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The European Central Bank said Wednesday that British bankers'transfer of staff to the European Union before Britain's exit from Europe was seriously delayed and that it might be caught off guard if Britain did not agree to leave Europe.
Under a plan agreed with the European Central Bank, many London bankers must expand their EU operations to continue doing business in the EU after Britain's withdrawal.
But the European Central Bank warned Wednesday that they were too slow.
"So far, bankers have moved their business activities, key positions and personnel to euro zone entities far behind their original expectations," the ECB said. "The ECB now expects banks to accelerate their implementation of their plans."
Britain is sliding towards a constitutional crisis and facing a showdown with the European Union, as British Prime Minister Johnson vowed to lead Britain to a no-agreement exit on October 31 unless the European Union agreed to renegotiate the withdrawal agreement.
The ECB said the contingency plan for a non-agreed exit situation must be fully implemented, including preparing for the situation where EU rules no longer apply to British assets.


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