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On Friday 29 March 2019 the UK will leave the EU. A hard, cliff-edge Brexit has become a very real scenario because the transition arrangement between the UK and EU remains to be approved by the British parliament. As long as this approval is pending, bank sector clients whose finances involve the UK and the EU face uncertainty. Both businesses and retail customers are advised to contact their bank to make sure that they won’t encounter problems that could have been prevented.
Like banks across Europe, many companies have already taken contingency measures to ensure that their business continues to run after 29 March. However, many of Europe’s small and medium-sized companies are not yet ready. The European Banking Authority is encouraging banks to communicate to customers over Brexit. The European Central Bank also has underlined the need for banks to inform clients.
Key EU institutions such as the European Commission, the European Central Bank, the European Banking Authority have information available for companies and consumers. A number of national banking associations in Europe – members of the European Banking Federation – also have created dedicated national campaigns to support customers, both business and retail.
The links to these websites, and also to other relevant sources of information that can help clients prepare for Brexit, are available at www.ebf.eu/brexit.