The fate of euro clearing in London will hang in the balance until the final outcome of the Brexit negotiations is known, the governor of the Central Bank of Ireland has said.
In an interview with The Times in Dublin, Philip Lane noted that as things stand Britain and the EU operate under the same regulatory regime.
“The question is once Brexit has occurred what type of understandings can be developed between the UK and the EU,” Mr Lane said. “The European Commission’s position [on euro clearing] turns on this point and that is the importance of location. It is not going to be important if the regulatory systems are going to be similar.
“On the other hand, if there is a significant distance between