UK banks are significantly behind schedule in moving staff to the European Union ahead of Brexit and risk being caught off guard if Britain leaves without a deal, the European Central Bank said on Wednesday.

Many London-based banks are having to expand their EU operations to continue doing business in the bloc after Brexit, under plans agreed with the ECB.

But the euro zone’s top banking watchdog warned on Wednesday they were falling short.

“So far, banks have transferred significantly fewer activities, critical functions and staff to euro area entities than originally foreseen,” the ECB said. “The ECB now expects banks to speed up the implementation of their plans.”

By Francesco Canepa, Reuters, 14 August 2019

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Photo: DXR [CC BY-SA 4.0], via Wikimedia Commons

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