Supervisor: Banks have to Hurry with Preparations Brexit. European banks have to make haste with the preparations for the British departure from the European Union.
The banks can not assume miracles from governments, the European Banking Authority (EBA) declares Monday.
According to the Right News, Andrea Enria, chairman of EBA, says in a press release that companies should not assume that they can continue on the same footing as the institutions do now. For example, more staff will be required after March 2019 to deal with any risks.
Nor should they count on help from governments or an agreement at the last minute. The European Union already broadly agrees with the United Kingdom on a transit deal, from March 2019 to the end of 2020.
But according to EBA, banks must also be prepared for a departure without a ratified agreement.
Especially large British banks apply for licenses or set up a location in the EU to be able to supply services to European customers after a Brexit.
But British parts of European banks also need the approval to trade after their departure in the UK.
The EBA itself also takes measures. The banking supervisor moves from London to Paris through the Brexit.