Process for the preparation of polycarbonates

In the continuous phase interfacial polycondensation process for the preparation of thermoplastic aromatic polycarbonate from raw materials which include phosgene, diphenols, chain terminators and optionally branching agents by the phosgenation of an aqueous alkali metal salt solution of the diphenols in the presence of solvents or solvent mixtures which dissolve aromatic oligocarbonates and aromatic polycarbonates and are themselves immiscible with water, at pH values of from 8 to 14, using polycondensation catalysts and three reactors arranged in series, the improvement comprising returning a proportion of the aqueous reaction phase obtained after the completed reaction to the phosgenation reactor in such a quantity together with the raw materials that an oil-in-water emulsion is produced directly and is maintained in the three reactors throughout the reaction time.