Banks based out of Britain who want to retain their passporting rights and still able to tap EU’s single market will be given enough time, possibly in years.

Sabine Lautenschlaeger, an executive board member of the European Central Bank has made it clear that banks moving out of Britain to Europe will be given ample time, possibly years, to fully comply with the ECB’s banking regulations.

“In the case of Brexit, we have many banking groups coming in, probably.” Said Lautenschlaeger, during a press conference.

She went on to add, “To enable banks to comprehensively comply with our requirements, we will grant bank-specific phase-in periods,”

She further added that such periods can last months, possibly years, depending on individual circumstances.

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Tags: banking regulations, ECB, EU, Europe, European Central Bank, European Union, passporting rights, press conference, Sabine Lautenschlaeger, single bloc market