Banks can support UK economy in disorderly Brexit
The Bank of England
London - Egypt Today
Britain's lenders could support the economy through a "disorderly" Brexit, the Bank of England said Tuesday, as the sector passed its latest round of stress tests.
The central bank ruled however that the nation's seven top retail banks must hold another £6.0 billion ($8.0 billion, 6.7 billion euros) in combined capital reserves to safeguard against crisis.
The BoE added Tuesday that all seven -- comprising Barclays, HSBC, Royal Bank of Scotland (RBS), Lloyds, Nationwide, Santander and Standard Chartered -- passed its stress assessments for the first time since it began testing in 2014, and are "resilient" to recession.
"The stress-test scenario ... encompasses a wide range of UK macroeconomic risks that could be associated with Brexit," read a statement from the BoE's Financial Policy Committee (FPC).
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