August 29, 2019 2:27 pm

Brexit: 1.3 trillion euros go to Europe

As part of Brexit, European banks will transfer a trillion euro amount of assets from the UK to mainland Europe. At the end of the process there will be assets of around 1.3 trillion euros to be transferred from London to the euro area, Andrea Enria said in an interview with Finnish broadcaster Yle. The Italian has been head of the banking supervision at the European Central Bank (ECB) since 2018.

Enria stated that a total of 24 banks would move from the UK to Europe in the wake of Britain’s withdrawal from the European Union. Of these, seven banks will be directly supervised by the ECB and seventeen by their respective national supervisors. Currently, 114 banks and banking groups are directly monitored by the ECB.

Brexit is to take place on 31 October. As soon as it is completed, banks will no longer be allowed to conduct financial business in the European Union from London as they have done up to now. The financial institutions will then need legally independent entities in an EU state for services such as deposit and credit business. Independent

This post was written by Jens Secker

(Image rights: istockphoto.com/Kbarzycki)

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