ECB pushes banks to boost their post-Brexit operations

The European Central Bank (ECB) has intensified its call for banks to increase human and financial resources to improve their post-Brexit operations in continental Europe. This is based on a piece of news published by the Financial Times (FT) on Thursday.

“Bank executives, lawyers and supervisors all told the FT that the ECB is becoming increasingly forceful in its demands that lenders move more resources to the continent to run their European businesses in the aftermath of Brexit.”

This increase in pressure from the ECB may be associated with the recent policy decision made by the European Central Bank to put a stop to the temporary pandemic-motivated reprieves it gave to lenders on their timetable for moving staff and capital to the EU. 

A source close to the matter stated that the ECB had been “realistic in light of the impediments to geographic moves, and granted extensions, but now that is over”.