January 17, 2019 / 11:31 AM / in 5 months

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

FILE PHOTO: European Central Bank (ECB) executive board member Sabine Lautenschlaeger attends at a news conference at the ECB in Frankfurt October 26, 2014. REUTERS/Ralph Orlowski

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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