Sabine Lautenschlaeger, vice chair of the ECB’s supervisory board, said banks are “not as far advanced as we would like them to be” in their Brexit planning.
“I have a very clear message to both smaller and larger banks: the clock is ticking,” she said in an ECB newsletter.
“No one knows how Brexit will play out, and that’s why all affected banks should prepare themselves with a hard Brexit in mind.”
She added: “Of the banks that have indicated an interest in relocating operations to the euro area, a number of the larger banks have made progress in their planning. But we have not seen many final decisions yet on how these and other banks want to organise their business.
“For a number of reasons, they seem to be very cautious about taking decisions. However, they must do so very soon; we only have a narrow time frame in which to assess plans and applications, following a standard process we have already communicated.” [...]
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