While there is evidence in support of both these views, the balance of argument is in favour of regulation which has been further reinforced by the recent global financial crisis. Crisis and regulation Before I delve into regulatory initiatives following the recent crisis, let me briefly touch upon the earlier initiatives following the Asian crisis in the mid-1990s.
We expect all banks to make provisions for a hard Brexit. And that’s why I would strongly urge all institutions to make the necessary preparations to keep their business operations running even if there is a hard Brexit on 29 March 2019.