BRUSSELS, July 11 (Reuters) - The European Commission’s vice president said on Wednesday existing financial contracts, such as derivatives or insurance, are unlikely to be affected by Britain’s decision to leave the European Union, quelling concerns raised by the Bank of England. “Overall, even after Brexit, the performance of existing obligations can generally continue,” Valdis Dombrovskis told a news conference, citing as examples insurance and derivatives contracts. The Bank of England has said 82 billion pounds ($109 billion) of insurance liabilities involving 48 million policyholders could be affected across Britain and the European Economic Area. Derivatives worth a notional 26 trillion pounds are also caught in the Brexit crosshairs. Dombrovskis said supervisors and firms needed to look separately at each contract, but added that at this stage he did not foresee a generalised problem. $1 = 0.7547 pounds Reporting by Francesco Guarascio; Editing by Mark Potter
Valdis Dombrovskis, vice president of the European Commission, has said Brexit is "unlikely" to have any impact on existing financial contracts, such as derivatives or insurance. The Bank of England had previously expressed concern about the impact of Brexit on £82bn ($109bn) of insurance liabilities and derivatives notionally worth around £26tn. Dombrovskis said for the moment he did not envisage any issues, but added businesses needed to look "separately at each contract".