ECB Hikes Fees By 21% As Banks Ready For Brexit

Law360, London (May 1, 2019, 1:28 PM BST) -- Costs associated with Britain’s impending departure from the European Union will contribute to lenders having to pay 21 percent higher fees to the European Central Bank in 2019, with the bill surging to €576 million ($647 million), the ECB has said.

The ECB has hiked estimates for the fees it will collect from banks this year from nearly €475 million in 2018 to cover increased costs as companies restructure or expand before Brexit. The eurozone’s central bank predicts that its annual operating costs will leap by nearly €60 million, from €502.5 million last year to €559 million by the end of...

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