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12 October 2017

Bloomberg: Germany favors UK banks gaining transitional EU access

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Germany wants the European Union to be prepared to grant UK financial companies transitional access to the EU if the Brexit process drags on, according to a government strategy document.

With the clock ticking toward Britain’s exit day in March 2019, the proposal by the Finance Ministry in Berlin says the EU should let member governments offer market access to British banks on a reciprocity basis for a transitional time. No mention is made of requiring U.K. banks to be domiciled in Europe, potentially removing a key obstacle at least temporarily.

As the fifth round of Brexit talks wraps up on Thursday, the document seen by Bloomberg outlines German positions for the negotiations between the EU and U.K. Without specifying a transition period, it says legal issues arising from Brexit that need to be addressed include “national transition arrangements in the area of market access for British institutions to the EU/Germany.” The Finance Ministry declined to comment.

The proposal suggests that Chancellor Angela Merkel’s government wants to keep doors open to the U.K. as Prime Minister Theresa May wrestles with the domestic politics of Brexit. [...]

Full article on Bloomberg

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