March 22, 2017 / 11:47 AM / 5 months ago

UK banks moving to Europe may get expedited entry, ECB says

FRANKFURT, March 22 (Reuters) - Banks looking to relocate from Britain to the euro zone after Brexit may face an easier entry process, a European Central Bank board member said on Wednesday.

The ECB may be ready to temporarily waive an examination of the financial models that banks use to determine the risk of a default, as long as the banks meet the standards of British regulators, Sabine Lautenschlaeger told bank executives in Frankfurt.

"With a view to internal models, we would aim to be accommodating regarding the timing," Lautenschlaeger said. "There will be a transitional period in which new euro area entities might use internal models that have not yet been approved by the ECB." (Reporting by Balazs Koranyi and Andreas Framke, editing by Larry King)

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