ECB's Enria says banks have done all Brexit preparations amid Johnson's bid to accelerate talks with Brussels

Eugenia Jiménez
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ECB's Enria says banks have done all Brexit preparations amid Johnson's bid to accelerate talks with Brussels

Banks based in the UK will have transferred around €1.3trn worth of assets to the eurozone by the time it exits the bloc, European Central Bank's supervisory chief Andrea Enria told Finnish broadcaster Yle, Reuters reported.

"We will have 24 banks, basically, that will move - seven will be directly under European Central Bank supervision and 17 will be under national supervision where they chose to relocate to," Enria said in an interview published on Wednesday.

"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.

Enria's comments came on the same day the UK prime minister Boris Johnson asked the Queen to suspend parliament for five weeks from mid-September reducing dramatically the time MPs will have to take action to prevent a no-deal Brexit. Later on the day, the Queen approved Johnson's request proroguing UK parliament from the week starting 9 September until 14 October.

Johnson's decision to suspend parliament alarmed many opponents of a no deal Brexit. Between 20 and 40 Tory MPs could vote with Labour next week in a Commons showdown to pass a law instructing Johnson to seek a delay to Brexit, rather than taking the country out of the bloc without a deal.

The prime minister said on Friday it is time to "step up the tempo" of talks in Brussels to secure a new deal, as he seeks to stop Tories voting with Labour next week in Westminster by reassuring them he is serious on securing a deal.  

The UK is due to leave the EU on 31 October.

Eugenia Jiménez
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Eugenia Jiménez

Eugenia Jiménez speaks Spanish and is Iberia Correspondent for Investment Europe covering Spain & Portugal, as well as Italy.