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Brexit May Leave Banks on Hook for Impossible Contracts

Cross-border revolving credit facilities, derivatives among the agreements that could be affected.

By John Glover, Bloomberg | Updated on December 01, 2017

As far as Brexit headaches go, Barclays’ John McFarlane says that while his bank is on top of job relocations, he’s more concerned about rewriting “hundreds of thousands” of contracts.

He’s not alone. Andrew Bailey, head of the U.K. Financial Conduct Authority, said “contract continuity” is among the biggest potential disruptions in a no-deal, no-transition Brexit. Both Bailey and McFarlane, who also chairs London’s banking lobby, testified before lawmakers Wednesday. Bank of England Governor Mark Carney and European Central Bank President Mario Draghi have also expressed concern about the issue and the lack of time left for a fix.

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