Banks Planning Brexit Move May Get More Time to Build EU Units
- ECB says it will show flexibility on supervisory expectations
- Banks shouldn’t view transition as excuse to delay planning
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Banks planning to set up units in the euro area for life after Brexit got some welcoming words from their future supervisor.
The European Central Bank, which oversees lenders in the currency bloc, said on Wednesday that it recognizes the challenges firms face as they relocate from the U.K., and will provide flexibility as they build up their operations.