2020 “Questions and Answers on the United Kingdom's withdrawal from the European Union on 31 January 2020”
European Commission preparedness notices on the legal repercussions that private parties – including financial service providers – need to consider when the United Kingdom becomes a “third country”.
European Comission's communication of 4 September 2019 “Finalising preparations for the withdrawal of the United Kingdom from the European Union on 1 November 2019” and the “Brexit preparedness checklist”.
European Comission's communication of 12 June 2019 “State of play of preparations of contingency measures for the withdrawal of the United Kingdom from the European Union”.
European Comission's communication of 19 November 2018 “Preparing for the withdrawal of the United Kingdom from the European Union on 30 March 2019: Implementing the Commission’s Contingency Action Plan” and the Q & A published in the same day "Questions and Answers: the consequences of the United Kingdom leaving the European Union without a ratified Withdrawal Agreement (no deal Brexit)".
European Comission's seminar on 15 November 2018: "Brexit Preparedness Seminar on Financial Services - Council Working Party (Article 50 Format)".
European Comission's communication of 13 November 2018 "Preparing for the withdrawal of the United Kingdom from the European Union on 30 March 2019: a Contingency Action Plan".

Information from the European Banking Authority

Statement regarding Brexit addressed to consumers: Information for customers of UK financial institutions on the end of the Brexit transition period (8 December 2020).
Press release on the preparations by financial institutions for the end of the transition period: The EBA calls on financial institutions to finalise preparations for the end of the transitional arrangements between the EU and UK issued on 29 July 2020
Communication on financial institutions' preparedness for the Brexit: Communication of the European Banking Authority on the UK withdrawal from the EU, issued on 8 October 2019
Opinion on aspects related to the implementation of the Directive on deposit guarantee schemes: Opinion of the European Banking Authority on deposit protection issues stemming from the withdrawal of the United Kingdom from the European Union, issued on 1 March 2019.
Opinion on the need for adequate preparations by financial institutions for Brexit, including the possible departure of the UK from the EU without a ratified withdrawal agreement: Opinion on preparations for the withdrawal of the United Kingdom from the European Union, issued on 25 June 2018.
Opinion on challenges posed by Brexit, with recommendations to ensure the consistent application of the European legal framework to financial institutions, including those seeking to establish themselves or reinforce their presence in the remaining 27 Member States: Opinion on issues related to the departure of the United Kingdom from the European Union, issued on 12 October 2017.

Publications of Banco de Portugal

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