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Banks leaving UK may use own models for 'limited' time: ECB
May 4, 2017 / 10:54 AM / 4 months ago

Banks leaving UK may use own models for 'limited' time: ECB

The European Central Bank (ECB) headquarters is pictured in Frankfurt, Germany, December 8, 2016.Ralph Orlowski

FRANKFURT (Reuters) - UK-based banks moving to the euro zone may get to use their own models to calculate risk for a "limited" time while the European Central Bank considers whether or not to approve them, a top ECB supervisor said on Thursday.

"We are aware that time is short and that it can take a while until an internal model is approved," Sabine Lautenschlaeger, who represents the ECB's supervisory arm on the Executive Board, said.

"Thus, there will be a limited period of time in which banks might be allowed to use internal models that have not yet been approved by the ECB – subject to strict conditions, of course, which will be assessed on a case-by-case basis."

Reporting By Francesco Canepa

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