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The European Central Bank (ECB) is making a fresh push to get more UK-based bankers and assets to move to the Continent as tensions over the City’s post-Brexit future mount

A man talks on the phone as he walks through the City of London's financial district © Provided by The Telegraph A man talks on the phone as he walks through the City of London's financial district

Europe’s top financial regulator has renewed its drive to get more resources back inside the EU after temporarily granting banks a reprieve due to the pandemic. 

Sources told the Financial Times that the ECB was becoming "increasingly forceful" in its demands for lenders to beef up their EU hubs post-Brexit, with some banks told that they must relocate hundreds more staff than they had expected. 

The EU is trying to wean itself off its dependence on the City for access to capital markets so that after Brexit it can rely on various financial centres around the bloc rather than one dominant hub. 

Banks have known for years that they have to move UK assets and jobs to rival EU cities, but many hoped a deal to soften the rules would be brokered.

Édouard Fernandez-Bollo, an ECB board member, made his stance clear last month when he said that "empty shell institutions are not acceptable in the euro area. Banks must allocate sufficient capital and liquidity, as well as an appropriate amount of high-quality resources for risk management, to establishments within the banking union."


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Source : https://www.msn.com/en-gb/money/other/brussels-tries-to-force-more-city-bankers-onto-the-continent/ar-AAPMQ2f

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Filed Under: MSN
Brussels tries to force more City bankers onto the Continent

Source:MSN

Brussels tries to force more City bankers onto the Continent

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Source:MSN

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