At a time when Brexit is focusing minds on the future of financial services, this is an area of regulatory policy that provides an opportunity for UK financial services to gain competitive advantage on the global stage.
"The speed at which vulnerabilities are remediated should be commensurate with the potential impact that a disruption would cause, and will be an area of supervisory focus," the BoE said.
We're saying there is a window of opportunity for constructive dialogue to see if we can actually get a workable solution, and I've no doubt we could get a workable solution, but it does require Brussels and Dublin to return to honouring the core guarantees of the (Belfast) Agreement.
If it doesn't happen, then they are opening a Pandora's box which leads to significant protest, to the bringing down of the Northern Ireland executive and then into a significant political crisis.
Although we recognise that many in the border industry and many businesses have been investing time and energy to be ready on time, and indeed we in Government were confident of being ready on time, we have listened to businesses who have made a strong case that they need more time to prepare.
Britain left the EU at the end of January last year, but kept its full access to the 27-nation bloc's single market until the end of 2020, when it was replaced by a trade agreement.
For the EU on average, the exit of the UK from the European Union on Free Trade Agreement terms is estimated to generate an output loss of around 0.5% of GDP by the end of 2022, and some 2.25% point for the UK.