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Euro zone banks should step up preparations for Brexit - ECB
June 30, 2017 / 10:43 AM / 3 months ago

Euro zone banks should step up preparations for Brexit - ECB

LONDON, June 30 (Reuters) - Most banks are “not where they should be” in their preparations for Brexit and the clock is ticking, the European Central Bank’s top supervisor said on Friday.

Britain leaves the European Union at the end of March 2019, forcing banks to restructure in some cases so they can be sure of continuing to serve cross border customers.

“As you know, we asked the banks we directly supervise to share their Brexit strategies with us. Having analysed these strategies, I think it is fair to say that most banks are not where they should be,” Daniele Nouy told a Brexit workshop in Frankfurt on Friday.

Big trading banks are trying to work out whether they could still book trades at their hubs in London after Brexit.

“The policy we choose with regard to booking models is likely to affect euro area banks’ activities in the UK and elsewhere,” Nouy said.

“Because this issue is relevant on a global scale, we need some time to develop our position. We want to get it right. Still, we are aware that you would like us to clearly articulate our policy stance sooner rather than later.” (Reporting by Huw Jones, editing by Carolyn Cohn)

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