Following the result of the referendum held yesterday in the United Kingdom, in which British citizens expressed their majority will in favor of their country’s separation from the European Union, the Spanish Banking Association wishes to make the following considerations:
1.- Firstly, we express our absolute respect for the will of the majority of the British people, although we regret their decision to disengage from the common project represented by the European Union.
2.- Despite the potential negative effects of this decision, it must be emphasized that global monetary authorities are prepared to cushion the transitory financial instability resulting from the uncertainty created by this situation.
3.- Furthermore, it will only be possible to accurately assess the economic impact over time, as both the effective withdrawal of the United Kingdom from the European Union and the establishment of new relations will likely be slow, medium-term processes.
4.- This process is expected to begin with the British Parliament’s ratification of the United Kingdom’s withdrawal from the European Union. Once this step is taken, the segregation must be approved by the European Council in accordance with Article 50 of the European Treaty. This will initiate a negotiation process to set the terms of the exit, the initial two-year period of which could be extended if necessary. There is no pre-set deadline for concluding these talks. In the meantime, the United Kingdom will remain a member of the EU.
5.- Finally, it should be noted that Spanish banks are well-prepared to face any market situation that may arise from the United Kingdom’s decision to leave the European Union.
