European Central Bank says

banks should 'step up' Brexit relocations

London-based banks are urged by the ECB to increase relocations of their people to EU cities in prep for No Deal Brexit

Banks need to be prepared, says the European Central Bank 

In a statement, the ECB said,

While the risks posed by a no-deal Brexit to overall euro area financial stability would be manageable, the ECB expects banks to continue preparing for all possible contingencies.

The ECB now expects banks to speed up the implementation of their [relocation] plans. Where contingency plans for a no-deal scenario are not yet fully implemented, banks should step up their preparations to minimise execution risk.

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