Euro zone banks in Britain must be ready for Brexit by March

February 18, 2019

FRANKFURT (Reuters) – Euro zone banks operating in Britain must be prepared for Brexit by March as any remaining supervisory concerns should have been address in the coming weeks, European Central Bank supervisory chief Anrea Enria said on Monday.

“With regard to euro area-based banking groups with operations in the United Kingdom, the current focus is on risk management, trading capabilities and the future activities of branches in the United Kingdom,” Enria said on Monday.

“The ECB expects banks to have addressed any remaining concerns by March this year,” Enria said at a European Parliament event in Brussels.

He also said that the majority of authorization procedures for London-based banks relocating to the euro zone have been completed or will be completed in the coming weeks.

(Reporting by Balazs Koranyi; Editing by Francesco Canepa)

Comments (No)

Leave a Reply