ECB to pay "special attention" on relocation plans of Brexit-hit banks - BBG

Bloomberg reports of a warning issued by the ECB to the London-based banks, who will relocate from the UK to the Euro area, in the wake of the Brexit issue.

The ECB said that they will continue to assess those banks' plans to relocate from the UK to the Euro area, including applications for the granting of banking licenses.

Bloomberg also reports that the focus will now shift from preparatory work to the implementation of policy, and that special attention will be paid to compliance with the agreed policy stances - so as to avoid the establishment of empty shell offices/institutions.