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
