October 23, 2017 / 5:43 PM / a year ago

Banks have little time left to prepare for Brexit, ECB says

LONDON, Oct 23 (Reuters) - European and British banks do not have much time left to prepare for Britain’s exit from the European Union, the European Central Bank’s top bank supervisor said on Monday.

“Once the United Kingdom becomes a ‘third country’ for the EU, banks located there will lose access to the European market, and European banks will lose access to the UK market,” Daniele Nouy told an audience in London.

“They will have to act, and there is not much time left to do so.” (Reporting By Ritvik Carvalho; Writing by Francesco Canepa in Frankfurt; Editing by Alison Williams)

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