ECB Urges Banks To Move Staff To EU As Brexit Nears

Law360, London (August 15, 2019, 3:38 PM BST) -- The European Central Bank has told U.K.-based banks they are behind schedule with their Brexit preparations, urging them to move additional staff to the European Union ahead of the Oct. 31 deadline in case Britain leaves without a deal.

The central bank said lenders have transferred “significantly fewer activities, critical functions and staff” than necessary if they want to continue to continue doing business in the bloc. The regulator called on lenders to accelerate their contingency plans in a statement Wednesday.

“So far, banks have transferred significantly fewer activities, critical functions and staff to euro area entities than originally foreseen as...

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