April 27, 2018 / 2:01 PM / 3 months ago

UK banks to be covered by EU law until 2020 under withdrawal deal: ECB

FRANKFURT (Reuters) - UK banks will be covered by European Union law until the end of 2020 if the withdrawal deal agreed by Britain and the EU is ratified, the European Central Bank said on Friday.

European Central Bank (ECB) President Mario Draghi holds a news conference following the governing council's interest rate decision at the ECB headquarters in Frankfurt, Germany, April 26, 2018. REUTERS/Kai Pfaffenbach

“The legal text of the draft Withdrawal Agreement agreed between the EU and UK negotiators covering the transition period would mean, when ratified, that Union law, including in relation to financial services, shall be applicable to and in the UK until 31 December 2020,” the ECB said in a statement.

The ECB added the Bank of England and the ECB would convene a technical working group on risk management around the day when Britain leaves the EU on March 30,2019, following a request from the European Commission and the UK Treasury.

Reporting By Francesco Canepa

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