ECB's Lautenschlaeger is aware it's a burden for UK banks to apply for a new licence in the EU

ECB's Sabine Lautenschlaeger on the wires

• With a view to internal models we would aim to be accommodating regarding the timing

• There will be a transitional period in which new Eurozone entities might use internal models that have not yet been approved by the ECB

• The transitional period will cease as soon as we have approved or rejected the banks model application

These comments look to be coming on the back of an overnight story about the ECB supposedly getting ready to fast-track UK based banks relocating to the EZ. Her comments seem to suggest that it may not be the simple task the story made it out to be.