UK-based banks are facing pressure from the European Central Bank (ECB) to do more than the bare minimum to prepare for Brexit. The ECB’s chief economist, Mario Draghi, has said that it is “very important” that UK financial institutions have enough capital and liquidity in case of a no-deal scenario. Photo Cost-conscious banks are reluctant to spend millions more and cause further disruption to already unsettled staff given uncertainty over how and when Britain will leave the EU. However, the ECB is insisting on a previous agreement that banks need to staff their European offices within one to two years to obtain operational licences.
UK-based banks are facing pressure from the European Central Bank (ECB) to do more than the bare minimum to prepare for Brexit. The ECB’s chief economist, Mario Draghi, has said that it is “very important” that UK financial institutions have enough capital and liquidity in case of a no-deal scenario. However, the ECB is insisting on a previous agreement that banks need to staff their European offices within one to two years to obtain operational licences.