ECB, EC, EP and UK banks plan first reactions to ‘Brexit’

24 June 2016
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In light of the ‘Brexit’, European Commission President, Jean Claude Juncker is scheduled to meet with European Parliament President, Martin Schulz and European Council President, Donald Tusk at 10am (Greek time). Meanwhile, the formal sealing of the UK’s referendum, meaning the country’s departure from the EU, is expected to be officially announced at around 9am (Greek time) after votes from the remaining stations are counted. The heads of EP party groups have also planned an emergency meeting at 9am (Greek time) to discuss the result. The goal of all EU institutions is to ensure a smooth transition in the wake of the new developments. The ECB and the Bank of England are also expected to announce a series of extra ordinary measures, possibly setting up a swap line with UK banks, in an effort to absorb the shock of the UK banking system after the result.

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