May 16, 2018 / 10:45 AM / a year ago

ECB says Brexit transition period instrumental for banks

FILE PHOTO: European Union flags flutter outside the European Central Bank (ECB) headquarters in Frankfurt, Germany, April 26, 2018. REUTERS/Kai Pfaffenbach/File Photo

FRANKFURT (Reuters) - A transition period before Britain leaves the European Union would be “instrumental” for helping banks adapt to the new regime, the European Central Bank said on Wednesday.

“A transition period could be instrumental in smoothing the process of the UK’s withdrawal from the EU,” the ECB said.

“It could help mitigate the execution risks banks face in implementing their Brexit plans, given the scope and complexity of their planned activities in the euro area and the operational and information technology-related changes required to support those activities.”

Reporting By Francesco Canepa

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