British banks have already made contact with the European Central Bank (ECB) to discuss a potential move of their activities from London to a Eurozone country, the ECB said on Tuesday. “Some contacted us on various occasions to talk about their removal plans,” says Danièle Nouy, head of banking supervision at the ECB. Some 20 institutions have already applied for a license for the Eurozone.
Under European law, a bank wishing to offer its services within the European Union, such as savings or credit accounts, must have an independent subsidiary within the Union.
Brussels, Paris, Frankfurt, Dublin and Amsterdam are the main candidates for hosting these financial activities.