Bank of England governor Mark Carney's press conference in London on the bank stress test results and financial stability report

  • Domestic risk environment apart from Brexit is standard

So far just repeating what was in the report.

  • Fintech innovations may cause greater and faster disruptions to bank business models than expected
  • UK banks are now resilient to risks associated with a disorderly Brexit

Presser completed. Now onto Q&A:

  • Banks may need 18-24 months to transition from Brexit
  • There is evidence of heightened risk premia in UK assets, particularly in the equity market
  • Not seeing heightened risk premia in UK gilt market
  • A disorderly Brexit will definitely have economic costs, even if the financial system is able to withstand it