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4 months ago
Banks leaving UK to get time to comply with ECB rules: Lautenschlaeger
March 27, 2017 / 9:34 AM / 4 months ago

Banks leaving UK to get time to comply with ECB rules: Lautenschlaeger

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FRANKFURT, March 27 (Reuters) - Banks moving from Britain to Europe due to Brexit may be given time, possibly years, to fully comply with the European Central Bank's rules, ECB executive board member Sabine Lautenschlaeger said on Monday.

"In the case of Brexit, we have many banking groups coming in, probably." Lautenschlaeger, also a top ECB supervisor, told a press conference.

"To enable banks to comprehensively comply with our requirements, we will grant bank-specific phase-in periods," she said, adding that such periods can last months, possibly years, depending on individual circumstances. (Reporting by Balazs Koranyi; Editing by Francesco Canepa)

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