A warning issued by the ECB to London-based banks, news out via Bloomberg
The ECB mentioned 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.
The news also mentions that 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 establishment of empty shell offices/institutions.
Ooopss, where did everyone go? Must be happy hour.
