Bank Of England Progress Report Reassures UK Banks Over Emu

REGULATORS

Banks in London won't be severely disadvantaged by restrictive rules for access to the Target settlement system if the UK stays out of European Monetary Union (Emu), according to Bank of England governor Eddie George.

George tried to reassure bankers last week at a meeting launching the Bank's second quarterly progress report on its efforts to prepare the UK wholesale market for Emu. He said that the London market will be ready on time.

George said that negotiations were continuing between EU