The statement by Sabine Lautenschlaeger, a board member of the ECB, brings more clarity on the outlook of British financial institutions vis-a-vis Brexit.

On Wednesday, Sabine Lautenschlaeger, a board member of the European Central Bank made it lucidly clear to British financial institutions looking to continued relationships with their Eurozone

clients that in order to do so, they would have to apply for a license by the end of the second quarter of 2018.

“We cannot be sure whether the transition period will really happen,” said Lautenschlaeger at a news conference. “Any bank that wishes to relocate from the UK to the euro area should really have submitted its license application already. But if it hasn’t, it should do so by the end of the second quarter of 2018 at the latest.”

She went on to add, 8 banks have already taken formal steps to seek a new license with 4 more planing on significantly extending their activities in the euro area.

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Tags: 2018, Brexit, British banks, ECB, Euro are, European Central Bank, Eurozone, financial institutions, licence, second quarter, transition