BoE’s Carney speaks on Brexit, IMF job

Jul 11 11:07 2019 Print This Article

Bank of England Governor Mark Carney and other top officials from the central bank spoke to reporters on Thursday after the BoE published its Financial Stability Report which looks at risks to the economy from the financial sector.

Following are some of Carney’s comments:

CARNEY ON PREPAREDNESS OF BANKS FOR BREXIT

“The major (UK) financial institutions have done what’s necessary. We can’t fully insulate ourselves from spillovers from Europe where there still are some things to be done.”

CARNEY ON WHETHER HE WANTS TOP JOB AT IMF

“There’s a few orderly transitions and one of them is an orderly (Brexit) transition through Oct. 31 and an orderly transition to my successor, and of course I’ll make sure that that is the case.”

“I think we need to respect the process here…which is she (Christine Lagarde) has been nominated to be president of the ECB…There’s a process to confirm that and then there would be a formal process to select her successor…That process as per the good governance advice of the IMF should be open, transparent and merit based. There’ll come a time when that process launches and that’s probably the right time to answer that question.”

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