March 23, 2017 / 10:09 AM / 6 months ago

ECB won't accept "empty shells" from banks leaving London

FRANKFURT, March 23 (Reuters) - The European Central Bank will not authorise “empty shells” created by London banks seeking to keep access to the European Union once Britain leaves, its chief watchdog said on Thursday, demanding that key functions, branches and dealing operations be put under its watch.

“We don’t want to authorise empty shells,” Daniele Nouy, the head of the ECB’s Single Supervisory Mechanism, told a European parliamentary hearing.

“We want what is needed to be domiciliated in the (euro zone), so internal control, risk management and so forth,” she said. (Reporting By Francesco Canepa)

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