Speaks on banking and Brexit
- Impact on jobs of first phase of UK based moves to EU ahead of Brexit will be modest
- Cross-border banks, insurers will be harder to supervise after Brexit
- Warns against "geofinance" or breaking of corss-border wholesale banking market
- US, EU plans forcing foreign banks to set up holding companies "not a good idea"
- Proposes tougher rules on how UK banks use debt to fund capital at foreign subsidiaries
- EU bank branches in UK with large retail operations must become subsidiaries after Brexit
