Speaking after a meeting on Monday with representatives of around 25 banks from the US, UK, Japan and Australia, as well as the ECB and Germany’s Bundesbank, Peter Lutz, an official responsible for banking supervision at BaFin said that foreign banks were “welcome” in Germany.
However, he added that there would be no “regulatory arbitrage”, stressing that banks would have to move appropriate numbers of managers and risk management staff to Germany in order to be eligible for a license.
“Setting up a letterbox won’t be enough,” he said.
Mr Lutz said that no banks had yet applied for licenses in Germany as a result of the UK’s vote to leave the EU, but that he expected the banks involved to decide by the end of the first or the beginning of the second quarter whether or not they would move to Frankfurt. [...]
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