Britain on Saturday started a new era with various challenges outside the European Union, to forge new relations with the bloc, which today includes 27 countries. France 24 delegates noted a variation in reactions following the announcement of the Kingdom’s official exit from the union, in London a secession greeted singing to the Queen, and in Scotland, candles were lit in mourning for the separation, while in Northern Ireland, the faces of the citizens who had previously voted against secession were saddened.
Brexit : european bank account closure
The European Economic Area (EEA) and the rules that apply to it allow BRITISH banks to operate and in particular to provide services to their customers in any other member country in that area, and vice versa. But if Brexit negotiations fail, thousands of customers could lose their bank accounts.
The first to be affected would be Britons who live in the European Union (EU) and hold an account in an English bank. Some institutions (Barclays, Lloyds and Coutts) have already contacted their business customers to warn them that their accounts could close by the end of the year. Lloyds Group said it had contacted 13,000 customers in the Netherlands, Slovakia, Germany, Italy, Ireland and Portugal.
Uk banks with subsidiaries in the EU will be able to transfer the accounts. But the others will have to apply for a banking licence for each Member State in which they wish to continue to operate, which represents a real cost.
Can I lose my French account if I live in the UK?
The United Kingdom has passed legislation that allows European financial institutions to continue to operate on the British Isles. For the time being, European banks can therefore continue to provide services to their customers living in the UK. If you have a French account and live overseas, you should be able to keep that account and related transactions, even after Brexit.
