Governor Bank of England denies gap with the government over Revolut

London – Bank of England Governor Andrew Bailey said CNBC that there was no “fall” with the UK government about the delay in the long -awaited bank license Fintech Giant Revolut.

Last week, Reported about Financial Times that the meeting organized by the UK Minister of Finance Reichl Rivz from Revolut and PRUden regulation (PRA) – BOE hand, which oversees banks, was canceled after the intervention with Bailey.

Revolut Authorization as a fully licensed bank became an important issue for the UK government, in particular as key figures challenged the tax changes that affect the wealthy.

However, in an interview with Ritika Gupta Cnbc on Thursday, Bailey denied any assumption that the relationship between Boe and the Treasury had broken from the delay to the approval process of the Revolut license.

“There was no between (a shi) and I was, and I am on anything or anything,” he said. “In fact, we have a very good relationship, and I think both the bank and the Treasury have made it clear.”

Bailey added that although it cannot comment too much, the PRUDENTIAL B this regulation is working with the startup of the digital banking business during the “mobilization” process.

Fintech’s giant was provided The license for banking with disabilities in July 2024 from PRA Britain, resulting in the long -term application process, which began in 2021.

This key victory has moved the Revlut to what is known as the “mobilization” phase of the company’s way before becoming a full -fledged bank.

During this period, firms are limited to only £ 50,000 in a combination of customer deposits – much below hundreds of billions of clients who have deposit with large high street lenders such as Bar. Hsbc and Santander.

Revolut customers in the UK are also still serving a company electronic money unit, not a banking person. This means that they are not directly insured according to the financial services compensation scheme that protects customers up to 85,000 pounds when the firm does not work.

Revolut delays were a dispute for a government that came under fire from the British technical industry for not having to compete with the United States and other key centers effectively in order for the country.

Bailey stressed that there is no trade between financial stability and growth in the economy. “

“We are very open to make changes where they are suitable,” he said.