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Triodos Bank's EU Referendum statement

Like all other European banks, we are part of an ongoing process of discussion with the regulators about the potential implications of Brexit. We want to continue to support sustainable banking in the UK and individuals who want to embrace a more conscious approach to banking and finance.

As per the request of the Prudential Regulatory Authority (PRA) all European Banks active in the UK are preparing a scenario which assumes the most adverse outcome of the Brexit negotiations, a so-called hard Brexit.

Triodos Bank currently operates on a so-called passport regime. This means that the banking licence issued and supervised by the Dutch Central Bank (De Nederlandsche Bank) is valid and recognised by the financial supervisors in other countries in the European Union. As the UK prepares to leave the EU, this passport arrangement will no longer apply for the UK banking activities of Triodos Bank.

In developing future scenarios, Triodos Bank focused on options that would provide the best conditions for our operating model, governance, financial performance and strategic growth opportunities. After discussion with the PRA and careful consideration of the options available, we have agreed that the only possible way forward is to prepare for a different legal structure, a subsidiary, to ensure we can continue to operate in the UK and serve our customers in the way that we have been doing.

Deposit guarantee scheme and investor compensation scheme

Our personal customers and eligible organisations can rest assured that their money is still protected by the Dutch Guarantee Scheme, as before. Likewise eligible investors are still covered by the Dutch Investor Compensation Scheme. Under the subsidiary arrangement we would move to cover from the UK Financial Services Compensation Scheme. We will notify all customers of such changes at the appropriate time.The Deposit Guarantee Scheme guarantees up to €100,000 per person and the Investor Compensation Scheme up to €20,000 per person. More information about the scheme is available here .

Impact on lending and other business banking customers

At this stage it is impossible to predict how the result of the referendum will impact upon the sectors we lend to and our business banking customers. There is however likely to be a period of volatility across the whole of the UK economy, including the sectors in which we are active. We will continue to support our customers and the sustainable sectors we lend to, and work to understand how any implications emerging from leaving the EU affect our customers as they arise.

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