London-based Euro Zone banks should be fully prepared for Brexit by March: ECB supervisory chief

Any pending supervisory concerns for the London-based banks relocation relocating to the Euro Zone will be addressed in the coming weeks.

In a statement that essentially amounts to a call for action, European Central Bank supervisory chief Anrea Enria stated, it is imperative that Euro zone banks operating in Britain prepare for Brexit by March since any pending supervisory concerns will be addressed in the coming weeks.

“With regard to euro area-based banking groups with operations in the United Kingdom, the current focus is on risk management, trading capabilities and the future activities of branches in the United Kingdom,” said Enria. “The ECB expects banks to have addressed any remaining concerns by March this year,” said Enria at a European Parliament event in Brussels.

He went on to add, the majority of authorization procedures for Euro Zone banks based out of London that are relocating to the Euro Zone either should have been completed or will be completed in the coming weeks.

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