February 24, 2017 / 10:24 AM / 7 months ago

Bundesbank seeing no regulation price war over Brexit

LONDON, Feb 24 (Reuters) - The Bundesbank said on Friday it has seen no evidence of regulators across Europe trying to undercut each other in a race to attract banks from Britain after Brexit.

Andreas Dombret, the Bundesbank’s board member responsible for supervision, said banks in London would be deciding in the first half of this year whether they will shift some operations to another part of the European Union so they can still serve continental customers after Britain leaves the bloc in 2019.

It has raised the prospect of regulators competing with each other to offer attractive licensing agreements to boost their respective financial centres.

Dombret said he had personally seen no evidence of regulators offering “discounts” or incentives to banks to relocate operations from London to their country.

“We should simply exclude it as a possibility,” Dombret told reporters during a visit to London.

“There are market participants talking about this, I don’t have any direct evidence... What I want is the same high standards everywhere.”

Reporting by Huw Jones and Marc Jones

Our Standards:The Thomson Reuters Trust Principles.
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