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The Bank of England will assess the readiness of banks in different scenarios following Brexit, such as a sharp plunge of the pound and a deep economic degeneration, as the nation anticipates the impact of its departure from the EU.
BOE officials said Monday Britain's financial institutions will need to present their contingency steps to convince regulatory bodies that they are braced for numerous potential outcomes. Banks will have to prove how they can avert their continental clients being suddenly closed off after the EU exit.
Policymakers stressed adjustments to business models post-Brexit would lower the resilience of the country's financial system and the monetary authority was looking into suitable easing measures. However, they did not provide further explanation.
Results of the yearly assessment will be published in the last quarter of this year.
Meanwhile, the BOE announced it was mounting a sudden evaluation of consumer credit. It will center on the credit norms applicable to new consumer loans given woes over the swift increase in household debt.
