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EU to ensure banks' access to UK clearing houses in no-deal Brexit - ECB

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EU to ensure banks' access to UK clearing houses in no-deal Brexit - ECB
FILE PHOTO: The Canary Wharf financial district is seen from the Broadway development in central London, Britain, August 23, 2017. REUTERS/Hannah McKay/File Photo   -   Copyright  Hannah Mckay(Reuters)
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FRANKFURT (Reuters) – The European Commission will take temporary measures to maintain banks’ access to UK-based clearing houses in case of a no-deal Brexit, European Central Bank board member Sabine Lautenschlaeger said on Thursday.

“However, these measures are just a stopgap, and banks must make sure that they are prepared for what happens next,” she said in Dublin. “There is no time to relax; there is just a little more time to prepare.”

She added that as clearing was a highly concentrated business, supervisors should examine whether it was desirable in the future to rely on a just a single clearing entity.

(Reporting by Balazs Koranyi; Editing by Francesco Canepa)

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