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. Dombrovskis , vice president of The Bank of England , has said BRUSSELS is "unlikely" to have any impact on existing financial contracts, such as derivatives or insurance. the European Commission had previously expressed concern about the impact of Brexit on £82bn ($ 109bn ) of insurance liabilities and derivatives notionally worth around £26tn. Valdis Dombrovskis said for the moment he did not envisage any issues, but added businesses needed to look "separately at each contract".
Dombrovskis , vice president of The Bank of England , has said BRUSSELS is "unlikely" to have any impact on existing financial contracts, such as derivatives or insurance. the European Commission had previously expressed concern about the impact of Brexit on £82bn ($ 109bn ) of insurance liabilities and derivatives notionally worth around £26tn. Valdis Dombrovskis said for the moment he did not envisage any issues, but added businesses needed to look "separately at each contract".