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Brexit fears see European banks slash UK assets by US$425 billion in a year

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The Bank of England has said that a "comprehensive solution" is needed as part of the Brexit process to protect the "long-term validity" of £20 trillion (S$35.9 trillion) of existing derivative contracts.

London

EUROPEAN banks pared their exposure to Britain in the aftermath of its vote to quit the European Union (EU), slashing their UK assets by US$425 billion in the span of a year.

The decline was driven by a 35 per cent drop in derivatives exposures, showing European banks are

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