The Institute of International Finance today released the following statement from President and CEO Tim Adams after United Kingdom voters decided to leave the European Union.'

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"U.K. voters have made their voices heard,' and now begins the difficult task of' designing an exit from the European Union.' The full extent of the financial market and economic impact from Brexit will not be clear for some time,' but it is sure to be' very' disruptive' in the short-term and a drag on economic growth' and employment' in the longer term-especially for the U.K.' itself. Policymakers in both the U.K. and the E.U. now have a responsibility to quickly clarify the long-term relationship between the two parties in order to minimize uncertainty and promote investment and hiring."

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The Institute of International Finance is the global association for the financial industry, with close to 500 members from 70 countries. Its mission is to support the financial industry in the prudent management of risks; to develop sound industry practices; and to advocate for regulatory, financial and economic policies that are in the broad interests of its members and foster global financial stability and sustainable economic growth. Within its membership IIF counts commercial and investment banks, asset managers, insurance companies, sovereign wealth funds, hedge funds, central banks and development banks. For more information visit www.iif.com.