On 1 March 2019, the European Banking Authority (EBA) published an opinion relating to deposit protection issues stemming from the withdrawal of the UK from the EU. In the opinion, the EBA calls on the Deposit Guarantee Schemes Designated Authorities (DGSDAs) to ensure that depositors in branches of the UK credit institutions in the EU are adequately protected by the EU deposit guarantee schemes (DGSs), in case of a withdrawal of the UK from the EU with no ratified agreement in place. 

As specified in the press release, EBA estimates that the withdrawal of the UK from the EU is not likely to have an impact on the protection of deposits in the vast majority of credit institutions operating in the EU. It may affect branches of UK credit institutions in the EU depending on the decisions taken by the UK authorities on the potential exclusion of such branches from the scope of the UK depositor protection scheme, after the UK's withdrawal from the EU.

The press release can be found here.

The opinion can be found here.