You have successfully emailed the post. Bank of England announces plans that will allow EU banks to keep operating in the UK more easily after Brexit. England vote centre around allowing EU lenders to operate branches, rather than subsidiaries in Britain.
New proposals announced as the BoE publishes its findings on its “Approach to the authorisation and supervision of international banks, insurers and central counterparties. LONDON — The Bank of England has proposed a set of new plans that will allow European lenders offering wholesale finance to keep operating almost as normal in the UK once Britain leaves the EU. UK’s financial system is both a national asset and global public good. Keeping the UK’s financial system open to foreign institutions is in the best interests of the UK, EU and global economies. As such, it proposed a series of new regulatory measures designed to deal with the UK financial sector’s uncertain future outside the EU. Specifically, the types and amounts of business undertaken will determine the intensity of the PRA’s approach to supervision. If the branch is important for the resilience and stability of the UK financial system as a whole, the PRA will place greater emphasis on the degree of influence and visibility that it has over the firm.
Due to current EU regulations, most major European lenders operating in the UK do so through branches, which offer an easy, cheap way of moving money and services around the continent. Branches hold the added bonus that for lenders banks can quickly pull cash back to their main business — say for instance, Deutsche Bank moving money back to Germany — in the event of a major crisis. That can be bad news for customers, who can lose access to financing. Subsidiaries on the other hand are a far more complex form of business structure that essentially forces banks to create a new version of themselves that becomes a UK company. They must conform with tougher rules on capital buffers, tying up more cash.
Bishops voted 30 to two in favour, while 127 lay members voted for and 48 against, and clergy backed the motion 127 to 28. The motion called on the House of Bishops “to consider providing some nationally commended liturgical materials which may be used in parish churches and chaplaincies to provide a pastoral response to the need of transgender people to be affirmed following their long, distressing, and often complex process of transition”. Rev Chris Newlands’ motion also called for the church to provide guidance to help clergy provide services for transgender people to mark their transition. Opening the debate, Rev Newlands, of the Blackburn Diocesan Synod, said: “I hope that we can make a powerful statement to say that we believe that trans people are cherished and loved by God, who created them, and is present through all the twists and turns of their lives. The Bishop of Worcester, Dr John Inge, said: “Our response needs to be loving and open and welcoming and the passing of this motion would be a very important factor in that. Synod rejected an amendment proposed by Dr Nick Land of the Diocese of York, which asked for the Church to determine the theological arguments before any liturgy, or customs, are adopted. The vote came after bishops overwhelmingly backed a motion calling for a ban on “unethical” conversion therapy for gay Christians.