British isles banking institutions managing out of time to use for EU license, states ECB formal

Britain-based financial institutions seeking to maintain their accessibility to the euro zone after Brexit are working out of time and need to not count on a deal about a transition period, European Central Bank board member Sabine Lautenschlaeger said on Wednesday.

With Britain because of to depart the EU in March 2019, financial institutions are established to lose their automated access to the single industry and negotiations over a transition period of time have been sluggish, increasing doubts that a deal would be struck.

“We can’t be positive whether the transition period of time will actually occur,” Ms Lautenschlaeger, who is also the vice chair of the ECB’s lender supervision arm, instructed a information conference. “Banks must be ready for Brexit it will occur.”

“Any financial institution that wishes to relocate from the United kingdom to the euro region should really have submitted its licence software previously,” she mentioned. “But if it hasn’t, it must do so by the stop of the second quarter of 2018 at the newest.”