Most London-based banks fleeing Brexit have made reasonable progress - ECB

FILE PHOTO: The logo of the European Central Bank (ECB) is pictured outside its headquarters in Frankfurt, Germany, April 26, 2018. REUTERS/Kai Pfaffenbach

FRANKFURT (Reuters) - Most London-based banks moving to the euro area due to Brexit have made “reasonable progress” in preparing the move, European Central Bank director Sabine Lautenschlaeger said on Wednesday.

“We have urged and pushed them (banks) to prepare for all potential outcomes of the political process,” she told an audience in Sydney. “At present, most banks relocating to the euro area have made reasonable progress in preparing their move.”

Reporting By Francesco Canepa; editing by Diane Craft