December 14, 2016 / 2:57 PM / 9 months ago

BoE says Brexit transitional deal for banks needed soon

LONDON, Dec 14 (Reuters) - A transitional deal “sooner rather than later” would help to avoid Brexit undermining financial stability, Sam Woods, Deputy Governor of the Bank of England, said on Wednesday.

It would be in the interests of both Britain and the rest of the European Union to maintain a “good degree” of integration between their respective financial markets after the UK leaves the bloc, Woods told lawmakers.

“The harder the border in the financial services space, the more complex are likely to be the structure firms adopt,” Woods told the Treasury Select Committee.

Reporting by Huw Jones. Editing by Jane Merriman

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