November 14, 2017 / 9:20 AM / a year ago

UK-based banks need to move quickly to keep EU access

FILE PHOTO: Daniele Nouy, chair of the Supervisory Board of the European Central Bank, speaks at a Thomson Reuters newsmaker event at Canary Wharf in London November 28, 2014. REUTERS/Neil Hall/File Photo

FRANKFURT (Reuters) - British-based banks looking to keep their access to the European Union markets need to move quickly, regardless of the outcome of exit negotiations, European Central Bank supervisor Daniele Nouy said on Tuesday.

“The clock is ticking, and the affected banks have to move quickly,” Nouy told a conference in Frankfurt. “They have to move quickly even though the final outcome of the negotiations is still uncertain.”

She added that larger banks are making good progress but some smaller lenders appeared to be delaying their decision on whether to relocate to the EU.

Reporting by Balazs Koranyi; Editing by Catherine Evans

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