Banks to move 1.3 tln euros worth of assets to eurozone due to Brexit

0 Comment(s)Print E-mail Xinhua, August 29, 2019
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A European Central Bank (ECB) official has revealed that about 1.3 trillion euros (1.44 trillion U.S. dollars) worth of assets will be moved from London to the eurozone due to Brexit, according to the transcript of an interview published by the bank on Wednesday.

Twenty-four banks will move, seven of which will be directly under ECB supervision and 17 will be under national supervision where they chose to relocate to, said Andrea Enria, chair of the ECB's Supervisory Board, in an Aug. 15 interview.

Enria said the banks are prepared. "We have done the best preparation we could, the banks did what we asked them to do and a contingency plan is in place," he said.

However, he also noted that Brexit is an event "which can always be accompanied by shocks and turbulence in financial markets," and is "giving us a bit of a headache."

The deadline for the United Kingdom's official departure from the European Union has been extended to Oct. 31.

Meanwhile, British Prime Minister Boris Johnson announced on Wednesday that he had asked the Queen to suspend the current parliamentary session from the middle of September, fueling concerns over a no-deal Brexit.

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