ECB Says Virus No Excuse for Banks to Miss Brexit Staff Goal
- Banks must incorporate pandemic in plans to build out EU units
- ECB says most lenders have made progress in setting up shop
The Garibaldi metro and railway station in Milan’s financial district.
Photographer: Francesca Volpi/BloombergThis article is for subscribers only.
The European Central Bank said lenders rolling out their Brexit plans won’t be allowed to use the ongoing pandemic as an excuse to delay relocating staff to the European Union.
Future moves need to be planned with the coronavirus “as a baseline assumption and be subject to only minimal delays,” the central bank said. Remote working arrangements don’t change the need to have enough staff in the EU to manage the risks that banks take and ensure effective supervision by the ECB, it said.