The financial regulatory authority of Germany has warned of a very hard Brexit, and warns that most German insurers do not seem to be taking the matter seriously.
The Federation of German Industries says German companies operating in Britain or Northern Ireland need to make provisions; “German firms must prepare for the worst-case scenario of a very hard exit, anything else would be naïve. Yes, German industry wants to keep a very close relationship with Britain. But have no doubt: We prioritise the further development of the EU. There is no guarantee that even a single transitional regulation will be in place on the date of withdrawal, let alone a final, equitable pact regulating future relations between the EU and the UK.”
The organisation has set up a taskforce aimed at identifying potential and acute risks associated with the UK’s departure from the European Union, to come up with constructive solution proposals.