UK banks piece together their post-Brexit plans. ECB may grant more time.
Photo: Creative Commons
The European Central Bank has said that it will try to be flexible with banks that are relocating from the UK to a new EU home post-Brexit, it was reported on Bloomberg on 16 May 2018.
The ECB, which oversees lenders in the euro region, said:
“The ECB and euro-area authorities may allow more time for banks to meet certain supervisory expectations regarding their local risk management capabilities and governance structures, and to move to an adequate and balanced business organisation within the euro-area.”
In the article, the ECB said there may be as many as 100 banks currently based in the UK that EU licences.