ECB's Villeroy tells banks and insurers to prepare for hard Brexit

November 3, 2016 5:59 AM EDT

Governor of the Bank of France Francois Villeroy de Galhau attends a press conference after the Franco-German Financial Council meeting in Berlin, Germany, September 23, 2016. REUTERS/Axel Schmidt


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PARIS (Reuters) - Euro zone banks and insurers need to prepare in case Britain opts for so-called hard Brexit where it loses access to EU financial markets, ECB policymaker Francois Villeroy de Galhau said on Thursday.

Speaking at a panel discussion at France's lower house of parliament, Villeroy said that if Britain wanted to retain access to EU financial markets it would have to keep adopting the blocs regulations in the future even after it leaves.

"I also think it is important that euro zone banks and insurers start to come up with alternative strategies in case of hard Brexit," said Villeroy, who is governor of the French central bank and thus France's top financial sector regulator.

(Reporting by Leigh Thomas; Editing by Matthias Blamont)



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