The Dutch Central Bank, De Nederlandsche Bank (DNB), has recently published guidance on its approach to Brexit in respect of the banking and insurance sectors (the Guidance). This will come into effect in the event that the Brexit transitional period (currently due to end on 31 December 2020) expires without further extension or an EU-UK agreement.
The Guidance specifies that UK banks will no longer be allowed to provide cross-border deposit-taking services to Dutch retail customers after 31 December 2020. However, UK credit institutions may continue to service specific types of professional Dutch clients (so called “professional market parties”), including for instance Dutch banks, investment firms, insurers and pension funds.
UK banks may also provide deposit-taking services to Dutch non-financial parties in certain limited circumstances and in particular if the customer is a large denomination lender. A customer would qualify as such if they have deposited at least EUR 100,000, at the point of entering into the deposit-taking agreement with the UK bank.
The Guidance also sets out DNB’s approach to the cross-border provision of insurance services, after the end of the Brexit transitional period.
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