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EBA calls on banks to take action ahead of Brexit

The European Banking Authority urged banks having EU operations to step up actions to get ready for the possible exit of Britain from the bloc in March next year as a deal is still out of sight.

There is no way for businesses to go on working as usual and they cannot count on political agreements that are uncertain, said Andrea Enria of the EBA.

Global banks with their main European office in the UK and some British banks have applied for transferring a portion of their operations to other EU countries. Similarly Europe’s banks eager to operate in Britain after Brexit also need to obtain permission.

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