The European Banking Union announced today that banks have failed to make enough progress to prepare for Brexit and should not expect public intervention to help them. While Britain and the EU agreed in principle to the exit deal, part of it has yet to be officially adopted.
The European Banking Authority (EBA) said that preparations for banks for Brexit without an approved withdrawal agreement is insufficient. British banks are applying for licenses to establish or expand operations in the European Union to ensure continuity of service after March 2019.
The European Banking Authority, which moved from London to Paris in March, said banks must have enough staff to manage risk from the first day of Brexit on 29 March 2019, and that preparations by banks should progress faster.
