BoE's Carney on Brexit: BoE isn't hoping for best, is preparing for worst

Below are some key takeaways, via Reuters, from the prepared speech delivered by Bank of England Governor Mark Carney to the Economic Club of New York.

• BoE focusing on possible consequences for financial system of disorderly cliff-edge Brexit, however unlikely that may be.
• In preparing for Brexit outcomes, BoE isn't hoping for best, is preparing for worst.
• UK bank stress tests last year included wide range of risks and losses that could be associated with Brexit.
• EU has made only limited progress in addressing contract continuity after Brexit, UK has made considerable progress.
• Rregulators need to tailor, not taper global financial regulation and not compromise overall system resilience.