ECB criticises banks’ Brexit plans

The European Central Bank

The European Central Bank has identified elements in banks’ plans for dealing with Brexit that do not fully meet the central bank’s expectations of institutions operating in the eurozone.

“Banks do not only need to be well-capitalised, and have sufficient liquidity and funding; they also need to have substance locally. In other words, there cannot be empty shells or letterbox banks,” the ECB says.

The regulator acknowledges it is not straightforward to clearly distinguish between an

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