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)